Canada in a recessionThe Financial Post reports in its Wednesday, Nov. 1, edition that Canada has possibly entered a recession if advanced estimates prove correct in showing the economy contracted in the third quarter since gross domestic product was negative in the second quarter, indicating the central bank could be finished with rate hikes. The Post's Bianca Bharti writes that preliminary data showed gross domestic product remained essentially unchanged in September, Statistics Canada said on Tuesday. The mining, quarrying and oil and gas extraction industries, as well as utilities decreased during the month, but were partially offset by increases in construction and the public sector. If September's GDP does not change when the official data lands on Nov. 30, the third quarter will have contracted by an annualized 0.1 per cent and put Canada in a technical recession since the economy contracted 0.2 per cent in the second quarter, said Capital Economics economist Stephen Brown. He said, "It seems more likely that the modest recession we are forecasting has now begun." The reading for the third quarter supports the BOC's belief that demand is cooling as its interest rate increases work their way through the economy.