Canada Data Response Retail Sales (Jul.) Following overly-depressed growth in the second quarter, July's drop in retail sales was weaker than we had expected. Nonetheless, consumer spending growth should still improve this quarter. Judging... 23rd September 2011 · 1 min read
Canada Data Response Consumer Price Index (Aug.) The stronger than expected increase in headline CPI inflation, from 2.7% to 3.1% in August, primarily reflects transitory factors and therefore is of little consequence for the Bank of Canada. More... 22nd September 2011 · 1 min read
Canada Data Response Survey of Manufacturing (Jul.) July's survey of manufacturers showed that sales outpaced market expectations by a wide margin. Most encouragingly, stronger volumes were behind this increase, reflecting the ongoing recovery in auto... 16th September 2011 · 1 min read
Canada Data Response Labour Force Survey (Aug.) The drop in August employment was disappointing and points to modest growth in household spending this quarter. The only redeeming quality in the jobs report was the rotation from part-time to full... 10th September 2011 · 1 min read
Canada Data Response International Merchandise Trade (Jul.) July's international trade data provides further evidence that the economy rebounded from the disappointing second-quarter contraction, growing by an estimated 2.5% annualised this quarter. Whether or... 9th September 2011 · 1 min read
Canada Data Response GDP (Q2 2011) Despite the slight contraction in second-quarter GDP, by 0.4% at annualised rates, we estimate better growth is in store this quarter. A rebound from several unusually severe weather-related factors... 1st September 2011 · 1 min read
Canada Data Response Retail Sales (Jun.) June's rebound in retail sales was driven by sharply higher auto sales, thanks to earlier-than-normal and more generous price incentives. Since then, however, auto sales have fallen back and other... 24th August 2011 · 1 min read
Canada Data Response Consumer Price Index (Jul.) The slight pick-up in core consumer price inflation in July will now be of little concern to the Bank of Canada. Considering the global recession fears now gripping markets and lower commodity prices... 20th August 2011 · 1 min read
Canada Data Response Survey of Manufacturing (Jun.) June's survey of manufacturers showed that sales fell more strongly than most had expected, by 1.5% m/m. Weaker volumes were again behind this drop, reflecting the temporary disruptions to auto and... 17th August 2011 · 1 min read
Canada Data Response International Merchandise Trade (Jun.) Reflecting the growing signs of a global economic slowdown, Canada's merchandise exports fell in June. Even so, there are still good reasons to expect that third-quarter export growth will rebound... 12th August 2011 · 1 min read
Canada Data Response Labour Force Survey (Jul.) The small increase in July's employment is not entirely surprising, considering the strong gains over the previous three months. More importantly, the details of the jobs report were fairly... 6th August 2011 · 1 min read
Canada Data Response Retail Sales (May) May's retail sales are another reminder of the negative effects that high energy and rising food prices are having on discretionary consumer spending. Despite the preliminary data showing strong... 23rd July 2011 · 1 min read
Canada Data Response Consumer Price Index (Jun.) The surprisingly sharp decline in June's consumer price inflation figures reduces the impetus for the Bank of Canada to raise interest rates. Although the decline was perhaps somewhat of an overshoot... 23rd July 2011 · 1 min read
Canada Data Response Survey of Manufacturing (May) May's survey of manufacturers showed that sales fell more strongly than most expected, by 0.8% m/m. Weaker volumes were behind this drop, mostly due to temporary factors negatively impacting energy... 16th July 2011 · 1 min read
Canada Data Response International Merchandise Trade (May) Canada's merchandise trade deficit narrowed trivially in May, from C$0.86bn to C$0.81bn. Even so, we still estimate that quarterly net exports were a significant drag on the economy in the second... 13th July 2011 · 1 min read
Canada Data Response Labour Force Survey (Jun.) Recent employment gains have been respectable, including the 28,400 jobs added in June. The thorny issue, however, is that average hours worked are still well below normal, reflecting the sub-par... 9th July 2011 · 1 min read
