Canada Data Response Labour Force Survey (Feb.) February's surprising 2,800 decline in employment, which continued a run of disappointingly weak jobs reports, is at odds with the better economic growth figures. Although we expect some improvement... 9th March 2012 · 1 min read
Canada Data Response GDP (Q4 2011) Despite the slowdown in fourth-quarter GDP growth, to 1.8% annualised from an upward revised 4.2% in the third quarter, the details on household spending and business investment were more encouraging... 2nd March 2012 · 1 min read
Canada Data Response Retail Sales (Dec.) December's 0.2% m/m decline in retail sales, which was largely due to weaker auto-related sales, follows several months of strong sales. This decline might be the first sign that this recent strength... 21st February 2012 · 1 min read
Canada Data Response Consumer Price Index (Jan.) January's increase in consumer price inflation, to 2.5% from 2.3%, is mostly a reflection of some recent noise in new motor vehicle and electricity prices. Since these prices are also included in the... 17th February 2012 · 1 min read
Canada Data Response Survey of Manufacturing (Dec.) Despite the relatively strong 1.2% m/m increase in manufacturing volumes in December, we doubt that wholesale and retail trade were anywhere near as strong and suspect that overall monthly GDP growth... 16th February 2012 · 1 min read
Canada Data Response International Merchandise Trade (Dec.) December's 5.1% m/m increase in export volumes reflects the recovery in Canadian auto production and, more generally, improvement in US economic activity. This surprising strength means that net... 10th February 2012 · 1 min read
Canada Data Response Labour Force Survey (Jan.) January's dismal employment gain and rise in the unemployment rate are further signs that the economy ended last year on a weaker footing. Given the headwinds confronting Canada's economy, we doubt... 3rd February 2012 · 1 min read
Canada Data Response GDP by Industry (Nov.) November's disappointing 0.1% m/m contraction in GDP was due entirely to a large drop in energy output. While we expect this important sector to rebound down the road, we now estimate that fourth... 31st January 2012 · 1 min read
Canada Data Response Survey of Employment, Payrolls and Hours (Nov.) November's non-farm payroll survey data, which showed little change in average weekly wages and only a modest increase in employment of 12,261, was somewhat discouraging at first glance. Nonetheless... 26th January 2012 · 1 min read
Canada Data Response Retail Sales (Nov.) November's modest 0.2% m/m increase in retail sales masks the real good news, which was that sales volumes grew by an even stronger 0.5% m/m. For four months in a row retail volumes have increased... 24th January 2012 · 1 min read
Canada Data Response Consumer Price Index (Dec.) December's drop in consumer price inflation, to 2.3% from 2.9%, reflects a trend that is likely to continue this year. As further declines in underlying inflation coincide with slower economic growth... 20th January 2012 · 1 min read
Canada Data Response Survey of Manufacturing (Nov.) The rebound in November's manufacturing volumes, which rose by 1.7% m/m, more than offset the previous month's decline and points to monthly GDP growth of around 0.3% m/m, which is broadly consistent... 19th January 2012 · 1 min read
Canada Data Response International Merchandise Trade (Nov.) November's modest rebound in exports reflected more strongly the recovery in Canadian auto production and better US industrial activity. While exports rebounded, imports fell, with the trade deficit... 13th January 2012 · 1 min read
Canada Data Response Labour Force Survey (Dec.) December's employment gain of 17,500 jobs, following a slightly larger loss in the month before, was softer than we had expected and was not enough to prevent the unemployment rate from nudging higher... 6th January 2012 · 1 min read
Canada Data Response GDP By Industry (Oct.)11 October's slightly disappointing GDP, which was largely unchanged from the month before, was not too surprising. Temporary shutdowns and maintenance work dampened output in the energy sector. Apart... 23rd December 2011 · 1 min read
Canada Data Response Retail Sales (Oct.) October's surprising retail sales, which grew by 1.0%m/m, suggest that household spending began this quarter on a strong footing. For three months in a row now retail volumes have increased strongly... 21st December 2011 · 1 min read
