Canada Economics Weekly Alternative employment survey reveals slowdown The fallout from the oil price shock has triggered a significant slowdown in hiring according to the large payroll employment survey, despite evidence to the contrary from the more popular household... 13th November 2015 · 1 min read
US Data Response Retail Sales & Producer Prices (Oct.) The October retail sales report was a little bit weaker than expected, but doesn't change our view that fourth-quarter GDP growth will be a respectable 2.5%. 13th November 2015 · 1 min read
US Economics Update JOLT survey shows labour market remains robust The rebound in the job openings rate to 3.7% in September, from 3.6%, illustrates that labour market conditions remain robust. September was also only the second month on record that the job openings... 12th November 2015 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Oct.) House price inflation remained at 5.6% in October and the high home sales-to-new listings ratio indicates that it might rise as high as 6.0% by the end of the year. The national average continues to... 12th November 2015 · 1 min read
US Housing Market Chart Pack Lack of inventory squeezes house prices higher Housing demand is being supported by a gradual easing in credit conditions, which helped the homeownership rate to pick-up from a 48-year low in the third quarter. But with inventory levels still very... 11th November 2015 · 1 min read
Canada Economics Update Growing labour market slack to restrain core inflation Recent headline employment gains mask a deterioration in underlying labour market conditions. If, as we fear, the economy continues to struggle in response to the worsening oil price slump, then... 10th November 2015 · 1 min read
Energy Update What does the Keystone XL veto mean for oil prices? The recently-vetoed Keystone XL pipeline would have provided a relatively cheap means for Canadian producers to transport oil to refineries in the US where it could be processed for sale. As such, the... 9th November 2015 · 1 min read
Global Markets Update Will US equities remain out of favour? Since the end of the last recession, there has been an almost interrupted net outflow from US mutual funds that invest in domestic equities. This partly reflects investors’ growing preference for... 9th November 2015 · 1 min read
Metals Data Response US silver imports and exports (Aug.) US exports of semi-manufactured silver remained subdued in August, suggesting that global industrial demand is yet to recover. Meanwhile, investors continued to buy into falling prices, boosting... 9th November 2015 · 1 min read
Canada Economics Weekly Even the bulls are nervous about housing now Investors who have paid attention to indicators of growing imbalances in Canada’s hot housing market over the years won’t be surprised by recent warnings of potential housing corrections from certain... 6th November 2015 · 1 min read
US Economics Weekly Business investment not unusually low The current level of business investment is not unusually low, with firms opting to use funds to pay dividends or buy back equity instead. Nevertheless, that doesn’t mean the outlook for business... 6th November 2015 · 1 min read
Canada Data Response Labour Force Survey (Oct.) The 44,400 gain in employment in October was stronger than anyone expected and an indication the economy is withstanding the oil shock better than previously thought. While the details weren’t quite... 6th November 2015 · 1 min read
US Data Response Employment Report (Oct.) The much bigger than expected 271,000 surge in non-farm payrolls in October confirms that the weakness in August and September was just a temporary blip and, given the circumstances, a December... 6th November 2015 · 1 min read
Canada Economic Outlook Economy will struggle to cope with oil shock Although the mild recession in the first half of this year has ended, the drag from falling business investment triggered by the slump in oil prices is far from over and growing imbalances in the... 4th November 2015 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude oil stocks rose once again last week. However, despite an increase in crude production, the stock build was much smaller than the previous week’s, as refinery inputs continued to pick up and... 4th November 2015 · 1 min read
US Data Response Internat'l Trade (Sep.) & ISM Non-Manu. (Oct.) The big narrowing in the trade deficit in September is encouraging, but that improvement won't last. The dollar’s surge over the next 12 months means that the deficit is likely to widen again and net... 4th November 2015 · 1 min read