Canada

  • 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.

  • 2019-04-04 13:50


    By Yali N'Diaye

    WASHINGTON (MNI) - Monthly employment is expected to be flat in March after stronger-than-expected gains of 55,900 in February and 66,800 in January, according to a MNI survey, with the unemployment rate remaining steady at 5.8%. The Bloomberg consensus is at +10,000, with the unemployment rate also stable. The unemployment rate has been below 6% since September 2018.

    Ahead of the release on Friday, we outline important themes for particular attention.

    - Private jobs increased 31,800 in February, explaining much of the total 55,900 employment gain.

  • 2019-04-04 10:47


    By Yali N'Diaye

    OTTAWA (MNI) - The Canadian Ivey Purchasing Managers Index rebounded to 54.3 in March from 50.6 in February, with the gain suggesting stronger activity and softer prices increases, data released Thursday by the Richard Ivey School of Business showed.

    While the 3.7-point increase did not offset the cumulative decrease of 9.1 points over the previous two months, it was the largest advance since last October.

    Here are some key features of the report:

    - The rebound in the unadjusted index was even stronger than the headline figure, as the PMI climbed 8.7 points to to 57.6, returning above the 50.0 mark for the first time since last November despite a 2.5-point drop in the price index to 60.1.

    - The price index decreased 1.1 points to 58.7, suggest

  • 2019-04-01 19:16


    By Yali N'Diaye

    OTTAWA (MNI) - The following are the key points from a press conference by Bank of Canada Governor Stephen Poloz on Monday, following a speech to the Baffin Regional Chamber of Commerce and the Nunavut Mining Symposium in Iqaluit, Nunavut:

    - As far as the BOC is concerned, "We're not forecasting a recession," Poloz said. The decline in long-term yields is reflecting the expectation that the risk of future inflation is declining and that economic growth is slowing, which is already factored into forecasts. He said both the BOC and markets are data dependent. Poloz also said it is more the case that a yield curve inversion tends to be closely related to times preceding recessions in the U.S. than it is the case for Canada.

  • 2019-04-01 14:57


    By Courtney Tower

    OTTAWA (MNI) - Following are the key points from a speech by Bank of Canada Governor Stephen Poloz on Monday, reaffirming the BOC's position that the present low-growth period will prove to be temporary.

  • 2019-03-29 08:30


    - GDP Excluding Energy +0.4%, Largest Gain Since November 2017

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

    - January GDP rebounded 0.3%, the largest gain since May 2018, fully offsetting declines of 0.1% in both December and November.

    - The rebound topped market expectations of a 0.1% increase despite the expected contraction in oil production due to mandatory cuts in Alberta that were implemented to counter lower oil prices. In fact, if not for a 0.6% drop in energy, GDP would have increased 0.4%, the largest expansion since November 2017.

    - Details of the report were strong, as gains were widespread across 18 of 20 industrial sectors.