Canada Data Response Labour Force Survey (Aug.16) The 26,000 rebound in employment in August looks good at first glance but, following the 31,200 decline in July, that still means employment is down slightly over the past three months as a whole. The... 9th September 2016 · 1 min read
Canada Data Response International Merchandise Trade (July) The decline in the trade deficit to a six-month low of $2.5bn in July, from $4.0bn, is encouraging news for third-quarter GDP growth, although the improvement appears to be partly due to a seasonal... 2nd September 2016 · 1 min read
Canada Data Response GDP (Q2 2016) The 1.6% annualised decline in second-quarter GDP was worse than the 1.0% decline anticipated by the Bank of Canada in its July Monetary Policy Report. But Statistics Canada estimates that decline was... 31st August 2016 · 1 min read
Canada Data Response Consumer Prices (Jul.) & Retail Sales (Jun.) A drop back in gasoline prices was enough to push the annual CPI inflation rate back down to 1.3% in July, from 1.5%. The core inflation rate was unchanged at 2.1% last month, however, as the Canadian... 19th August 2016 · 1 min read
Canada Data Response Manufacturing Sales (Jun.) At first glance, the 0.5% m/m rebound in manufacturing sales volumes looks encouraging, but downward revisions to sales in the first two months of the quarter mean that the decline in second-quarter... 16th August 2016 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Jul. 16) The acceleration in national house price growth to a six-year high of 10.9% y/y in July, from 10.0%, reflects a spreading out of the housing mania beyond just Toronto and Vancouver. The most recent... 12th August 2016 · 1 min read
Canada Data Response GDP by Industry (May) Monthly GDP fell by a bigger-than-feared 0.6% m/m in May, as the Alberta wildfires triggered a massive slump in oil sands production. 29th July 2016 · 1 min read
Canada Data Response Consumer Prices (Jun.) & Retail Sales (May) The surprisingly resilient 0.2% m/m gain in retail sales in May, which was above the consensus forecast of no change, means that monthly GDP probably only contracted by 0.3% m/m despite the disruption... 22nd July 2016 · 1 min read
Canada Data Response Manufacturing Sales (May) The 1.0% m/m decline in manufacturing sales in May was only partly due to the Alberta wildfires and that nominal decline was flattered by a rebound in energy prices. In volume terms, sales fell by a... 15th July 2016 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Jun.) When the next edition of Charles Kindleberger’s Manias, Panics and Crashes is released , Canada’s housing market will warrant its own chapter. According to Teranet , the 11-city house price index... 13th July 2016 · 1 min read
Canada Data Response Labour Force Survey (June 2016) The 700 decline in employment in June was below consensus expectations of a 5,000gain, in part because of a fall back in the number of public administration workers asthe majority of temporary census... 8th July 2016 · 1 min read
Canada Data Response International Merchandise Trade (May) The merchandise trade deficit was broadly unchanged at C$3.3bn in May, thanks in part to an upward revision to the April figure. Despite the disruptions to oil sands production from the Alberta... 6th July 2016 · 1 min read
Canada Data Response GDP by Industry (Apr.) The muted 0.1% m/m gain in real GDP in April, while in line with consensus expectations, is disappointing since it follows contractions in both February and March. Furthermore, the raging wildfires... 30th June 2016 · 1 min read
Canada Data Response Consumer Prices (May) Core CPI inflation dropped back only slightly to 2.1% in May, from 2.2%, but it should decline more markedly in the second half of this year, as the inflationary impact from the earlier slump in the... 17th June 2016 · 1 min read
Canada Data Response Labour Force Survey (May) While the employment gain of 13,800 in May and drop in the unemployment rate to 6.9%, from 7.1%, was better than most had expected, this was entirely due to hiring in the public sector, partly related... 10th June 2016 · 1 min read
Canada Data Response International Merchandise Trade (Apr.) The merchandise trade deficit narrowed by a smaller margin than expected in April, mostly due to a tepid rebound in export volumes. Given the potential for a decline in energy exports in May, it now... 3rd June 2016 · 1 min read