Canada

  • 2019-03-07 14:02


    -- Resending to add headline

    OTTAWA (MNI) - Following are the key points from a speech by Bank of Canada Deputy Governor Lynn Patterson on Thursday, to the Hamilton, Ontario, Chamber of Commerce, saying that more time is needed for the Bank to change its present 1.75% policy interest rate.

    - As the BOC had announced in its statement Wednesday maintaining the overnight rate at 1.75%, and saying that the economic outlook "continues to warrant a policy interest rate that is below its neutral range (estimated by BOC at 2.5%-3.5%)," Patterson said a dip in the economy had been expected but the first half of 2019 will show weaker growth than anticipated.

  • 2019-03-07 13:30


    By Courtney Tower

    OTTAWA (MNI) - Following are the key points from a speech by Bank of Canada Deputy Governor Lynn Patterson on Thursday, to the Hamilton, Ontario, Chamber of Commerce, saying that more time is needed for the Bank to change its present 1.75% policy interest rate.

    - As the BOC had announced in its statement Wednesday maintaining the overnight rate at 1.75%, and saying that the economic outlook "continues to warrant a policy interest rate that is below its neutral range (estimated by BOC at 2.5%-3.5%)," Patterson said a dip in the economy had been expected but the first half of 2019 will show weaker growth than anticipated.

  • 2019-03-06 11:12


    By Courtney Tower

    OTTAWA (MNI) - Following are the key points from the Bank of Canada's decision Wednesday to maintain its overnight rate at 1.75% and to suggest that it will be maintained for some time:

    - The BOC, maintaining its policy rate at 1.75%, declared that Canada's economic outlook "continues to warrant a policy interest rate that is below its neutral range." The Bank's stance has been for some months that the rate would have to, at an unspecified time, rise to its neutral range (2.5%-3.5%).

  • 2019-03-06 09:33


    --5 Things We Learned From Canadian Merchandise Trade Data

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

    - The goods trade deficit widened to a record C$4.6 billion in December, while analysts in a MNI survey had expected a deficit of C$2.8 billion. The deterioration stemmed from a combination of higher imports and lower exports.

    - Energy explained much of the weaker-than-expected performance in December. Overall exports fell 3.8% to C$46.3 billion, the largest decrease since July 2017, largely due to lower oil prices. Exports of energy products fell 21.7%, the largest decline in ten years, mostly on lower prices for crude oil.

  • 2019-03-05 14:25


    By Yali N'Diaye

    OTTAWA (MNI) - Statistics Canada will release the February Labor Force Survey Friday. Ahead of the releases, we highlight five themes for particular attention:

    - Analysts in a MNI survey expect employment to remain unchanged in February after a stronger-than-expected 66,800 gain in January, which was split between part-time and full-time positions. The unemployment rate is expected to tick down to 5.7% from 5.8%.

    - Average weekly wage growth for permanent workers picked up to 1.8% year-over-year in January from 1.5% in December. Wage growth for that category had been slowing down since reaching a peak at 3.9% in May 2018, falling below 3% in the summer. The growth rate has been below 2% since October 2018.

  • 2019-03-01 10:23


    By Yali N'Diaye

    OTTAWA (MNI) - Canada real GDP rose 0.4% in the fourth quarter on an annualized basis, a sharp slowdown from 2.0%, and the smallest expansion since the second quarter 2016, data from Statistics Canada showed Friday.

    The data added downside risk to the Bank of Canada's outlook, which was based on a 1.3% annualized GDP growth in the fourth quarter. For 2018 as a whole, GDP growth slowed to 1.8% from 3.0% in 2017, while the BOC had expected 2.0%.

    On a quarterly basis Canada GDP edged up 0.1%, following a 0.5% expansion in the third quarter.

    Energy explained a good part of the weakness, but it was not just an energy story, as household consumption continued to weaken, along with housing investment.

  • 2019-02-28 15:40


    By Yali N'Diaye

    OTTAWA (MNI) - Statistics Canada will release the December GDP by industry and fourth quarter GDP reports Friday. Ahead of the releases, we highlight five themes for particular attention:

    - Analysts in a MNI survey expect GDP to be flat in December, handing a weak start to the first quarter, with forecasts ranging from -0.1% to +0.1%. GDP contracted 0.3% in November as manufacturing, construction and energy weighed on the output of goods-producing industries. Services were flat.

    - A 1.2% drop in real manufacturing sales on lower petroleum and coal products is expected to dampen the performance of goods-producing industries in December.

    - In services, a 2.5% decline in existing home sales is also expected to weigh.

  • 2019-02-28 09:47


    By Yali N'Diaye

    OTTAWA (MNI) - Data released Thursday by Statistics Canada showed energy took its toll on goods exports in the fourth quarter, while further adding downward pressure on industrial prices in January.

    Canadian industrial product prices declined 0.3% in January, marking the third consecutive monthly decrease, Statistics Canada reported Thursday, bringing down the 12-month growth rate to 1.0% from 2.0% the previous month.

    Meanwhile, raw materials prices increased 3.8% on the month, the same as in December. However, the index fell 5.5% from January 2018, following a 5.8% decrease in December, due to crude energy products (-8.6%).

  • 2019-02-27 09:51


    By Yali N'Diaye

    OTTAWA (MNI) - The following are the key points from the January data on the Canadian Consumer Price Index released Wednesday by Statistics Canada:

    - Headline unadjusted CPI edged up 0.1% in January, while analysts in a MNI survey had expected it to remain unchanged, following a 0.1% decrease in December.

    - Of the eight major categories, three posted declines on the month, including transportation (-1.0%), which was the lone major component to also post a decrease on the year (-0.4%), affected by gas prices. Gasoline prices fell 3.1% from December, and were the second largest downward contributor to monthly inflation after air transportation (-16.0%). Overall energy was down 1.1% on the month and CPI excluding energy was up 0.2%.

  • 2019-02-26 15:35


    --12-Mo Inflation Expected to Slow to 1.4%

    OTTAWA (MNI) - Statistics Canada will release the January Consumer Price Index report Wednesday. Ahead of the release, we highlight five themes for particular attention:

    - Analysts in a MNI survey expect headline CPI to be flat on the month, with forecasts ranging from -0.1% to +0.2%. Headline CPI edged down 0.1% in December after falling 0.4% in October.

    - Airfare, for which Statistics Canada changed the methodology in March 2018, is expected to remain a source of volatility. After a 28.1% jump in December, analysts expect a pullback in January. The statistical agency is also expected to change its methodology for the rent component of the index, which is part of the shelter category.