Q1 Business Cycle Update

Key takeaways: Global business cycle in a less synchronized expansion

• Many major economies displayed signs of late-cycle expansion, experiencing stable services activity and employment but softening manufacturing.
• The U.S. showed indications of both mid- and late-cycle dynamics.
• Weak domestic demand and structural headwinds raised recession risks in the Eurozone, while China continued to struggle to emerge from its growth slump.
• Canada is now on the cusp of early cycle, having benefited from lower rates and an improvement in economic activity.

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