• 2019-03-22 08:35

    By Courtney Tower

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

    - Canadian retail sales decreased 0.3% to C$50.1 billion in January, largely on a 1.5% drop in sales of motor vehicles and parts and essentially due to price changes rather than volume changes. Analysts in a MNI survey and in a BBG consensus had expected a 0.4% gain. The estimate for December was revised down to -0.3% from -0.1%.

    - Retail sales excluding motor vehicles and parts were up 0.1%. And total sales by volume were unchanged.

    - The decrease in total sales for the third straight month had not been seen since the three-month decline in April-June 2012.

  • 2019-03-21 08:30

    By Yali N'Diaye

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

    - Total wholesale sales rose 0.6% in January to C$63.5 billion, the largest gain since October 2018. The monthly advance lifted the 12-month growth rate to 1.8% from 1.7%. December was unrevised at +0.3%.

    - Details of the report were generally robust, with widespread gains across sectors and regions. Sales increased in five of 7 subsectors, representing 70% of total wholesale trade. Regionally, sales were up in 7 provinces, representing 90% of wholesale trade.

  • 2019-03-19 16:17

    - No Plans To Issue Ultra-Long Bonds

    OTTAWA (MNI) - Canadian Finance Minister Bill Morneau tabled a C$19.8 billion budget deficit for fiscal year 2019-2020 in the House of Commons Tuesday, creating a federal debt-to-GDP ratio of 30.7% that is forecast to diminish through 2024.

    Still, the budget won't be balanced throughout the projection horizon: the deficit would still be C$9.8 billion for fiscal year 2023-2024, when the federal debt would represent 28.6% of GDP.

    Finance Minister Bill Morneau, during a press conference, declined to suggest any timeline to bring back the budget to balance, arguing that it is more important to invest in Canada's middle class.

    To finance its budget deficit and other requirements, the government will issue a gross amou

  • 2019-03-19 16:11

    By Courtney Tower

    OTTAWA (MNI) - Higher than expected revenues notably reduced the federal government's deficit for the fiscal year just ending, but its projections show that the deficit rises again for the coming fiscal year.

    Finance Minister Bill Morneau brought down a 2019-2020 budget in Parliament Tuesday that projects real GDP growth of 1.9% for calendar year 2018, 1.8% for 2019 and 1.6% and 1.7% for the two subsequent years.

    The GDP projections are much in line with recent Bank of Canada estimates, as are the CPI inflation estimates of 1.9% for 2019 and 2.0% for 2020.

    The projected deficit for FY2018-2019 is now C$14.9 billion, down from the C$18.1 billion gap expected last fall.

  • 2019-03-18 08:30

    By Yali N'Diaye

    OTTAWA (MNI) - The following are the key points from the January data on Canada's international transactions in securities, released Monday by Statistics Canada:

    - Foreign investors bought C$28.4 billion in Canadian securities in January, the largest investment since May 2017, following a C$20.5 billion divestment in December. Investment in Canadian securities fell to C$67.1 billion in 2018 from C$189.2 billion in 2017.

    - In January, foreign investment focused on Canadian debt securities (C$19.4 billion), led by a C$14.3 billion investment in bonds. Investors favored Canadian government bonds, increasing their portfolio exposure by C$15.2 billion, led by a record C$12.9 billion investment in federal government bonds.

  • 2019-03-15 10:43

    By Yali N'Diaye

    OTTAWA (MNI) - Canada's existing home sales plummeted 9.1% in February following a 3.6% gain in January, reaching their lowest level since November 2012, the Canadian Real Estate Association reported Friday.

    Both prices and activity indicators were weak, which should leave to Bank of Canada firmly on the sidelines, in search for further clarification about the state of the country's housing market.

    Sales have been down 4 of the past 5 months.

  • 2019-03-15 08:31

    By Yali N'Diaye

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

    - Sales increased 1.0% on the month, topping the market consensus of +0.4%. The upside surprise was reinforced by the upward revision to December reading, now at -1.1% instead of the -1.3% initially reported. Real sales were up 1.4% on the month, the largest gain since February 2018, following two months of 1.0% decreases.

    - Gains were widespread in 15 of 21 industries, representing 55.9% of manufacturing trade, with durables up 1.1% and non-durables up 0.8%. Petroleum and coal was unchanged as volumes rose 2.0% while prices fell 1.9%.

  • 2019-03-14 18:51

    By Courtney Tower

    OTTAWA (MNI) - Following are the key points from a speech by Bank of Canada Senior Deputy Governor Carolyn Wilkins on Thursday, to the University of British Columbia School of Economics and CFA Society Vancouver, in Vancouver, British Columbia:

    - Wilkins said elevated and rising global debt was a headwind to growth that "makes us vulnerable to another period of financial instability." Rising debt, she added, is "the global development that concerns me the most."

    - More needs to be done to reduce the downside risks facing economies, and at the top of that is for the United States-China to resolve their trade war. Wilkins took direct aim at the "misguided" policy of imposing tariff and other barriers to trade.

  • 2019-03-14 08:42

    By Yali N'Diaye

    OTTAWA (MNI) - Data released Thursday by Statistics Canada showed further housing market weakness in January, while household debt-to-disposable income reached a record high at the end of 2018.

    The overall picture further reinforced the case for the Bank of Canada to remain on hold as it assesses the health of the housing sector while still concerned about elevated household debt.


    Canada's new housing prices edged down 0.1% in January, both month-to-month and year-over-year, led by drops in the country's largest markets.

    The monthly decrease was the first since February 2018, while the 12-month decline was the first since December 2009.

  • 2019-03-08 09:30

    --5 Things We Learned From Canadian Labor Force Survey Data

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

    - Employment rose strongly for the second month, +55.9K in February versus +66.8K in January, all in full-time work.The unemployment rate stayed at 5.8% as the numbers of Canadians looking for work held neaqrly steady with a participation rate of 65.8 versus 65.6 the previous month. Full-time employment rose by 67.4K in February while part-time employment declined by -11.6K.

    - Total employment now is up 369,000 jobs on the year or 2.0%. Full-time work over the 12 months to February rose by 266,000 and part-time by 103,000.