Canada

  • 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.

    - NEW HOUSING PRICES DECLINE

    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.

  • 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.