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OTTAWA (Reuters) - Encouraging signs have emerged that Canada's recession is softening and its economic decline may have stopped, Finance Minister Jim Flaherty said on Friday.
"We've seen the bond market function properly. We've seen the capital markets come back modestly. We saw some up-tick in new house sales, some increase in Canadian consumer confidence. All of these are encouraging signs that the recession is softening," Flaherty told CTV television.
Asked if the economy were now bumping along the bottom, he said: "I think that's right. I think what we've all been looking for is the decline to be arrested, and I think we have some encouraging signs that that's where we are now."
Reporting by Randall Palmer; editing by Rob Wilson