Canada Data Response GDP by Industry (Nov.) After stagnating in October, the economy grew by 0.3% m/m in November, albeit partly on account of what we believe was a very short-lived rebound in oil production. As things stand now, we estimate... 29th January 2016 · 1 min read
Canada Data Response Consumer Prices (Dec.) Despite lower energy prices, the annual headline inflation rate climbed to 1.6% in December, from 1.4%, as the massive decline in the Canadian dollar continues to boost some prices. Core inflation... 22nd January 2016 · 1 min read
Canada Data Response Manufacturing & Wholesale Sales (Nov.) Although the rebound in manufacturing sales in November was stronger than most expected, it wasn’t enough to offset similar declines in the previous three months. Accordingly, manufacturing activity... 20th January 2016 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Dec.) House price inflation rose slightly to a four-year high of 6.2% in December, from 6.1%, but the home-sales-to-listings ratio indicates that this is close to the peak. 13th January 2016 · 1 min read
Canada Data Response Labour Force Survey (Dec.) Employment rose by a stronger than expected 22,800 in December, but the breakdown continued to reveal disturbing trends in private sector and higher paid prime-age employment, which are more accurate... 8th January 2016 · 1 min read
Canada Data Response International Merchandise Trade (Nov.) The modest rebound in export volumes in November wasn’t enough to offset the much larger decline in the previous month, suggesting that exports contracted over the fourth quarter as a whole. As things... 6th January 2016 · 1 min read
Canada Data Response GDP by Industry (Oct.) After contracting by 0.5% m/m in September, the economy began the fourth-quarter poorly, with GDP unchanged in October. While non-conventional oil production rose modestly, declines elsewhere indicate... 23rd December 2015 · 1 min read
Canada Data Response Consumer Prices (Nov.) & Wholesale Sales (Oct.) The increase in annual headline inflation to 1.4% in November, from 1.0%, was largely as expected given the diminishing drag from lower energy prices. Meanwhile, core inflation remained close to the 2... 18th December 2015 · 1 min read
Canada Data Response Survey of Manufacturing (Oct.) The significant fall in manufacturing sales volumes in October, the third monthly decline in a row, provides more evidence that the economy has lost considerable momentum this quarter, possibly to the... 15th December 2015 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Nov.) House price inflation rose to a four-year high of 6.1% in November, from 5.6%, but the existing home sales-to-new listings ratio indicates that this might be the peak. 14th December 2015 · 1 min read
Canada Data Response Labour Force Survey (Nov.) & Int. Trade (Oct.) The loss of 35,700 jobs in November and the uptick in the unemployment rate to 7.1%, from 7.0%, was party related to the completion of the recent Federal election. The significant loss in private... 4th December 2015 · 1 min read
Canada Data Response GDP (Q3 2015) The 2.3% annualised rebound in GDP in the third quarter might convince some that the economy is adjusting well to lower oil prices, but the 0.5% m/m contraction in September illustrates that the... 1st December 2015 · 1 min read
Canada Data Response Consumer Prices (Oct.) & Retail Sales (Sep.) The annual headline inflation rate was unchanged at 1.0% in October but will soon rise sharply, as the drag from lower gasoline prices fades. Meanwhile, core inflation will stay close to 2.0% as the... 20th November 2015 · 1 min read
Canada Data Response Survey of Manufacturing (Sep.) The further decline in manufacturing sales volumes in September and the downward revision to August provides more evidence that the economic recovery from the mild recession in the first half of the... 16th November 2015 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Oct.) House price inflation remained at 5.6% in October and the high home sales-to-new listings ratio indicates that it might rise as high as 6.0% by the end of the year. The national average continues to... 12th November 2015 · 1 min read
Canada Data Response Labour Force Survey (Oct.) The 44,400 gain in employment in October was stronger than anyone expected and an indication the economy is withstanding the oil shock better than previously thought. While the details weren’t quite... 6th November 2015 · 1 min read