The Bank of Canada kept its policy rate at 0.25% at its December meeting on Wednesday as it prepares the public and market participants for the normalization of monetary policy and the first increase in interest rates next year. The central bank’s policy rate decision and forecast, on the back of a ... READ MORE >
coronavirus
Our economic outlook for Canada in 2022
Canada’s economy had a bumpy ride in the past year, as the promise of mass vaccinations was followed by supply chain disruptions, a global energy crisis and rising inflation. Looking ahead to next year, we see a Canadian economy continuing to recover, even as businesses and consumers contend with ... READ MORE >
Chart of the day: With oil prices elevated, will U.S. production follow?
The high price of gasoline has become a major economic concern for Americans. Rising energy prices are expected to restrict household spending and disproportionately hit low-income consumers. Given the decline in oil prices over the past two weeks, gasoline prices are expected to follow, which ... READ MORE >
Canada’s unemployment rate approaches pre-pandemic level
Canada added 153,700 jobs in November, bringing the unemployment rate down to 6% as it approaches the pre-pandemic level, according to data released by Statistics Canada on Friday. The report was a sign that Canada’s heated labour market was finally benefiting workers who have been left out of the ... READ MORE >
November U.S. job data: A tale of two reports as unemployment rate fell to 4.2%
The American labor market tightened noticeably in November despite a slower pace of hiring, according to Labor Department data released Friday. Rarely has an estimate produced by the Bureau of Labor Statistics showed such a divergence between the two surveys of the labor market—the establishment ... READ MORE >
Initial jobless claims tick up but labor market remains tight
New filings for jobless claims rose on a seasonally adjusted basis to 222,000 for the week ending Nov. 27, beating expectations and continuing the overall improvement of the labor market, according to government data released Thursday. After a sharp drop in the week before Thanksgiving, the new jobless ... READ MORE >
Chart of the day: U.S. consumer confidence inches down
Consumer confidence inched down in November to 109.5, the lowest since March, as inflation continued to take its toll, according to a report from the Conference Board on Tuesday. Now, with the emergence of the omicron variant of the coronavirus, which is not reflected in the November data, consumer ... READ MORE >
Canada’s GDP rose at 5.4% annual rate as economy reopened
Canada’s gross domestic product grew by a strong 5.4% in the third quarter on an annual basis and by 1.3% from the previous quarter as spending on in-person services rose, according to data released by Statistics Canada on Tuesday. Household spending on semi-durable goods and on services had the ... READ MORE >
Chart of the day: Decline in initial jobless claims slows
New filings for jobless claims showed little change for the week ending Nov. 13 with a decrease of 1,000 from the prior week to 268,000, according to data from the Labor Department released on Tuesday. The steady weekly declines in new claims in early October have slowed significantly in the first two ... READ MORE >
Chart of the day: Housing starts lag as permits rise
Mixed results came from the housing sector in October as housing starts inched down by 0.7% while building permits rose sharply by 4.0%, according to data from the Census Bureau on Wednesday. Because both are proxies for the future supply of houses, we continue to see that supply has somewhat ... READ MORE >