Despite the recent legislative passage of a 10-year infrastructure investment plan, Congress and the Biden administration are no closer to an agreement on lifting the debt ceiling. … READ MORE >
Coronavirus
Canada employment steady as more sectors return to pre-pandemic levels
Canada’s economy continued its gradual recovery as the unemployment rate fell to 6.7% in October, the fifth month of decline in a row, according to data released Friday by Statistics Canada. … READ MORE >
U.S. October jobs report: Hiring booms as unemployment falls to 4.6%
The October U.S. employment report released on Friday showed an increase of 531,000 jobs and a decline of roughly 255,000 in the jobless rolls as the unemployment rate fell to 4.6%. … READ MORE >
Canada’s trade surplus widened amid microchip shortage
Canada’s merchandise trade balance had the fourth consecutive month of surplus in October as global supply chain bottlenecks debilitated the automotive industry. … READ MORE >
Initial jobless claims drop to pandemic low as labor market rebounds
Initial jobless claims declined to 269,000 for the week ending Oct. 30, only 57,000 higher than the 212,000 in March 2020, before the pandemic. … READ MORE >
Fed slows asset purchases as it moves to end pandemic-era accommodation
The Federal Reserve announced on Wednesday that it later this month would start paring back its pandemic-era monetary accommodation even as it held its policy rate between zero and 25 basis points. … READ MORE >
Chart of the day: Service sector grew at record pace
The Services Purchasing Managers’ Index hit a record high in October at 66.7%, 4.8 percentage points higher than September, confirming the recent shift in consumption from goods to services. … READ MORE >
ADP private payrolls: Large companies continue to attract workers
The ADP estimate for nonfarm private employment in October continued to show an increase in net job gains, led by a sharp rise from small service-providing companies as the delta variant’s surge crested. … READ MORE >
RSM Canada Financial Conditions Index: An inflation tantrum?
Financial markets around the world are reacting to the rising risk of inflation and the prospect of policy responses by central banks, all of which have led to a modest easing in our RSM Canada Financial Conditions Index. … READ MORE >
Enhanced child tax credit was a game-changer for families, and the economy
Even as the economy slowed in the third quarter as the delta variant took hold, that slowdown would have been far worse if not for the enhanced child tax credit that was introduced on July 15. … READ MORE >