Canada cannot solve its chronic shortage of workers through natural growth. It needs a policy of robust immigration. … READ MORE >
Economics
Core capital goods investments grow while pending home sales fall
Although the top-line durable goods orders number remained flat on the month in July, core capital goods orders increased by 0.4%, beating estimates. In a separate report, pending home sales fell by 1% in July. … READ MORE >
New home sales down 40% this year to lowest level since 2016
New home sales extended this year’s slump by dropping 12.6% in July to 511,000 annualized, following a 7.1% drop in June. … READ MORE >
Jackson Hole preview: Powell to set tone for next few years
Policymakers, investors and firms should prepare for a regime change in inflation that will require tighter monetary policy ahead as the central bank lifts the policy rate to 4% by the end of the year. … READ MORE >
Existing home sales fall below pre-pandemic level as initial jobless claims hold steady
Existing home sales fell in July to their lowest level since 2020 amid elevated mortgage rates as the Federal Reserve continued to hike interest rates. Sales dropped 5.9% to 4.81 million annualized, marking the sixth straight month of market contraction. … READ MORE >
RSM U.S. Supply Chain Index: Back to normal for first time since pandemic hit
The U.S. Supply Chain Index in July was back above neutral for the first time in nearly three years, suggesting substantial relief coming from the supply-induced components of inflation. … READ MORE >
Retail sales unchanged amid sharp drop in gasoline prices
Retail sales stayed flat in July on the back of a sharp drop in gasoline prices and lower automobile sales. … READ MORE >
Industrial production rose in July, tempering recession fears despite housing starts drop
Even alongside the decline in housing starts, this industrial data shows that recession fears may have been overblown after the economy contracted for two consecutive quarters in the first half of 2022. … READ MORE >
University of Michigan survey: Consumer sentiment rises on better economic outlook
U.S. consumer sentiment rose more than expected in August on the back of the sharp drop in gasoline prices, but remains near a record low as consumers shouldered multi-decade-high inflation and continuing economic uncertainty. … READ MORE >
Initial jobless claims rise as producer inflation deflates for first time in 2 years
While there has been a clear upward trend in new unemployment claims, the number remained relatively low compared to the historical standard, especially with significant downward revisions to data for the last two weeks of July. … READ MORE >