Canada Data Response Survey of Manufacturing (Jun.) June's smaller than expected rebound in manufacturing sales values, which was even weaker in volumes terms, provides more evidence that the non-energy economy is struggling to lift the economy out of... 14th August 2015 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Jul.) Although the rate of house price inflation remained at 5.1% in July, the recent rebound in the home sales-to-new listings ratio indicates that it may yet accelerate to 6.0%. This mainly the strength... 12th August 2015 · 1 min read
Canada Data Response Labour Force Survey (Jul.) Employment increased by 6,600 in July, more evidence that the recent declines in output haven't been severe enough to induce employers to slash jobs. For the time being that's comforting. But if the... 7th August 2015 · 1 min read
Canada Data Response International Merchandise Trade (Jun.) The surprisingly large narrowing in June's trade deficit was driven by a rebound in export volumes and is a positive sign for the economy. Considering the mixed performance of exports lately, however... 5th August 2015 · 1 min read
Canada Data Response GDP (May) May's GDP contracted by 0.2% m/m, the fifth consecutive monthly decline, thereby providing more evidence that the economy slipped into a recession in the first half of the year. With oil prices... 31st July 2015 · 1 min read
Canada Data Response Retail Sales (May) The 0.4% m/m increase in retail sales volumes in May, offsetting a similar decline the month before, suggests that most Canadian consumers remain confident about job prospects. But that could all... 23rd July 2015 · 1 min read
Canada Data Response Consumer Prices (Jun.) The slightly bigger than expected 0.3% m/m increase in core consumer prices in June doesn't materially reduce the odds of an additional rate cut by the Bank of Canada later this year. Core inflation... 17th July 2015 · 1 min read
Canada Data Response Survey of Manufacturing (May) The continued weakness in manufacturing sales volumes in May is further evidence that the non-energy economy is very unlikely to pull the economy out of its oil-induced slump anytime soon. Accordingly... 15th July 2015 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Jun.) The rate of house price inflation rose to 5.1% in June, from 4.6% in May, and the recent rebound in the home sales-to-new listings ratio indicates that it may accelerate to 6.0% soon. The pick-up... 14th July 2015 · 1 min read
Canada Data Response Labour Force Survey (Jun.) June's modest 6,400 drop back in employment, which follows the surprisingly strong 58,900 increase in May, should help to quell fears that the economy is tanking. Even so, with the much weaker... 10th July 2015 · 1 min read
Canada Data Response International Merchandise Trade (May) The unexpected widening of the trade deficit in May is further evidence that, after contracting in the first quarter, the economy probably shrank further in the second quarter. In other words, Canada... 7th July 2015 · 1 min read
Canada Data Response GDP by Industry (Apr.) The unexpected 0.1% m/m decline in April's GDP and slight downward revisions to earlier figures suggest that the economy likely slipped into a recession in the second quarter. With the fallout from... 30th June 2015 · 1 min read
Canada Data Response Consumer Prices (May) & Retail Sales (Apr.) While May's inflation figures are consistent with the Bank of Canada's forecast, the incoming data suggest that the real economy is still underperforming. If economic growth undershoots the Bank's... 19th June 2015 · 1 min read
Canada Data Response Manufacturing Sales (Apr.) The larger than expected decline in April's manufacturing sales suggests that the recent big gains in factory jobs were perhaps a head fake and that the economy began this quarter on a weak footing... 15th June 2015 · 1 min read
Canada Data Response Teranet-National Bank House Prices (May) The rate of house price inflation edged up to 4.6% in May, from 4.4%, and the recent rebound in the existing home sales-to-new listings ratio indicates that is where it might remain over the rest of... 12th June 2015 · 1 min read
Canada Data Response Labour Force Survey (May) The fact that the economy generated a surprisingly strong 58,900 jobs in May suggests that it is holding up against the oil price shock better than we had expected. This supports the Bank of Canada... 5th June 2015 · 1 min read