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Winnipeg Free Press - PRINT EDITION

Business Watch

By: Staff Writer

Posted: 09/14/2012 1:00 AM | Comments: 0

Rain on plains welcomed

ST. LOUIS -- Recent rainfall came too late to help the withered corn crop already being harvested in many parts of the United States, but it kept drought conditions from worsening in several key Midwest and Plains states and should help other crops still maturing in the fields.

The U.S. Drought Monitor released its weekly map on Thursday that showed the area of Nebraska deemed to be in extreme or exceptional drought -- the two most severe categories -- held steady during the seven-day period ending Tuesday, at 97.4 per cent. Kansas remained unchanged, at 88.34 per cent, and Illinois showed little change, coming in at 6.67 per cent.

Home prices rise... slowly

THE cost of buying a new home in Winnipeg rose at a slower pace in July than in the previous month, new Statistics Canada figures show.

The agency said Winnipeg's new-housing price index rose by 0.2 per cent in July. That was less than one-third of June's 0.7 per cent gain, which was one of the largest among the 21 metropolitan regions surveyed.

St. John's had the highest monthly increase in July, at 0.6 per cent. Winnipeg tied with two other metropolitan regions -- St. Catharines-Niagara and Ottawa-Gatineau -- for the fourth-largest increase.

Winnipeg's index for July was also 4.4 per cent higher than in July of last year, giving it the third-biggest year-over-year gain. Regina had the largest, at 4.7 per cent.

Growing pains for Canada

OTTAWA -- The OECD says leading indicators in Canada point to continued growth, but below the long-term trend for the country.

The economic prospects for Canada are in line with most major economies in the world, says the Paris-based international organization.

In its latest report, the Organization for Economic Co-operation and Development says most major economies face a continued loss of momentum in the coming quarters, which many blame for the Canadian economy's recent lacklustre performance.

Canada suffered the worst trade deficit in recorded history in July.

Of the major economies, the OECD says growth is expected to pick up in only two countries -- the United Kingdom and Brazil.

All others are characterized as undergoing a slowdown, moderating growth or continued weak growth.

-- from the news services / staff

Republished from the Winnipeg Free Press print edition September 14, 2012 B10

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