A colder-than-normal January pushed industrial production up significantly as utility production rose 9.9% on the month—the highest rate on record—according to a report from the Federal Reserve on Wednesday. Overall industrial production volume, as a result, advanced by 1.4% in January from a decrease ... READ MORE >
Coronavirus
Inflation in Canada surpasses 5% amid broad price increases
Canada’s inflation rate hit 5.1% in January amid high gasoline and food prices, according to data released by Statistics Canada on Wednesday. Households continued to feel the impact of rising prices for essential items, with food up by 5.7%, shelter rising by 6.2% and gasoline increasing by 31.7% on a ... READ MORE >
Retail sales outpace inflation in January despite omicron surge
Inflation and the omicron surge did not deter American consumers from beginning the year on a strong note as retail sales rebounded sharply in January. Purchases at retail stores, restaurants and online rose 3.8%, outstripping inflation for the first time in three months, the Commerce Department ... READ MORE >
Energy shock: Potential impact of Russian invasion of Ukraine
A tight oil market and potential spillover from geopolitical competition has unnerved investors over the past few months, sending oil prices to elevated levels not observed in years. The price of oil has almost doubled since the start of last year and, given current tensions, is poised to move higher. ... READ MORE >
Protests’ ramifications on the Canadian economy
The trucker convoy has shuttered the Canadian economy, with consequences reaching far beyond cross-border trade and encompassing the supply chain, inflation, the labor market and economic growth. The protests, which led Prime Minister Justin Trudeau to declare a national public order emergency on ... READ MORE >
U.S. January consumer price index: Inflation continues to surge
Nothing in January’s consumer price index data released on Thursday implies that the surge in inflation has peaked. Last month's CPI increase will add to the difficult choices at the Federal Reserve on the magnitude of the interest rate hikes that make up the next step of its policy ... READ MORE >
Chart of the day: New jobless claims continue to fall
Initial jobless claims fell for the third straight week as the labor market recovers from the omicron surge. New filings for jobless benefits dropped by 16,000 to 223,000 for the week ending Feb. 5 on a seasonally adjusted basis, according to data released by the Labor Department on Thursday. The ... READ MORE >
How construction firms can manage a fractured supply chain
Two years into the pandemic, the construction industry is still grappling with the fallout of the economic shock as builders scramble to secure raw materials and the workers to keep their projects on track. The whipsaw change over the past two years has fragmented the construction supply chain, ... READ MORE >
Chart of the day: U.S. trade deficit widens
The U.S. trade deficit widened in December for the second straight month as domestic demand for imported goods ended the year on a strong note. The gap between imports and exports increased by 1.8% to $80.7 billion in December, slightly lower than the all-time high of $80.8 billion in September, ... READ MORE >
Canada runs a trade deficit as imports surge
Canada’s merchandise trade balance in December turned to a deficit after six consecutive monthly surpluses as imports of consumer goods surged and oil prices dropped, according to data released by Statistics Canada on Tuesday. Import and export values reached record highs last year because of higher ... READ MORE >