1246 ET - Canada's economic outlook is expected to improve after a soft start this year, but risks remain from U.S. tariffs and higher fuel prices, Fitch Ratings says. While Canada's economy was in a technical recession in 1Q, more recent data suggests a downturn will not persist, according to Fitch. Canada saw an increase in consumer spending in 1Q, led by food and financial services, Fitch says. And while a soft labor market led to consumers drawing down savings and relying more on credit cards, a rebound in employment and wages in 2Q augurs a mending labor market, Fitch adds.
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