Canada

  • 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%.

  • 2019-04-17 08:30


    By Courtney Tower

    OTTAWA (MNI) - Following are the key points from the February data on Canadian merchandise trade released Wednesday by Statistics Canada:

    - The goods trade deficit narrowed to C$2.9 billion from C$3.1 billion, which was revised from -C$4.2 billion in January. Analysts in a MNI survey and the market had expected a deficit of C$3.5 billion. The trade deficit for the previous month was revised due to late reporting of crude oil transactions, which were revised C$1.2 billion upward.

    - There was a widespread decrease in imports in February after two consecutive monthly increases. Imports declined 1.6% to C$50.9 billion and were down in eight of 11 sub-sectors. Import prices were the cause, down 1.6%, while volumes were essentially unchanged.

  • 2019-04-16 08:36


    By Yali N'Diaye

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

    - Sales decreased 0.2% in February, not as much as the 0.5% drop expected by analysts in a MNI survey. However, estimates for the previous two months were revised down: to +0.8% from +1.0% for January and to -1.5% from -1.1% in December. Real sales fell 0.5% after increasing 1.5% in January.

    - Declines were widespread across 15 of 21 industries, representing 65.9% of manufacturing trade, led by a 1.4% contraction in durable goods industries. In particular, auto sales fell 4.4% on the month. Excluding motor vehicles, sales actually rose 0.2%.

  • 2019-04-11 08:30


    By Yali N'Diaye

    OTTAWA (MNI) - The following are the key points from the February data on the Canadian New Housing Price Index released Thursday by Statistics Canada:

    - Canada's new housing prices were flat in February after edging down 0.1% in January, marking the seventh month without any increase. The index recovered 0.1% year-over-year.

    - House only prices were flat on the month and down 0.1% year-over-year. The index posted its fifth consecutive decrease on a 12-month basis, which had not happened since November 2008-December 2009, when it fell during 14 consecutive months.

    - Land only prices were also flat on the month, for a 12-month gain of 0.3%.

    - Weakness in large cities explained much of February's performance.

  • 2019-04-09 09:00


    By Yali N'Diaye

    OTTAWA (MNI) - The International Monetary Fund slashed Canada's real growth projection to 1.5% for 2019 in its April World Economic Outlook update. It had previously forecast 1.9% growth for both 2019 and 2020, but lowered the 2019 estimate before an expected rebound to 1.9% next year.

    The 0.4-percentage point downward revision brought IMF's view closer to the Bank of Canada's 1.7% growth estimate.

  • 2019-04-08 08:30


    By Yali N'Diaye

    OTTAWA (MNI) - The following are the key points from the February data on Canadian building permits released Monday by Statistics Canada:

    - The value of building permits issued by Canadian municipalities dropped a further 5.7% in February, following a 6.0% decrease in January. The value reached C$7.8 billion, the lowest level since April 2017.

    - The decrease was led by an 8.5% drop in the residential sector, the largest decline since December 2016. Weakness was concentrated in multi-family dwellings, where construction intentions fell 16.4%, the largest contraction since June 2016. Lower intentions in Ontario and British Columbia were largely to blame.

    - Permits for single-family dwellings rose 4.0% in February, the same as in January.

  • 2019-04-05 08:33


    By Yali N'Diaye

    OTTAWA (MNI) - The following are the key points from the March data on the Canadian Labor Force Survey released Friday by Statistics Canada:

    - The Canadian economy shed a net 7,200 jobs in March, while the market consensus was at +10,000 and MNI consensus was flat. This was the largest monthly decline since August 2018. The private sector lost 17,300 jobs, the largest drop since January 2018, while the public sector added 4,200 positions.

    - However, the unemployment rate remained stable at 5.8%, as expected, with the participation rate edging down to 65.7% from 65.8%.

    - The overall picture remains favorable, as the monthly decline came on the back of a cumulative gain of 122,700 jobs in February and January.