Canada

  • 2011-10-25 09:15


    --Brief Recession For Europe But Euro-Area Crisis To Be Contained
    --Significantly Weaker World Scene Diminishes Canada Econ Outlook

    OTTAWA (MNI) - The Bank of Canada held its policy rate at 1.0% Tuesday, citing a deteriorated world economic outlook but declining to add more stimulus to the Canadian economy.

    The central bank rejected as well any rate increase, despite some concerns that inflation is rising --- total Consumer Price Index now is well over the 2.0% target at 3.2% and core inflation also is above target at 2.2%. The BOC said in a statement that total and core CPI inflation both will fall through 2012.

  • 2011-10-24 07:43


    --Concerns For Europe, U.S., Override Inflation Outlook
    --Analysts See No Rate Hike, And Certainly No Rate Cut

    OTTAWA (MNI) - Every time for a year now that Bank of Canada watchers have predicted change, they have had to stand back and watch the BoC stand pat on its economy-stimulating 1.0% policy interest rate. This time, they pretty well unanimously agree -- no change again Tuesday morning, because easier access to financing is still more important than inflation concerns.

    There will be no change on Tuesday, at the central bank's fixed-date setting of the target for the overnight rate, forecasters agree. According to most, there will be no change, either, at the following date, December 6, or, indeed, through most of 2012.

  • 2011-10-21 07:00


    --Core September CPI +0.5% NSA; +2.2% Yr/Yr
    --Seasonally adjusted all items September CPI +0.3% vs August +0.3%
    --Seasonally adjusted core September CPI +0.3% vs August +0.4%

    By Courtney Tower

    OTTAWA (MNI) - General inflation in Canada rose slightly in September, to 3.2% from 3.1% in August, while the core reading which the Bank of Canada monitors in judging its key interest rate rose more sharply to 2.2%, Statistics Canada reported Friday.

    The BOC's core index increase by 2.2%, from +1.9% in August, was the largest year-over-year gain since December, 2008. However, the seasonally adjusted monthly core index rose 0.3% in September, after rising 0.4% in August, the agency said.

  • 2011-10-20 08:43


    OTTAWA (MNI) The number of people receiving regular employment insurance increased for the first time in 11 months, rising by 35,200 (+6.6%) in August, Statistics Canada reported Thursday.

    The total number of people receiving EI benefits is now at 568,600

    -- 15.8% lower than a year ago.

    The number of initial and renewal claims increased by 10,700 (+4.4%) in August, after rising by 8,800 in July. Provided these claims are approved, the increase could potentially bump up the unemployment rate in the months ahead. These claims still remain 1.0% below the levels from a year ago.

    The number of men receiving regular benefits fell 20.7% from a year ago to 268,700.

  • 2011-10-20 08:39


    OTTAWA (MNI) Canadian wholesale sales rose 0.2% to C$48.4 billion in August after increasing by 0.9% in July, Statistics Canada reported Thursday.

    All sub-sectors with the exception of miscellaneous and building material and supplies sector posted gains in August, representing approximately 75% of total sales. The machinery, equipment and supplies subsector posted the largest increase in dollar terms with sales rising 0.7% to C$10.5 billion, advancing for the sixth time this year. In volume terms sales retreated 0.9% in August.

    The increase in the machinery, equipment and supplies subsector resulted from gains in the farm, lawn and garden machinery and equipment industry.

  • 2011-10-19 08:56


    OTTAWA (MNI) For the fourth month in a row, Canada's leading composite index was little changed in September, Statistics Canada reported Wednesday.

    The index edged down 0.1% in September to 255.3 after a flat reading in August. The stock market and the manufacturing sector accounted for most of the decline after 6 of 10 components registered gains in September.

    All components reported a loss in the manufacturing sector in September. New orders retreated 0.7% after two consecutive monthly increases of more than 3.0%. Average workweek hours also declined 0.5% to 36.4 hrs, posting its fourth consecutive slide. A rise in finished goods stocks, pushed the ratio of shipments to inventories lower in September, falling to 1.90 from 1.92 in August.

  • 2011-10-17 10:44


    --Firms See Little Change In Pace Of Growth In Next Year
    --Firms Still Plan To Increase Biz Investment And Employment

    OTTAWA (MNI) - Canadian businesses still plan to increase their productivity investments and to hire more employees, but at a slower pace because they expect little sales growth in the next year.

    The Bank of Canada, in its autumn survey of firms large, medium-sized and small, said Monday that optimism has dropped from its summer set of interviews with senior managers. The interviews were conducted from August 22 to September 22.

  • 2011-10-17 08:43


    OTTAWA (MNI) Foreign investors continue to add Canadian securities to their portfolios, albeit at a slower pace, Statistics Canada reported Monday. Non-resident investment slowed to C$7.92 billion in August, down from C$12.131 billion in July.

    Canadian investors also purchased C$2.049 billion worth of foreign securities in August, concentrating mainly on foreign stocks.

    The bulk of the foreign investment in August was concentrated in the bond market, followed by Canadian money market instruments. Foreign investment in Canadian bonds reached a three-month high in August, acquiring C$6.007 billion.

  • 2011-10-14 09:09


    OTTAWA (MNI) - Canadian manufacturing sales unexpectedly increased 1.4% to C$47.6 billion in August, Statistics Canada reported Friday. This is on the heels of a 3.0% advance in the month prior.

    The gains resulted from higher sales in the transportation equipment, food and petroleum and coal product industries. In constant dollar terms (2002 constant dollars) sales climbed 1.1% again marking the second consecutive monthly increase.

    In August, 11 of the 21 industries recorded higher sales, representing 70.0% of total manufacturing. From a provincial stand point, Quebec, Newfoundland and Labrador and Ontario were the leading contributors to the rise.

  • 2011-10-13 15:56


    --Europe Must "Overwhelm" Bank & Debt Problems, Urgently
    --G-20 In Paris To Focus On Greece Actions First This Weekend

    OTTAWA (MNI) - Canadian Finance Minister Jim Flaherty came down hard on Europe Thursday, saying it has done too little to resolve sovereign debt and banking crises that are creating uncertainty and turmoil in all the world.

    "We have had a lot of promises from the European countries, but actions to date have fallen short of what is needed," Flaherty told reporters before leaving Ottawa for the Paris meeting of G-20 finance ministers and central bank governors.