Real per capita spending shrunk in seven of the 10 largest Canadian cities year over year in April, according to a Canadian Chamber of Commerce report. The Kitchener-Cambridge-Waterloo, Ont., area fared the worst where real spending shrunk by 7.7 per cent. (The Logic)

Talking point: The rapid decline in consumer spending in the Kitchener-Waterloo area may be attributed to a pessimistic outlook on tech jobs, the study said. The findings come amid other warnings on spending, including the Bank of Canada’s financial system review, which said household budgets have become tighter as a result of higher interest rates. Canadian spending started the year “with a burst of activity,” helped by “exceptional” job growth and unusually warm weather, the Chamber said, but national real spending growth per person fell into negative territory by March and April. The report is based on data from Moneris credit and debit transactions for 35 locations. While the country is not in a recession yet, some analysts expect the U.S. and Canada to enter a “mild” recession in mid-2023.