The Canadian hvacr market can expect continued short-term gains and a robust national economy.
KELOWNA, B.C., CANADA - A North American economic outlook prepared for Heating, Refrigeration & Air Conditioning Institute (HRAI) of Canada members and presented at their general meeting here in September by the Bank of Montreal predicted continued short-term gains and a robust national economy.
According to Rick Egelton, senior v.p. and deputy chief economist for the bank, an easing in growth seems likely, tied to a less robust stock market and rising oil prices. Along with low, low unemployment, wage rates have increased. So far, he said, a surge in productivity growth coupled with a strong U.S. dollar have kept core inflation in check. "But it won't last," he warned. As a result of higher core inflation and pressure on the stock market, growth will slow late in 2001.