Canada

  • 2019-05-16 09:08


    By Courtney Tower

    WASHINGTON (MNI) - The following are the key points from the March data on Canadian manufacturing sales released Thursday by Statistics Canada:

    - Sales increased 2.1% in March, matching expectations by analysts surveyed by MNI. While sales were up in eight of the 10 provinces, and well reversed the 0.2% decline in February, they were up only in 12 of 21 industries covered, representing 56% of the Canadian manufacturing sector. Real sales were up 1.6% after decreasing by -0.3% in February.

    - Among sectors posting the largest gains was a 4.5% increase for sales of transportation equipment after three consecutive monthly declines. Their main gain was in motor vehicle sales (+6.5%), with higher sales at all Canadian motor vehicle assembly plants.

  • 2019-05-15 09:29


    By Courtney Tower

    WASHINGTON (MNI) - The following are the key points from the April data on Canadian CPI released Wednesday by Statistics Canada.

    - Total CPI rose 0.4% on the month when analysts surveyed by MNI had expected an increase of 0.5%. Headline CPI year-over-year was +2.0%, up one notch from +1.9% in March.

    - The Bank of Canada April core, NSA, was flat, the first no-growth level since December of 2018. The year-over-year BOC core was +1.5% versus +2.4% the previous month. The seasonally adjusted BOC core was +0.2% versus March +0.1%. For the Bank of Canada's three preferred measures of core inflation, CPI-trim came in at 2.0% and CPI-median at 1.9%, both below the 2.1% for each recorded in March.

  • 2019-05-10 09:16


    By Courtney Tower

    OTTAWA (MNI) - The Canadian labor market surprised in April with a gain of 106,500 jobs, all in full-time work and the unemployment rate dropped to 5.7% from 5.8%, data released Friday by Statistics Canada showed.

    Analysts in an MNI survey had expected employment gains of just 4,000. The unemployment rate dropped a notch although the participation rate increased to 65.9 from 65.7 the previous month.

    For the other day's release, a 2.1% rise in overall March building permits, there was a concerning 1.5% decline in residential permits from the previous month. The Bank of Canada has identified the housing market as one of its chief Canadian economic concerns. Non-residential permits, on the other hand, were up by a strong 7.9%.

  • 2019-05-09 09:53


    By Courtney Tower

    OTTAWA (MNI) - Canada's goods trade deficit in March was -C$3.2 billion, a narrowing from -C$3.4 billion in February but below the -C$ 2.4 billion the market had expected, Statistics Canada reported Thursday.

    The -C$3.4 billion deficit for February was revised from -C$2.895 billion first reported. Exports were up 3.2% to $49.0 billion from C$47.5 billion in February, which was very slightly revised from C$47.97 billion. Imports were up 2.5% on the month at C$52.26 billion from a revised C$50.87 billion in February.

    For the first quarter this year the picture worsens.

  • 2019-04-30 09:20


    By Courtney Tower

    OTTAWA (MNI) - Canada GDP fell back in February, contracting by -0.1% on declines in both goods and services, Statistics Canada reported Tuesday.

    Meanwhile, the Industrial Product Price Index rose 1.3% in March, mainly on higher prices for energy and petroleum products. And the Raw Materials Price Index increased 2.8% in March, mainly because of higher prices for crude energy products.

    The GDP decline followed 0.3% growth in January and was led down by a 1.6% decline in mining, quarrying and oil and gas extraction, its sixth consecutive month of decline.

  • 2019-04-24 13:06


    By Courtney Tower

    OTTAWA (MNI) - The Bank of Canada's 1.75% policy interest rate is going to hold for some time to come, although weak exports, business investment and GDP growth are likely to improve in months ahead, Governor Stephen Poloz suggested to a press conference Wednesday.

    Poloz told reporters that there is in the BOC "no rush to get back into the saddle" on rate hikes.

    "We need time for the (fairly modest) excess capacity (that has grown in late 2018 and early 2019) to be absorbed ," he said.

  • 2019-04-24 10:15


    By Courtney Tower

    OTTAWA (MNI) - Following are the key points from the Bank of Canada's interest rate announcement and quarterly economic analysis Wednesday, when the policy interest rate remained at 1.75%, as expected:

    - The key BOC rate remains at 1.75%, with the Bank of Canada dropping any reference to future rate increases in its policy statement. The BOC also lowered its estimate of the neutral range to 2.25%-3.25% from 2.5%-3.5%. The comment about the policy rate coming up to the neutral rate is dropped, suggesting that with the slowing of the Canadian economy, rate hikes to get to the neutral rate are further off than had been expected.

  • 2019-04-23 08:34


    By Yali N'Diaye

    OTTAWA (MNI) - The following are the key points from the February data on the Canadian wholesale sales data released Tuesday by Statistics Canada:

    - Canadian wholesale sales rose 0.3% in February, lifting the 12-month growth rate to 2.4% from 1.7% in January. February marked the third consecutive monthly increase.

    - However, details showed activity was weak outside of the auto sector. Autos and parts sales jumped 9.5% after falling 2.1% in January, posting their largest increase since December 2015, entirely due to higher volumes. The only other category to post gains was miscellaneous sales (+0.5%). Together, the two subsectors represent 32% of wholesale trade.

  • 2019-04-18 08:31


    By Yali N'Diaye

    OTTAWA (MNI) - The following are the key points from the data on Canadian retail sales released Thursday by Statistics Canada:

    - Following three consecutive monthly declines, retail sales rebounded 0.8% in February, beating the market consensus of +0.4%. The increase was the largest since May 2018 and lifted the 12-month growth rate to 1.8% from 0.9%. The gain more than erased the 0.4% drop recorded in January, which was revised from -0.3%.

    - Details were more mixed than the headline suggests. The gain was mostly a price story as real sales, more relevant to GDP, edged up just 0.2%, failing to offset January's 0.3% decrease.

    - In addition, gains were concentrated in 5 of 11 subsectors, even though they represented 73% of retail trade.

  • 2019-04-17 08:48


    By Yali N'Diaye

    OTTAWA (MNI) - The following are the key points from the March data on the Canadian CPI released Wednesday by Statistics Canada:

    - Headline unadjusted CPI rose at a steady pace of 0.7% on the month, as expected by the market and analysts in a MNI survey. On a seasonally adjusted basis, CPI was up 0.3% on the month, and 0.2% excluding food and energy.

    - Increases were recorded in all major categories except for a 0.1% decline in household operations, furnishings and equipment. The largest upward contributor was gasoline, with a monthly gain of 11.6%, the largest since March 2007. CPI excluding gasoline was up 0.4%.