Canada Data Response GDP by Industry (Apr.) Canada's economy continued to decelerate at the start of the second quarter, with real GDP expanding by a modest 0.1% m/m in April. Some surprising strength in services helped offset a moderate... 28th June 2013 · 1 min read
Canada Data Response Consumer Price Index (May) & Retail Sales (Apr.) With the official core inflation measure unchanged at a worryingly low 1.1% in May, the output gap would appear to be larger than the Bank of Canada is willing to admit. If, as we expect, economic... 21st June 2013 · 1 min read
Canada Data Response Manufacturing Sales (Apr.) With most attention focused on the housing sector, the plight of the manufacturing sector has gone largely unnoticed. But manufacturing sales volumes have been trending lower for more than a year now... 14th June 2013 · 1 min read
Canada Data Response Teranet-National Bank House Prices (May) In spite of the sharp 1.1% m/m increase, the annual growth rate of Teranet house prices held steady at 2.0% in May. For now, both the past decline in existing home sales and the steady rise in the... 12th June 2013 · 1 min read
Canada Data Response Labour Force Survey (May) The spectacular 95,000 increase in employment in May is almost the strongest on record and obviously makes up for the unusually soft figures over the previous several months. But the recent volatile... 7th June 2013 · 1 min read
Canada Data Response International Merchandise Trade (Apr.) April's encouraging 0.7% m/m advance in export volumes, following the previous month's much stronger gain, indicates that exports are holding up and that external trade may continue to buffer GDP... 4th June 2013 · 1 min read
Canada Data Response GDP (Q1 2013) The pick-up in GDP growth to 2.5% annualised in the first quarter is unlikely to be sustained because it was partly due to a one-off rebound in energy exports. Those exports are now almost completely... 31st May 2013 · 1 min read
Canada Data Response Retail Sales (Mar.) Despite the healthy 0.7% m/m gain in retail sales volumes in March, earlier reports showing far more tepid increases in manufacturing and wholesale trade suggest that the economy ended the first... 22nd May 2013 · 1 min read
Canada Data Response Consumer Price Index (Apr.) The official core inflation figure, which declined to a slightly lower than expected 1.1% in April from 1.4% in the previous month, might slip below its target range as economic growth disappoints... 17th May 2013 · 1 min read
Canada Data Response Survey of Manufacturing (Mar.) Although manufacturing sales volumes rose by a small 0.2% m/m in March and February's gain was revised down to 1.8% m/m from 2.5% m/m, first-quarter GDP growth is still likely to accelerate to between... 15th May 2013 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Apr.) Although house prices rose on a month-on-month basis in April, the annual growth rate slipped to a three-and-a-half-year low of 2.0%, from 2.6% in March. As home sales continue to fall, we expect... 14th May 2013 · 1 min read
Canada Data Response Labour Force Survey (Apr.) April's moderate 12,500 gain in employment (the consensus estimate was +15,000) suggests that the economy has begun this quarter on a somewhat softer footing. If we are correct about the economy's... 10th May 2013 · 1 min read
Canada Data Response International Merchandise Trade (Mar. 13) Canada posted it's first monthly trade surplus in a year in March. Unfortunately, we expect the improvement to be fleeting. The March figures were flattered by a big weather-related jump in natural... 2nd May 2013 · 1 min read
Canada Data Response GDP by Industry (Feb.) The bigger than expected 0.3% m/m increase in Canada's monthly GDP for February, alongside the upward revision to January's gain, suggests that first-quarter GDP growth was at least 2% annualised. 30th April 2013 · 1 min read
Canada Data Response Retail Sales (Feb.) February's retail sales volumes, which were unchanged from the month before, suggest that first-quarter household consumption grew somewhat more slowly than in the previous quarter. This supports our... 23rd April 2013 · 1 min read
Canada Data Response Consumer Price Index (Mar.) The official core inflation figure, which held steady at 1.4% in March, is likely to drift lower through this year, as the excess slack in the economy continues to grow due to sluggish economic growth... 19th April 2013 · 1 min read
