TD Report: Economy currently in 'soft patch' as housing correction begins

As reported on CanadianBusiness.com, Canada's economy has entered a "soft patch" amid a sharp slowdown in home construction and sales, poor exports and weak job creation, the TD Banks says in its latest forecast.

The chartered bank said Tuesday that the economy will barely eke out one per cent growth during the current third quarter that ends Sept. 30, and end the year with a 1.8 per cent overall advance.

That's three-tenths of a point below the bank's previous projection in June, and also shy of the Bank of Canada's 2.1 per cent target.

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