The Bank of Canada kept its policy rate at 0.25% at its January meeting on Wednesday as it prepares to hike rates in March and subsequently draw down its balance sheet. … READ MORE >
Covid-19
Chart of the day: Omicron variant will extract a powerful economic toll
The omicron variant has caused many people to pull back on work and spending, which is why we have downgraded our first quarter growth forecast for gross domestic product to 1.5%. … READ MORE >
Chart of the day: Existing home sales fall 4.6%
Existing home sales in the United States cooled off significantly in December, dropping 4.6% on the month to 6.18 million homes sold amid near-record housing prices and supply constraints. … READ MORE >
Initial jobless claims reach 13-week high amid omicron variant’s surge
New filings for jobless benefits last week jumped to 286,000, the second sharp increase in a row from 231,000 the week before amid a surge in coronavirus cases. … READ MORE >
Canada inflation highest since 1991 as supply chain disruptions continue
Canada’s consumer price index hit 4.8% in December, the highest since 1991 as supply chain disruptions continued, according to data released by Statistics Canada on Wednesday. … READ MORE >
Chart of the day: Housing starts and permits end year with upside surprises
The housing market ended the year strong as housing starts and permits rose unexpectedly in December, beating earlier estimates of potential declines. … READ MORE >
RSM US Supply Chain Index: The worst may have passed, but choppy waters remain
The strength of the supply chain in the United States showed significant improvement for a second straight month in December after reaching a two-decade low in October, according to the newest data from the RSM US Supply Chain Index. … READ MORE >
Chart of the day: Industrial production inched down in December
The omicron variant’s spread put pressure on industrial production in December as production declined by 0.1%, missing the estimate of a 0.2% increase on the month, according to data from the Federal Reserve on Friday. … READ MORE >
U.S. retail sales decline despite a strong holiday season
Price pressures and continued labor shortages magnified by the rapid spread of the omicron variant drove retail sales down by a disappointing 1.9% in December. … READ MORE >
Americans’ real earnings are higher today than before the pandemic
Even as prices have soared in recent months, American workers are earning more than they did before the pandemic as the overall gains in their wages have outpaced inflation over the past two years. … READ MORE >