The Toronto Star: Toronto restaurants see double-digit decline in people dining in, suggesting pullback in discretionary spending

The cost of doing business has gotten more expensive, with everything from wages, materials and debt repayment to overhead expenses now pricier than before the pandemic. At the same time, companies are still trying to recover from lost sales from COVID-19 restrictions.

While consumer spending remained strong in the second quarter, it turned a corner after the Bank of Canada ended its pause on interest rate hikes, the Canadian Chamber of Commerce said.

We shouldn’t overreact to one month of data, but it’s now clear that momentum in Canada’s labour market has faded since January’s blockbuster hiring binge. Will today’s release mark a turning point, when the strong-and-long run for Canada’s labour market finally came to an end?”