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Labour market recovery losing momentum The 245,800 increase in employment in August means that nearly 2 million of the 3 million jobs lost during the pandemic lockdowns have now been recouped but, with the pace of the recovery now slowing – 418,500 jobs …
4th September 2020
Deficit widens, as both exports and imports rebound strongly The merchandise trade deficit widened to $2.5bn in July, from $1.6bn, as imports of motor vehicles rebounded by more than exports in the same category. But the good news is that, with imports …
3rd September 2020
Partial rebound still leaves exports down 30% on pre-pandemic level The merchandise trade deficit unexpectedly narrowed to $0.7bn in May, from $4.3bn, as exports were boosted by the reopening of motor vehicle production plants and the rebound in crude oil …
2nd July 2020
Canadian economy hitting soft patch The 0.1% m/m decline in October’s monthly GDP was partly due to disruption in the motor vehicle sector caused by the GM strike south of the border, but retail and wholesale GDP also contracted . We expect November’s GDP …
23rd December 2019
Sales hit by strike-related disruption The 0.7% m/m decline in manufacturing sales in October was entirely due to a further decline in motor vehicle sales, which reflects the impact of the strike by GM workers south of the border. As a result, we …
17th December 2019
House price inflation picks up – with even Vancouver enjoying a rebound House price inflation edged up to a four-month high of 0.7% y/y in September, from 0.6%, and the strength of the recent rebound in sales points to a further rally, which should extend …
18th October 2019
Sales volumes remain stagnant Retail sales values increased by 0.4% m/m in July, but were unchanged in volumes terms, which supports our view that, after a brief surge in the second quarter, third-quarter GDP growth will drop back to between 1.0% and …
20th September 2019
Slight dip in employment not a major concern The 2,200 decline in employment in June is not a concern given that the economy created an average of 50,000 jobs per month over the first five months of this year. That torrid pace was never sustainable, so …
5th July 2019
Downside risk to oil & gas output in H2 The solid 0.3% m/m gain in monthly GDP in April supports our view that second-quarter GDP growth was between 2.5% and 3.0% annualised. But that strength was mainly due to a recovery from a series of disruptions in …
28th June 2019