The trend for Canada look pretty similar suggesting a good chunk is due to Easter.

You could argue spillover of Trump on to Canada but, equally, you'd expect some tourists cancelling US trips to rebook in Canada.

We'll have to wait for April data to get the full picture.

Despite a Q4 fall in default rates on unsecured lending, which includes credit cards, banks expect a jump in Q1. They're recent forecast performance has been great though

UK banks have reported increase demand for mortgages and willingness to supply them in Q4 2024. But demand is expected to decrease in Q1, and that's before the recent increases in mortgage rates

In my new Substack I use Marge's purchase of a hot pink suit to explore:
👉 What does history tell us about buying GDP growth?
👉 Are purchases of some goods "better for the economy" than others?
👉 Can we develop a framework to help economists understand the growth impacts of spending patterns?