Canada's economy contracts in second quarter as recession hits

Canadian economic activity shrank again in the second quarter, putting the country in recession for the first time since the financial crisis with the cheaper price of oil taking a toll as business investment fell and inventory accumulation slowed, data from Statistics Canada showed on Tuesday. Two consecutive quarters of contraction are typically considered the basic definition of a recession and the Bank of Canada has cut interest rates twice this year to try to revive the economy. The last ti