The demand for labor stayed strong in October as concerns over the delta variant faded and the economy continued to bounce back from the pandemic. Job openings, a proxy for labor demand, reached 11.03 million, exceeding 11 million for the second time on record, slightly lower than the all-time high set ... READ MORE >
Coronavirus
Bank of Canada decision: Central bankers set the stage for 2022 rate hikes
The Bank of Canada kept its policy rate at 0.25% at its December meeting on Wednesday as it prepares the public and market participants for the normalization of monetary policy and the first increase in interest rates next year. The central bank’s policy rate decision and forecast, on the back of a ... READ MORE >
Chart of the day: U.S. trade deficit improved significantly in October
The United States trade deficit posted a sharp decline in October to $67.1 billion from the record $81.4 billion in September, according to data released by the U.S. Census Bureau on Tuesday. The improvement was led by a surge in exports, which rose by $16.5 billion, or an 8.1% increase on the month, ... READ MORE >
Canada’s trade surplus grew in October, fueled by autos and energy
Canada’s merchandise trade surplus widened to CAD $2.1 billion in October—a 10-year high—as exports of motor vehicles and parts as well as energy surged, according to data released by Statistics Canada on Tuesday. Both exports and imports rose, especially in trading with the United States, primarily ... READ MORE >
Our economic outlook for Canada in 2022
Canada’s economy had a bumpy ride in the past year, as the promise of mass vaccinations was followed by supply chain disruptions, a global energy crisis and rising inflation. Looking ahead to next year, we see a Canadian economy continuing to recover, even as businesses and consumers contend with ... READ MORE >
Chart of the day: With oil prices elevated, will U.S. production follow?
The high price of gasoline has become a major economic concern for Americans. Rising energy prices are expected to restrict household spending and disproportionately hit low-income consumers. Given the decline in oil prices over the past two weeks, gasoline prices are expected to follow, which ... READ MORE >
Chart of the day: Service sector expands at record pace
The shift back to spending on services continued to accelerate in November as the headline purchasing managers’ index for services reached an all-time high, according to data released by the Institute of Supply Management on Friday. The headline index rose to 69.1 on the month from 66.7, the third ... READ MORE >
November U.S. job data: A tale of two reports as unemployment rate fell to 4.2%
The American labor market tightened noticeably in November despite a slower pace of hiring, according to Labor Department data released Friday. Rarely has an estimate produced by the Bureau of Labor Statistics showed such a divergence between the two surveys of the labor market—the establishment ... READ MORE >
Initial jobless claims tick up but labor market remains tight
New filings for jobless claims rose on a seasonally adjusted basis to 222,000 for the week ending Nov. 27, beating expectations and continuing the overall improvement of the labor market, according to government data released Thursday. After a sharp drop in the week before Thanksgiving, the new jobless ... READ MORE >
Chart of the day: Manufacturing sector gained as price pressures eased
The manufacturing sector grew at a slightly higher pace in November than in October as demand for manufactured goods remained robust, according to a new survey of purchasing managers from the Institute for Supply Management on Wednesday. The top-line index registered at 61.1 on the month, up from 60.8 ... READ MORE >