Update 2-bank Of Canada Cuts Q3 Growth Forecast As Exports Sluggish

The bank has kept its key interest rate unchanged at 1 percent, a near-record low, since September 2010. “With inflation subdued, monetary policy remains highly stimulative to provide time for the recovery in exports and investment to take hold,” Macklem said. Forecasters in a Reuters poll conducted in August predicted the bank would begin raising rates in the fourth quarter of 2014. Canada recovered quickly from the 2008-09 recession, largely due to strong consumer spending and a housing boom. But with the household debt-to-income ratio at a record high because of low interest rates, policymakers are eager to see consumers take a backseat while businesses, particularly exporters, pick up the slack. The bank expects, in general, household and government spending combined to contribute about 1.5 percentage points of growth. To reach the targeted 2.5 percent growth, net exports and investment would need to contribute at least 1 percentage point. “That means together exports and investment need to grow by at least about 4 percent after taking into account their import content,” Macklem said. In the past year, net exports and investment in fact contributed nothing to growth, he said. IMPACT OF U.S. SHUTDOWN On the economic impact on Canada of the U.S. government shutdown after lawmakers failed to agree on a budget, Macklem said: “The short answer is the uncertainty that this ongoing brinkmanship is bringing is not helpful.” The impact will be relatively small if the shutdown is short-lived, he said, but a longer paralysis like the one in 1995-96 could have more serious implications. “If you look at the market response you can see today it’s relatively muted, which means the market is assuming, hoping this will be relatively short-lived,” he said.

Half of Canada Consumers Willing to Switch Physicians to Gain Online Access to Electronic Medical Records, According to Accenture Survey

Log In TORONTO, Oct. 1, 2013, 2013 (Canada NewsWire via COMTEX) — Majority have taken ownership of records by self-tracking personal health information Supporting the growing trend toward patient engagement, a recent Accenture /quotes/zigman/565535/quotes/nls/acn ACN +0.24% survey found that nearly half of Canadian consumers (50 per cent) are willing to switch doctors to gain online access to electronic medical records (EMR). The survey, of more than 9,000 consumers in nine countries (1,000 in Canada), shows that only 16 per cent of Canadian consumers currently have full access to their EMR, but 52 per cent have taken ownership of their record by self-tracking their personal health information, such as health history and physical activity. “The growing trend of self-care among consumersis shifting the role of an EMR from a mere clinical repository to a platform for shared decision-making among patients and doctors,” said Sanjay Cherian, Accenture’s health industry lead in Canada. “Just as patients can self-manage most other aspects of their lives, they expect to take ownership of their medical care and the survey shows they are willing to change doctors that share and enable the same values.” The majority of Canadian consumers (76 per cent) surveyed believe they should have full online access to their patient record, while nearly a third of doctors (29 per cent) share this belief. In contrast, one-third of Canadian consumers (32 per cent) reported that they have access to their EMR. “When patients are part of the record-keeping process, it can increase their understanding of conditions and serve as a clear differentiator for clinical care,” added Cherian. Methodology Accenture conducted an online survey of 9,015 adults (1,000 in Canada) ages 18+ to assess patient perceptions of their medical providers’ electronic capabilities across nine countries: Australia, Brazil, Canada, England, France, Germany, Singapore, Spain and the United States. Where relevant, the survey compares select findings from the Accenture Doctors Survey to compare the doctor and patient responses. The survey was fielded by Harris Interactive in July 2013 Learn more aboutAccenture’s Insight Driven Health, Accenture Connected Health Services andDelivering Public Service for the Future. About Accenture Accenture is a global management consulting, technology services and outsourcing company, with approximately 275,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$28.6billion for the fiscal year ended Aug.

U.S. shutdown threatens Canada’s economy

government in default, a never-before-seen event, Wright said. Alternatively, Obama would immediately have to cut government spending by 3.5 to 4 per cent of the countrys gross domestic product, Wright noted. Either scenario is quite unpleasant, Wright said. The expectation is theyll get it done given the costs are so high if they dont. Its just a matter of when. As that deadline approaches, expect to see more volatility in the markets, he cautioned. The closer we get the more nervous well get. As you get closer to the edge, theres always a risk that youll trip and fall over, Wright said. Canadas economy is already struggling due to lower than expected demand for our exports, increased competition and slowing domestic expansion, a senior Bank of Canada official said a speech in Toronto Tuesday. Canadas third-quarter growth rate will be more subdued than expected and next year could also be weaker the previously thought, deputy governor Tiff Macklem told the Economic Club of Canada. Growth in the three months ended Sept. 30 will probably come in between 2 and 2.5 per cent, rather than 3.8 per cent, Macklem said. The fourth quarter, from October to December, will look much the same, he said. This is not the first time friction between a Republican-dominated U.S. Congress and Democratic President Obama has resulted in high-stakes brinkmanship. Since April 2011, U.S.