Canada Data Response Labour Force Survey (Apr.) The unexpected 1,100 decline in employment in April is probably nothing to worry about given the strength of the gains in recent months and that unseasonably bad weather last month may have played a... 11th May 2018 · 1 min read
Canada Data Response International Merchandise Trade (Mar.) The widening in the trade deficit to a record high of $4.1bn in March, from $2.9bn, was not as bad as it seems since exports increased by 3.7% m/m and, although imports increased by a very strong 6.0%... 3rd May 2018 · 1 min read
Canada Data Response GDP by Industry (Feb.) The 0.4%m/m rebound in monthly GDP in February, which was slightly stronger than the 0.3% consensus estimate, will renew speculation that the Bank of Canada will resume raising interest rates soon... 1st May 2018 · 1 min read
Canada Data Response Consumer Price Index (Mar.) & Retail Sales (Feb.) The headline CPI inflation rate edged up to a three-year high of 2.3% in March, from 2.2%, but the Bank of Canada will be relieved to see that its new core inflation measures remained largely... 20th April 2018 · 1 min read
Canada Data Response Manufacturing Sales (Feb.) The 1.9% m/m rebound in manufacturing sales in February means that the factory sector made a solid contribution to first-quarter economic growth but, looking further ahead, the softness of unfilled... 17th April 2018 · 1 min read
Canada Data Response Labour Force Survey (Mar.) Despite the recent slowdown in economic growth, the labour market churned out a solid 32,300 gain in employment in March, enough to keep the unemployment rate at its ten-year low of 5.8%. Hourly wages... 6th April 2018 · 1 min read
Canada Data Response International Merchandise Trade (Feb.) The widening of the trade deficit in February isn’t a big concern because it was driven by an increase in imports, which points to growth in domestic demand. The small rebound in exports, which comes... 5th April 2018 · 1 min read
Canada Data Response GDP by Industry (Jan.) The decline in monthly GDP in January was partly due to interruptions in the oil & gas industry and the recent slump in home sales, something which we fear could mark the start of a potentially... 29th March 2018 · 1 min read
Canada Data Response Consumer Price Index (Feb.) The rise in the annual headline and core inflation rates in February appear to be largely due to higher gasoline inflation and base year effects, things which the Bank of Canada will look through at... 23rd March 2018 · 1 min read
Canada Data Response Manufacturing Sales (Jan.) The further decline in manufacturing sales volumes in January, broadly consistent with the drop in non-commodity exports already reported for that month, provides further evidence that the economy... 16th March 2018 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Feb.) The renewed decline in house prices in February suggests that the housing market is in a price correction. Tougher mortgage rules and recent increases in interest rates have negatively impacted home... 14th March 2018 · 1 min read
Canada Data Response Labour Force Survey (Feb.) The small 15,400 rebound in employment in February, following the much larger drop the month before, was underwhelming and suggests that the underlying trend in hiring has softened, echoing the recent... 9th March 2018 · 1 min read
Canada Data Response International Merchandise Trade (Jan.) The narrowing of the merchandise trade deficit in January is actually a concern because it was driven by a large decline in imports, which points to weakening domestic demand. In addition, the further... 7th March 2018 · 1 min read
Canada Data Response GDP (Q4 2017) The weaker-than-expected fourth-quarter GDP growth of 1.7% q/q annualised, following a downward-revised 1.5% pace in the previous quarter, was driven by household consumption and housing which, with... 2nd March 2018 · 1 min read
Canada Data Response Consumer Price Index (Jan.) The small decline in the headline inflation rate to 1.7% in January, from 1.9%, mainly reflects a drop in gasoline price inflation due to base effects. The Bank of Canada’s three preferred core... 23rd February 2018 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Jan.) The resurgence in Vancouver house prices wasn’t enough to prevent a decline in the annual growth rate of the Teranet composite house price index to a 21-month low of 8.7% in January, from 8.9% in the... 14th February 2018 · 1 min read
