The reports come with most economists anticipating a sharp slowdown in growth. But Wednesday’s data suggest business activity and household spending remain resilient in the face of high inflation and rising interest rates.

“Markets will be waiting to hear from the Bank of Canada senior deputy governor today and the governor tomorrow to understand how their thinking has evolved with inflation cooling down but activity still solid,” Tiago Figueiredo, an economist at Desjardins Securities, said in a report to investors.

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