Canada
Similar Canadian and U.S. Growth Trends
August 31, 2010
Canadian real GDP advanced 2.0% at a seasonally adjusted annualized rate (saar) in the second quarter and by 3.4% between 2Q09 and 2Q10. These results, announced earlier today, resemble U.S. trends. The compositions of Canadian and U.S. growth were less similar. In the comparative table below, “Cons” is an abbreviation for personal consumption, “Govt” stands [...] More
North American Data This Monday Morning
August 30, 2010
The Canadian current account deficit widened 30.2% last quarter to CAD 11.0 billion (equivalent to around 2.6% of GDP) as the trade balance swung into the red for the first time since 3Q09. After the start of the world financial panic, the current account weakened from a CAD 15.6 billion surplus in 2007 to a [...] More
U.S. and Canadian Data Releases: Off the Track Observations
August 6, 2010
The U.S. unemployment rate has been 9.4% or greater for fifteen consecutive months, one-month short of the 16-month streak in which such occurred in 1982-3. The broader unemployment/underemployment/discouraged worker rate of 16.5% is much higher now than then, and that figures is most likely well under-stated at present. U.S. private employment went up just 51K [...] More
North American Trade Results
July 13, 2010
The U.S. goods and services trade deficit of $42.3 billion in May was some 7% wider than forecast and the largest deficit since November 2008. On-year import growth of 29.1% exceeded export growth of 21.0%. In twelve months between May 2008 and May 2009 while the U.S. was in recession along with many other countries, [...] More
Bank of Canada Releases Two Corporate Surveys
July 12, 2010
The Bank of Canada’s first rate increase of the cycle on June 1st was justified by evidence of economic recovery. Even though pausing in April, real GDP still expanded 5.0% annualized over the latest six reported months. Employment climbed 1.5% in the year to June, and service sector jobs soared 7.5% annualized last quarter. Two [...] More
A Very Hot Canadian Labor Market
July 9, 2010
Canadian jobs jumped 93.2K last month, which is the same percentage increase as a 707K increase of U.S. non-farm payroll employment. A broadly-based increase of service sector jobs accounted for the entire rise. Over the three months of the second quarter, service-sector employment rose 7.5% at an annualized rate, and overall Canadian employment went up [...] More
More Evidence of a North American Slowdown
June 30, 2010
According to the ADP estimate, private employment increased just 13K in June, about a fifth as much as expected. The measly rise in June was the smallest since a 3K uptick in February and compares to 51K per month in March-May. The data bode poorly for Friday’s Labor Department monthly survey. According to the latter, [...] More
Cynicism Over Euro Area Debt and Beijing’s Yuan Policy Sends Stocks Lower
June 22, 2010
Equiites fell by 1.2% in Japan and Australia, 0.7% in India, and 0.5% in South Korea, Singapore, Sri Lanka and New Zealand. Downward pressure intensified in Europe where stocks so far show losses of 1.8% in Madrid, 1.6% in Paris and and London, and 1.0% in Frankfurt. U.S. futures are lower, too. The yuan trimmed [...] More
Canada and United States Release Several Indicators: Highlights
June 15, 2010
Foreigners on net bought over $100 billion of long-term U.S. securities for a second straight month in April. The two-month average, $134.2 billion, compares very favorably with $43.8 billion per month in January-February, $53.3 billion per month in 2009 and $34.3 billion per month in 2008 and even exceeded the pace of $83.4 billion in [...] More
Bank of Canada to Implement First Tightening Tuesday
May 31, 2010
Canada’s overnight money rate target has been at 0.25% since April 2009. For the ensuing year, monetary officials also had made a contingent pledge not to raise the target before mid-2010. Repo operations had also been undertaken to augment money market liquidity. The end of those additional features of the accommodative credit policy ended six [...] More
