Canada Economics Weekly More regional evidence on house prices New regional house price data show that many metropolitan areas have seen existing house prices rise sharply from already elevated levels this year. We think these facts count towards dispelling the... 12th December 2011 · 1 min read
US Economics Weekly Slow deleveraging continues The economy's slow deleveraging continued in the third quarter, with total debt falling to a four-year low of 340% of GDP down from a peak of 373% in the first quarter of 2009. 12th December 2011 · 1 min read
US Data Response International Trade (Oct.) The decline in the trade deficit in October is unlikely to be sustained, not least as US exports can’t continue to grow at current rates when global demand is weakening. 9th December 2011 · 1 min read
Canada Data Response International Merchandise Trade (Oct.) October's international trade data suggest that fourth-quarter exports might be fizzling out faster than anticipated, despite the modest improvements in US economic indicators. The good news is that... 9th December 2011 · 1 min read
US Housing Market Chart Pack High credit hurdle hampering housing Housing market activity has improved in recent months, with both new and existing home sales rising in October and homebuilding activity holding on to its previous gains. This has yet to translate... 8th December 2011 · 1 min read
Canada Chart Pack Domestic demand growth continues to slow After unexpectedly contracting in the second quarter, the economy rebounded in the third quarter, with GDP growth of 3.5% annualised, thanks largely to a big boost from external trade. But given the... 7th December 2011 · 1 min read
US Housing Market Data Response Mortgage Applications (Nov.) November’s rise in mortgage applications for home purchase are a glimmer of hope that record low mortgage rates and the improving labour market are finally having some positive effect on housing... 7th December 2011 · 1 min read
US Fed Watch Fed to delay any action until early next year The announcement last Wednesday, of coordinated action by the Fed, ECB and other central banks to boost global dollar liquidity, will presumably have increased speculation that the Fed could take... 6th December 2011 · 1 min read
Canada Economics Update Bank of Canada rate cuts still likely next year The Bank of Canada's intention to hold its policy rate at 1% for the time being does not rule out interest rate cuts early next year. External headwinds are likely to blow even harder next year and... 6th December 2011 · 1 min read
US Housing Market Data Response CoreLogic House Prices (Oct.) After having stabilised during the summer, in the three months to October prices on the CoreLogic index fell at an annualised rate of 7.5%. This is clearly disappointing when the domestic economy... 6th December 2011 · 1 min read
Global Markets Update The future still looks bright for US Treasuries The sharp drop in the US unemployment rate reported on Friday barely ruffled Treasuries. A few more months of such rosy news on the labour market would probably elicit a less sanguine response in the... 5th December 2011 · 1 min read
Canada Economics Weekly What's up with income growth? The recent slowdown in growth of wages and salaries is fairly notable by historical standards. In the third quarter at least, overall personal income growth was also dampened by the effect of lower... 5th December 2011 · 1 min read
US Economics Weekly Fed to the rescue? The announcement last Wednesday of coordinated action by the Fed, ECB and other central banks to boost global dollar liquidity certainly had a big impact on financial markets. The announced changes... 5th December 2011 · 1 min read
US Data Response Employment Report (Nov.) The decline in the unemployment rate to a two-and-a-half-year low of 8.6% in November, from 9.0%, is another illustration that the US economy is, for now at least, shrugging off the global economic... 2nd December 2011 · 1 min read
Canada Data Response Labour Force Survey (Nov.) November's surprising 18,600 decline in employment, which followed an even greater decline in the month prior, is discouraging to say the least. Given the deepening global financial crisis, an... 2nd December 2011 · 1 min read
US Data Response ISM Manufacturing Index (Nov.) Shrugging off the apparent sharp slowdown in growth in Asia and what looks like a renewed recession in Europe, the ISM manufacturing index rebounded to a five-month high of 52.7 in November, from 50.8... 1st December 2011 · 1 min read
