Canada Data Response International Merchandise Trade (Apr.) While April's slight pick-up in exports volumes might prompt suggestions that the economy began the second quarter on a stronger footing, the sharp decline in imports indicates that domestic demand... 3rd June 2015 · 1 min read
Canada Data Response GDP (Q1) The unexpected 0.6% annualised decline in first-quarter GDP suggests that the Bank of Canada's single 25 basis point rate cut in January may not have been enough insurance against the oil price slump... 29th May 2015 · 1 min read
Canada Data Response CPI (Apr.) & Retail Sales (Mar.) While headline inflation fell below the Bank of Canada's 1% to 3% target range in April , the ongoing impact of the weaker loonie meant that core inflation rate was still as high as 2.3%. The impact... 22nd May 2015 · 1 min read
Canada Data Response Survey of Manufacturing (Mar.) Although the rebound in manufacturing sales in March was stronger than expected, this mainly reflected volatility in transportation, with little evidence of any underlying improvement. Accordingly... 15th May 2015 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Apr.) The rate of house price inflation edged down to 4.4% in April, from 4.7%, and the existing home sales-to-new listings ratio indicates that some further slowing is likely in the coming months. 13th May 2015 · 1 min read
Canada Data Response Labour Force Survey (Apr.) Although employment declined by a larger than expected 19,700 in April, the details showing strong full-time gains was reassuring, as was the fact that the unemployment rate remained at 6.8%... 8th May 2015 · 1 min read
Canada Data Response International Merchandise Trade (Mar.) The widening of the merchandise trade deficit in March to C$3.0bn, from C$2.2bn, mostly reflected a decline in the terms of trade, whereas export and import volumes rebounded by a similar margin. For... 5th May 2015 · 1 min read
Canada Data Response GDP by Industry (Feb.) Although February's GDP stagnation was a more mild result than most expected, the details indicated that the fallout from the slump in oil prices hasn't really hit yet, while other parts of the non... 30th April 2015 · 1 min read
Canada Data Response Consumer Prices (Mar.) & Retail Sales (Feb.) The rise in the official core inflation rate to 2.4%, from 2.1%, was a surprise, but the details showed that this was largely due to pass-through effects from the lower Canadian dollar, rather than... 17th April 2015 · 1 min read
Canada Data Response Manufacturing Sales (Feb.) February's larger than expected decline in manufacturing sales, which partly reflects some temporary shutdowns at auto assembly plants and bad weather, is further evidence that first quarter GDP... 15th April 2015 · 1 min read
Canada Data Response Teranet House Prices (Mar.) Although house price inflation rose to 4.7% in March, from 4.4%, the existing home sales-to-new listings ratio suggests that any further pick-up is likely to be short-lived. 14th April 2015 · 1 min read
Canada Data Response Labour Force Survey (Mar.) Employment rose by 28,700 in March, more than anyone expected, though not by enough to reduce the jobless rate from 6.8%. The details, however, were less impressive. Even so, the odds of a rate cut by... 10th April 2015 · 1 min read
Canada Data Response International Merchandise Trade (Feb.) The decline in Canada's trade deficit to C$1.0bn in February, from an upwardly revised C$1.5bn, reflected an improvement in the terms of trade. Export and import volumes both fell, supporting our view... 3rd April 2015 · 1 min read
Canada Data Response GDP by Industry (Jan.) Although the 0.1% m/m decline in January's GDP was more mild than most expected, the first signs of a slump in oil and gas drilling points to more weakness ahead. As things stand now, we estimate the... 1st April 2015 · 1 min read
Canada Data Response Consumer Prices (Feb.) While February's headline inflation rate remained at 1.0%, the core inflation rate eased to 2.1%, from 2.2%. These figures by themselves won't sway the Bank of Canada to cut interest rates further... 20th March 2015 · 1 min read
Canada Data Response Survey of Manufacturing (Jan.) January's larger than expected decline in manufacturing sales, which partly reflects the petroleum industry downturn, suggests that the economy started the year poorly. The balance of risks around our... 17th March 2015 · 1 min read