The picture of an economic slowdown is coming into focus as the Canadian economy contracted in the second quarter because of declining housing investments and household spending. Gross domestic product fell by 0.2% in the second quarter, according to data released by Statistics Canada on Friday. On ... READ MORE >
Economics
Contraction in manufacturing eased in August
The contraction in manufacturing sector eased in August, fueled by record spending on new plants in July. The data adds to signals that the manufacturing sector is nearing a bottom and that a rebound is not too far away. The manufacturing purchasing managers’ index rose to 47.6 in August, up from ... READ MORE >
U.S. August jobs report: Labor market continues to cool
Cooler air permeating the nights as summer comes to an end is a perfect metaphor for an American labor market easing from the historically tight conditions of the past few years. In August, the U.S. economy added 187,000 jobs and the unemployment rate settled in at 3.8%, according to Labor Department ... READ MORE >
Personal spending grows hot in July as inflation stabilizes
American consumers remained in a position of strength on spending and income growth this summer as inflation stabilized further and the labor market stayed resilient. July's personal spending surged by 0.8% while personal income grew by 0.2%, the Bureau of Economic Analysis reported on Thursday. With ... READ MORE >
RSM US Manufacturing Outlook Index: Signs of a bottom
The decline in the RSM US Manufacturing Outlook Index appears to be nearing a bottom. We think that the mild recession in the manufacturing sector is approaching its end. The nascent manufacturing construction boom will soon translate into robust new orders and we think that a policy-induced tailwind will ... READ MORE >
Job openings drop to lowest in more than two years
Job openings fell to 8.8 million in July, staying under 9 million for the first time since March 2021, according to the Bureau of Labor Statistics on Tuesday. The sharp drop was a surprise as the consensus forecast had pointed to only a slight decline to 9.5 million. June's number was also revised ... READ MORE >
Business investment loses momentum in July
Business spending on equipment eked out a slight gain in July in what was a disappointing start for the investment component of the economy in the third quarter. Jobless claims, however, defied expectations again, dropping last week to the lowest level in August. Orders for capital goods that ... READ MORE >
Canada welcomes immigrants, but their skills are underused
While many developed economies grapple with the challenges of their aging populations, Canada has turned to a bold strategy—using immigration to foster growth. Immigration is widely regarded as central to Canada’s economic development. Last year, Canada welcomed 405,000 permanent residents, the ... READ MORE >
Back-to-school outlook: What can we expect for holiday shopping?
In our four-part blog series, RSM’s senior industry analysts explore back-to-school shopping trends and the impact on consumer businesses. Many analysts use back-to-school shopping as an indication for how holiday sales will trend, a theory confirmed on Walmart’s recent earnings call. If July’s ... READ MORE >
New home sales remain bright spot in housing, rising on strong supply
New home sales remain a bright spot in a housing market that has cooled amid the surge in mortgage rates. Sales of new homes increased by 4.4% in July to 714,000, according to Commerce Department data released on Wednesday. The rebound in new home sales has continued for more than a year with July's ... READ MORE >