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Or sign-in if you have an account.“I think we need to be careful not to put too much weight in any one indicator,” Carolyn Rogers told parliamentarians. Photo by HYUNGCHEOL PARK/PostmediaBank of Canada Senior Deputy Governor Carolyn Rogers cautioned against concluding the country is in a recession after recent data showed the economy contracted for a second consecutive quarter.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an Accountor“Two quarters of annualized contraction in GDP does meet one definition of a recession. But simply the fact that you have to put the term ‘technical’ in front of it sort of tells you that you need to really look past that one indicator,” Rogers told a parliamentary committee on Monday.Real gross domestic product fell by 0.1 per cent on an annualized basis during the first three months of the year, Statistics Canada reported on Friday. That follows a one per cent contraction in the fourth quarter, a downward revision from a 0.6 per cent decrease previously reported by the federal agency.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againRogers said employment data and leading indicators should also be taken into consideration, such as a flash estimate for industry-based GDP that suggested the economy grew by 0.4 per cent in April.“I think we need to be careful not to put too much weight in any one indicator,” Rogers told parliamentarians.The GDP data set off recession talk in the country, with Conservative Leader Pierre Poilievre pouncing on Prime Minister Mark Carney over his management of the economy.“You promised you would deliver the fastest-growing economy in the G7. You delivered the only recession in the G7,” Poilievre wrote in a letter to Carney on Sunday.While the data suggests the economy is weaker than previously expected, economists have so far avoided the recession label.“Normally you need an extended period of contraction in readings like jobs and industrial output to call a recession,” Derek Holt, Bank of Nova Scotia vice president and head of capital markets economics, wrote in a note to investors on Monday. “We don’t have that at this point and there is a higher bar to calling recession on these readings than a handful of months.”The Bank of Canada is set to make its next interest rate announcement on June 10. Rogers said the central bank will take into consideration recent economic data, including last week’s GDP numbers as well as the forthcoming May labour force survey. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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