The Bank of Canada announced on Wednesday that it would raise its overnight rate to 0.5%, 25 basis points from the lower bound policy rate of 0.25%, to tackle inflation. … READ MORE >
coronavirus
Chart of the day: Manufacturing grows as supply chains improve
The manufacturing purchasing managers’ index rose 1 percentage point to 58.6 in February, registering the 21st consecutive month of growth. … READ MORE >
Canada’s growth picked up at end of last year as economy reopened
The Canadian economy ended last year on a strong note, expanding by 4.6% in 2021 on an annual basis thanks to a reopening economy. … READ MORE >
U.S. consumers spend more in January, defying inflation
Personal spending rebounded in January even as inflation rose at the highest rate in decades. … READ MORE >
U.S. new home sales declined in January
New home sales dropped 4.5% in January as high prices and increasing mortgage rates slowed demand. The omicron variant and colder-than-usual weather in January were also factors in the decline. … READ MORE >
Chart of the day: Initial jobless claims continue to decline
Initial jobless claims last week continued to trend down toward the pre-pandemic level after a period of temporary increases because of the omicron variant. … READ MORE >
RSM US Supply Chain Index: Omicron pauses improvement
Stress in the U.S. supply chain increased in January as the omicron surge temporarily put some parts of the overall production to a halt. … READ MORE >
Reimagining the workforce for the digital age: An RSM and U.S. Chamber discussion
Businesses will need to reimagine their workplaces, rethink their benefits and reconsider their recruitment if they want to compete in the emerging digital economy, said Joseph Brusuelas, chief economist of RSM US, and Neil Bradley, chief policy officer of the U.S. Chamber of Commerce.. … READ MORE >
Chart of the day: Buyers rush into housing market before rate hikes
Investors with all-cash offers flocked into the housing market before rate hikes, helping to push sales of existing homes to 6.5 million in January at an annualized rate. … READ MORE >
Canada’s retail sales slump because of omicron
Retail sales in Canada plunged by 1.8% in December across all provinces as the spread of the omicron variant hurt holiday shopping. … READ MORE >