{"id":9986,"date":"1950-03-26T03:02:48","date_gmt":"1950-03-26T03:02:48","guid":{"rendered":"https:\/\/www.rbc.com\/en\/?post_type=rbc_tl&#038;p=9986"},"modified":"2025-11-07T15:32:13","modified_gmt":"2025-11-07T15:32:13","slug":"economics","status":"publish","type":"rbc_tl","link":"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/","title":{"rendered":"Economics"},"content":{"rendered":"\n<section role=\"banner\" class=\"wp-block-rbc-banner-full-width alignfull banner fw-bnr lazy energy-lines thought-leadership-banner-block\" data-img=\"https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/1950\/03\/BG-Econ-2.png\" data-img-id=\"15429\" style=\"background-image:url( https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/1950\/03\/BG-Econ-2.png );background-position:50% 50%;background-size:cover\"><div class=\"section-inner campaign\"><div class=\"grid-wpr eh-wpr\"><div class=\"grid-three-fourths\">\n<div class=\"wp-block-group \u201cwp-block-group mar-b-dbl mob-mar-b-dbl has-white-background-color has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"padding-top:30px;padding-right:30px;padding-bottom:30px;padding-left:30px\">\n<p class=\"\u201chas-rbc-dark-blue-color mar-b-hlf mob-mar-b-hlf has-black-color has-text-color has-text-lg-font-size\">Timely Economic Forecasts and Analysis.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button is-style-primary primary btn before\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.rbc.com\/economics-subscriber\/index.html?_gl=1*vv0a7p*_gcl_au*MTg2MjczMDQyMi4xNzM2MTkyMDAw*_ga*MzE2NDU0OTc4LjE3MzYxNzY2ODg.*_ga_89NPCTDXQR*MTczNjM2Nzc2MC4xMi4wLjE3MzYzNjc3NjAuNjAuMC4w\" data-dig-id=\"LP-9986-b277f625\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get Email Updates From RBC Economics-https:\/\/www.rbc.com\/economics-subscriber\/index.html?_gl=1*vv0a7p*_gcl_au*MTg2MjczMDQyMi4xNzM2MTkyMDAw*_ga*MzE2NDU0OTc4LjE3MzYxNzY2ODg.*_ga_89NPCTDXQR*MTczNjM2Nzc2MC4xMi4wLjE3MzYzNjc3NjAuNjAuMC4w \">Get Email Updates From RBC Economics<\/a><\/div>\n<\/div><\/div>\n<\/div>\n<\/div><div class=\"grid-one-fourth flex flex-align-center\"><\/div><\/div><\/div><\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-l-0 pad-r-0 pad-t-dbl mob-pad-t-dbl mob-pad-l-hlf mob-pad-r-hlf mob-pad-b pad-b\" style=\"border-radius:0x\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-2709eace wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading  pad-b-qtr\" id=\"h-latest-insight\">Latest Insight<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" height=\"877\" width=\"1024\" src=\"https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/1950\/03\/main-page-27oct-25.png?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-21573\" style=\"width:551px;height:auto\" srcset=\"https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/1950\/03\/main-page-27oct-25.png 1219w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/1950\/03\/main-page-27oct-25.png?resize=300,257 300w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/1950\/03\/main-page-27oct-25.png?resize=768,658 768w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/1950\/03\/main-page-27oct-25.png?resize=1024,877 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-left mar-t mob-mar-t is-style-default default has-text-lg-font-size\"><a href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/provincial-outlook-fiscal-analysis\/budget-analysis\/high-stakes-narrow-margins-canadas-federal-budget-bets-on-investment-led-growth\/\" target=\"_blank\" data-dig-id=\"LP-9986-0b82801f\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"A new playbook for balancing bigger government with fiscal health\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">High stakes, narrow margins: Canada\u2019s federal budget bets on investment-led growth<\/a><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading\" id=\"h-forward-guidance\">Forward Guidance<\/h3>\n\n\n\n<div id=\"everviz-zAGtjc6Tg\" class=\"everviz-zAGtjc6Tg\" data-view=\"graph\"><\/div>\n\n\n\n<p class=\"mar-t mob-mar-t has-text-lg-font-size\"><a href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/forward-guidance-our-weekly-preview\/forward-guidance-our-weekly-preview\/\" target=\"_blank\" data-dig-id=\"LP-9986-be507517\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Canada\u2019s industry data to show stabilization in trade exposed sectors\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Canada\u2019s industry data to show stabilization in trade exposed sectors<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading\" id=\"h-featured-insights\">Featured Insights<\/h2>\n\n\n\n\t\t<div class=\"wp-block-rbc-resources-by-category is-style-thought-leadership\">\n\t\t\t<div class=\"carousel-wpr top-controls rbc-resources-by-category-slider\" role=\"region\" aria-label=\"Carousel with 6slides\" data-per-page=6 data-visible-slide=\"3\" data-infinite-loop=\"true\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"carousel-ctrl display-ctrl\">\n\t\t\t\t\t\t\t<div class=\"carousel-indicators\">\n\t\t\t\t\t\t\t\t<ul class=\"slick-dots\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"slick-active\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<button class=\"carousel-prev slick-arrow\"><\/button>\n\t\t\t\t\t\t\t<button class=\"carousel-next slick-arrow\"><\/button>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"col-wpr carousel-inner slick-initialized\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-21991\" class=\"carousel-item col-4 resources-by-category-card post-21991 rbc_tl type-rbc_tl status-publish has-post-thumbnail hentry rbc_tl_category-economics rbc_tl_category-featured-insights\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/us-week-ahead-feds-fog-thickens-with-no-october-inflation-data\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/11\/FG-WA.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">US Week Ahead: Fed&#8217;s fog thickens with no October inflation data<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">November 7, 2025<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p><\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"callout-link\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"standalone-link\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tLearn More\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-21917\" class=\"carousel-item col-4 resources-by-category-card post-21917 rbc_tl type-rbc_tl status-publish has-post-thumbnail hentry rbc_tl_category-economics rbc_tl_category-featured-insights\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/canadian-labour-markets-improved-in-october\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/11\/CA-Jobs-NEW.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">Canadian labour markets improved in October<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">November 7, 2025<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p><\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"callout-link\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"standalone-link\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tLearn More\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-21822\" class=\"carousel-item col-4 resources-by-category-card post-21822 rbc_tl type-rbc_tl status-publish has-post-thumbnail hentry rbc_tl_category-economics rbc_tl_category-featured-insights\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/featured-insights\/high-stakes-narrow-margins-canadas-federal-budget-bets-on-investment-led-growth\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/10\/budget-prev-banner.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">High stakes, narrow margins: Canada&#8217;s federal budget bets on investment-led growth<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">November 5, 2025<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p><\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"callout-link\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"standalone-link\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tLearn More\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-21761\" class=\"carousel-item col-4 resources-by-category-card post-21761 rbc_tl type-rbc_tl status-publish has-post-thumbnail hentry rbc_tl_category-economics rbc_tl_category-featured-insights\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/us-week-ahead-dont-focus-on-data-blip-in-october-employment-report\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/06\/US-compressed.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">US Week Ahead: Don&#8217;t focus on data blip in October employment report<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">October 31, 2025<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p>The reality is that the October NFP print will be significantly distorted by the government shutdown. <\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"callout-link\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"standalone-link\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tLearn More\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-21730\" class=\"carousel-item col-4 resources-by-category-card post-21730 rbc_tl type-rbc_tl status-publish has-post-thumbnail hentry rbc_tl_category-economics rbc_tl_category-featured-insights\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/featured-insights\/canadian-gdp-on-track-for-slow-but-positive-q3-growth\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/06\/GDP2_6b49f4.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">Canadian GDP on track for slow but positive Q3 growth<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">October 31, 2025<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Canadian GDP contracted by 0.3% in August, falling short of both our expectations and Statistics Canada&#8217;s advance estimate.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"callout-link\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"standalone-link\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tLearn More\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-21689\" class=\"carousel-item col-4 resources-by-category-card post-21689 rbc_tl type-rbc_tl status-publish has-post-thumbnail hentry rbc_tl_category-economics rbc_tl_category-featured-insights\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/oh-snap-u-s-government-shutdown-could-have-bigger-impact-than-initially-expected\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/06\/US-compressed.png?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">With SNAP pause, US government shutdown could have bigger impact than initially expected<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">October 30, 2025<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p>The $8 billion paid in monthly SNAP benefits represents around 10% of retail grocery sales.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"callout-link\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"standalone-link\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tLearn More\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t\n\n\n<p class=\"mob-mar-t-dbl mar-t\"><a href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/featured-insights\/\" data-dig-id=\"LP-11079-baf1bcfc\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"See all Featured Insights Articles\" class=\"rbc-link-format standalone-link\" data-icon-class=\"standalone-link\">See all Featured Insights Articles<\/a><\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading\" id=\"h-canadian-housing\">Canadian Housing<\/h2>\n\n\n\n\t\t<div class=\"wp-block-rbc-resources-by-category is-style-thought-leadership\">\n\t\t\t<div class=\"carousel-wpr top-controls rbc-resources-by-category-slider\" role=\"region\" aria-label=\"Carousel with 6slides\" data-per-page=6 data-visible-slide=\"3\" data-infinite-loop=\"true\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t\n\n\n<p class=\"mob-mar-t-dbl mar-t\"><a href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/canadian-housing\/\" data-dig-id=\"LP-11079-baf1bcfc\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"See all Featured Insights Articles\" class=\"rbc-link-format standalone-link\" data-icon-class=\"standalone-link\">See all Canadian Housing Articles<\/a><\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading\" id=\"h-economy-and-markets\">Economy and Markets<\/h2>\n\n\n\n\t\t<div class=\"wp-block-rbc-resources-by-category is-style-thought-leadership\">\n\t\t\t<div class=\"carousel-wpr top-controls rbc-resources-by-category-slider\" role=\"region\" aria-label=\"Carousel with 6slides\" data-per-page=6 data-visible-slide=\"3\" data-infinite-loop=\"true\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"carousel-ctrl\">\n\t\t\t\t\t\t\t<div class=\"carousel-indicators\">\n\t\t\t\t\t\t\t\t<ul class=\"slick-dots\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"slick-active\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class=\"\"><button type=\"button\"><\/button><\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<button class=\"carousel-prev slick-arrow\"><\/button>\n\t\t\t\t\t\t\t<button class=\"carousel-next slick-arrow\"><\/button>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<div class=\"col-wpr carousel-inner slick-initialized\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-7240\" class=\"carousel-item col-4 resources-by-category-card post-7240 rbc_tl type-rbc_tl status-publish has-post-thumbnail hentry rbc_tl_category-economics rbc_tl_category-economy-and-markets rbc_tl_tag-economy rbc_tl_tag-inflation\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/economy-and-markets\/central-banks-weigh-inflation-new-variant\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/03\/Banner-wide-438-scaled-1.jpg?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">Central banks weigh inflation, new variant<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">December 2, 2021<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p>With the building blocks of a consumer-led recovery remaining in place, we think central banks will be easing off the accelerator next year. &#8211; RBC&#8230;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"callout-link\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"standalone-link\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tLearn More\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<article id=\"post-5881\" class=\"carousel-item col-4 resources-by-category-card post-5881 rbc_tl type-rbc_tl status-publish has-post-thumbnail hentry rbc_tl_category-economics rbc_tl_category-economy-and-markets rbc_tl_tag-economy\">\n\t\t\t\t\t\t\t\t\t\t<a target=\"_self\" href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/economy-and-markets\/a-downturn-like-no-other\/\">\n\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"mar-b resources-by-category-image-container\" style=\"background-image:url('https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/03\/Banner-wide-80-scaled-1.jpg?quality=80&#038;w=1024)\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"resources-by-category-card-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"mar-b-hlf mar-t-0 truncate-third-line\">A Downturn Like No Other<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p class=\"post-date\">April 9, 2020<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<p>In its latest macroeconomic outlook, RBC Economics calls for real GDP to contract at a greater than 30% annualized pace in the second quarter.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"callout-link\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"standalone-link\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tLearn More\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t\n\n\n<p class=\"mob-mar-t-dbl mar-t\"><a href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/economy-markets\/\" data-dig-id=\"LP-11079-baf1bcfc\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"See all Featured Insights Articles\" class=\"rbc-link-format standalone-link\" data-icon-class=\"standalone-link\">See all Economy and Markets Articles<\/a><\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading\" id=\"h-provincial-outlook-and-fiscal-analysis\">Provincial Outlook and Fiscal Analysis<\/h2>\n\n\n\n\t\t<div class=\"wp-block-rbc-resources-by-category is-style-thought-leadership\">\n\t\t\t<div class=\"carousel-wpr top-controls rbc-resources-by-category-slider\" role=\"region\" aria-label=\"Carousel with 6slides\" data-per-page=6 data-visible-slide=\"3\" data-infinite-loop=\"true\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t\n\n\n<p class=\"mob-mar-t-dbl mar-t\"><a href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/economics\/provincial-outlook-and-fiscal-analysis\/\" data-dig-id=\"LP-11079-baf1bcfc\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"See all Featured Insights Articles\" class=\"rbc-link-format standalone-link\" data-icon-class=\"standalone-link\">See all Provincial Outlooks &amp; Fiscal Reports<\/a><\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel though-leadership-pdf-section\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner pad-t-dbl mob-pad-t-dbl\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-b-dbl mob-mar-b-dbl\" id=\"h-forecasts-amp-data\">Forecasts &amp; Data<\/h2>\n\n\n\n<div class=\"wp-block-group is-content-justification-center is-layout-flex wp-container-core-group-is-layout-94ea2d6b wp-block-group-is-layout-flex\">\n<div class=\"wp-block-group wp-container-content-66b1c06f is-vertical is-content-justification-stretch is-layout-flex wp-container-core-group-is-layout-525deaad wp-block-group-is-layout-flex\" style=\"margin-bottom:10px\">\n<p><a href=\"https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/03\/fmd_en.pdf\" target=\"_blank\" data-dig-id=\"LP-22374-869142b3\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Financial Markets Daily\" class=\"rbc-link-format pdf-link\" data-icon-class=\"pdf-link\" rel=\"noreferrer noopener\">Financial Markets Daily<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/03\/economy_can-1.pdf\" target=\"_blank\" data-dig-id=\"LP-22374-d04082d6\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Economic Forecast Detail - Canada\" class=\"rbc-link-format pdf-link\" data-icon-class=\"pdf-link\" rel=\"noreferrer noopener\">Economic Forecast Detail &#8211; Canada<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/03\/economy_us1025.pdf\" target=\"_blank\" data-dig-id=\"LP-22374-f76615b9\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Economic Forecast Detail - US\" class=\"rbc-link-format pdf-link\" data-icon-class=\"pdf-link\" rel=\"noreferrer noopener\">Economic Forecast Detail &#8211; US<\/a><\/p>\n\n\n\n<div class=\"wp-block-group is-style-inline-blocks mar-b-qtr is-layout-flow wp-block-group-is-layout-flow\">\n<p><a href=\"https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/03\/Canadian-Federal-and-Provincial-Fiscal-Tables-Oct-08-2025.pdf\" target=\"_blank\" data-dig-id=\"LP-22374-97870125\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Canadian Federal and Provincial Fiscal Tables\" class=\"rbc-link-format pdf-link\" data-icon-class=\"pdf-link\" rel=\"noreferrer noopener\">Canadian Federal and Provincial Fiscal Tables<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group wp-container-content-66b1c06f is-vertical is-content-justification-stretch is-layout-flex wp-container-core-group-is-layout-e6edd9f6 wp-block-group-is-layout-flex\">\n<p><a href=\"https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/03\/MFUOct25.pdf\" target=\"_blank\" data-dig-id=\"LP-22374-4c3eca1c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Canada-U.S. Interest Rates and Key FX rates\" class=\"rbc-link-format pdf-link\" 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