CA: Indicators Real Time News items

Canada June Retail Sales Edge Up 0.1% to C$35.93 BillionPosted:24/08/2010 13:45 GMT by NeedToKnowNews
--June Sales Ex-Autos Down 0.5% to $28.1 Billion By Courtney Tower OTTTAWA (MNI) - Canadian consumers bought more retail goods in June but prices were down, so that overall sales edged up a slight 0.1% largely on a 2.1% rise at motor wehicle and parts dealers. Excluding these dealers, retail sales in Canada dropped 0.5% to C$28.15 million from $28.28 million in May. The Statistics Canada report Tuesday on retail sales was below the total 0.3% sales increase for June and the 0.1% rise excluding autos that had been expected by a consensus of analysts. Retail sales in total reached C$35.93 billion in June from $35.91 billion in May, for the 0.1% increase overall. In volume terms, total retail sales were up 0.9%. Total retail sales were up 3.8% in June from June of last year. The total excluding autos was up 3.2% year-over-year. The largest dollar increase was +2.1% for motor vehicles and parts, including new car sales gains of 2.0%, Statistics Canada said. This sector in June was up 6.2% year-over-year. Used car sales were up 4.5%. Sales of automotive parts, accessories and tires were up 1.8%, following declines in the two previous months. The largest decline was at gasoline stations, down 2.7% from May on lower prices. It was the third consecutive monthly decline at gasoline stations, following 11 months of increases, Statistics Canada said. Besides autos, sales were up in four more of the 11 sub-sectors in June. They rose 5.1% at electronics and appliance stores on the month, by 2.3% at furniture and home furnishings stores, by 0.5% for building materials and garden equipment, and by 1.8% for the sporting goods category. The substantial declines were at gasoline stations, general merchandisers and clothing and accessories stores. Sales were down in six of the 10 provinces in June, held up nationally by a 0.3% rise in the largest province, Ontario, after declines there in April and May. ** Market News International Ottawa **
Canada May Trade Deficit -$503 MN vs April -$330 MN RevisedPosted:13/07/2010 13:39 GMT by NeedToKnowNews
--Exports Rise 5.2% Largely On Autos; Imports Up 5.7% Broad-Based --Surplus With U.S. Nearly Unchanged, $3.6 BN From April $3.5 BN --Deficit With Non-U.S. -$4.1BN from April -$3.9 BN By Courtney Tower OTTAWA (MNI) - Canada's exports broke into positive territory in May, rising 5.2% after two months of decline, but imports rose 5.7% and left Canada with its fifth consecutive monthly trade deficit. Canada's trade deficit with the world rose to $503 million in May, Statistics Canada reported Tuesday, following an April deficit of $330 million, revised from a surplus of $175 million earlier reported. Canada's trade surplus with the United States was nearly unchanged, $3.6 billion in May versus $3.5 billion in April. Imports grew 5.8% and exports 5.5%, both on the strength of trade in automotive products. With countries other than the U.S., the trade deficit grew to $4.1 billion in May from $3.8 billion in April. Exports grew 4.4%, led by a 25.2% increase in exports to the European Union, in large part based on precious metals going to the United Kingdom. Imports grew 5.5% from April, widely spread but with the biggest item being passenger cars from Germany. Statistics Canada said that, overall, export volumes increased 3.9% and prices by 1.2%. It said "export volumes have been trending upwards since the low reached in May, 2009." Passenger cars led the growth in exports overall, up 28.1% to $3.7 billion in May, their highest level since December of 2006. Automotive products generally rose 20.8% to $5.4 billion, with volumes growing 16.9%. Automotive exports have more than doubled since the low of $2.6 billion in January, 2009. Exports of parts, up 9.6%, increased for a seventh consecutive month. Exports of "other end products," namely gold coins, increased 25.2% and were the main factor in a 4.6% increase in their overall category, machinery and equipment. There were lower exports of aircraft, engines and parts. Agricultural and fishing products exports were up, as were energy products. Widespread increases in volumes fed the gain in imports. Machinery and equipment imports grew 6.6% tp $9.4 billion, rising for the fourth month on a 5.3% increase in volumes. Imports of automotive products increased 4.8% to $5.9 billion, on a 3.1% increase in volumes. Industrials goods and materials, and consumer goods, both rose. ** Market News International Ottawa **
Canada June Jobs +93,200; Jobless Rate -0.2% to 7.9%Posted:09/07/2010 12:06 GMT by NeedToKnowNews
--June's 6th Straight Monthly Rise Regains Most Recession Losses --Full-Time Growth 48,900; Part-Time +44,200; All In Services By Courtney Tower Ottawa (MNI) - Canadian employment soared by 93,000 jobs in June, far above all predictions, and reduced the annual unemployment rate by 0.2% to 7.9%, Statistics Canada reported Friday. In the sixth consecutive month of job increases, full-time work in June increased by 48,900 jobs and part-time by 44,200. The gains of 93,000 brought employment in Canada back to within 15,000 of all the unemployment losses suffered during the labor market downturn began in the fall of 2008. Employment has increased by 403,000 (+2.4%) since July of last year. The June unemployment rate, falling 0.2% to 7.9%, marked the first time the rate has fallen below 8.0% since January of 2009. However, it remains well above the 6.2% rate recorded before the downturn, in October of 2008, because of a large increase since then in the numbers entering the workforce. There was a 62,000 increase in entrants in June. The 93,000 jobs increase swamped consensus predictions by analysts of a 20,000 addition to employment and the unemployment rate staying at 8.1%. They had expected the increase to be around the May rise of 25,000 and not the April increase of 109,000. The boost in jobs came in a month of minor change in wages for workers. The average hourly wage for employees was 1.7% higher in June than in June a year ago. The increases were evenly split between full and part-time employment and occurred almost completely in the two largest-population provinces, Ontario(+60,000), and Quebec (+30,000). There were declines in two Atlantic provinces, Newfoundland and Labrador, and New Brunswick. In the other six provinces and three territories, there was little change. The increases were entirely in services,+103,000 jobs, while goods industries lost 10,000 after having lost 8,000 in May. The notable services increases were in retail and wholesale trade; business, building and other support services; health care and social assistance; and "other services" such as automotive repair and personal care. ** Market News International Ottawa **
Canada April GDP UNCH vs +0.6% in March; +3.3% yr/yrPosted:30/06/2010 14:03 GMT by NeedToKnowNews
--GDP Unchaged After Seven Straight Monthly Increases --Large Retail Trade Decline, 1.7%, is Main Feature By Courtney Tower OTTAWA (MNI) - Canada's consumers slowed down their buying sharply in April, especially in taking on new cars, as overall production of goods and services flattened to remain unchanged over March, Statistics Canada reported Wednesday. The economy had grown by 0.6% in March, its seventh consecutive month of GDP increase, and first quarter growth annualized was a strong 6.1% following a 4.9% recovery in the last quarter of last year. But that changed in April just slightly more than analysts had expected (consensus was a gain of 0.1%), marked by a 1.7% drop in retail trade following a 1.9% gain in March. A sharp 4.7% drop in sales of new cars and pickup trucks was a chief factor in April's decline, although clothing and accessories stores "also retreated sharply after growing significantly during the preceding months," Statistics Canada said. Manufacturing also declined (-0.3%), for the first time since last August, with 11 of the 21 major groups declining. Non-durable goods production went down 1.2%, notably in pharmaceuticals, printing and food products. However, durable goods manufacturing rose 0.4%, on higher production of machinery, primary metals, motor vehicles and motor vehicle parts. While wholesale trade rose a healthy 0.6% in April, largely on petroleum products and apparel, there were declines in the wholesaling of automotive products and building materials. Analysts had written before Statistics Canada's report that there would be a "dramatic" slowdown in economic activity in April, but that it would be, to quote TD Economics, "a brief hitch on the road for the economy as we expect the self-sustaining economic recovery that has clearly taken shape in Canada to remain largely intact." BMO Capital Markets says that "the soggy start to Q2 points to a much more muted gain for GDP ... than the lights-out 6.1% annualized rise in Q1." The BMO analyst was now expecting a 3.5% rise for Q2, "but the risks are to the downside." **Market News International Ottawa **
Canada April Retail Sales Down 2.0% to C$36.2 BillionPosted:23/06/2010 13:41 GMT by NeedToKnowNews
--April Sales Ex-Autos Down 1.2% to $28.5 Billion By Courtney Tower OTTTAWA (MNI) - Canadian consumers drew back sharply in April on purchasing motor vehicles and most other retail goods, with a decline of 2.0% in sales that nearly reversed a 2.2% increase in March. Retail sales decreased in 10 of 11 sectors and in all 10 provinces, declining to C$36.2 billion in April from $36.9 billion in March, Statistics Canada reported Wednesday. A 5.3% decline in sales of new cars was a large part of the retail sales decline throughout Canada. Sales also were down 6.8% at dealers of other vehicles than cars, and down 4.4% for used car dealers. Sales were up for a third straight month (+2.3%) at automotive parts, accessories and tire stores. In tune with the overall decline in spending, gasoline station sales fell 2.0% after increasing for the previous 11 months, Statistics Canada said. Analysts had expected retail sales to decline in April for only the second time in 15 months. They had called for as much as a 1.5% decline from the sales spike by 2.2% in March, mostly because of slower car sales and softer gasoline prices. They had not, however, expected car sales to fall by as much as they did, forecasting about half the actual decline. Consumers spent 5.2% less on clothing and accessories than they did after a warmer-than-usual March. Furniture and home furnishings store sales edged down 0.3% in a third consecutive monthly decline. Sales fell 2.0% for building materials and garden equipment and supplies, and down 0.5% for food and beverages. Sales increased 0.6% at electronics and appliance stores, the only sub-sector to show a gain in April. Despite all the April decreases, total retail trade at $36.2 billion in April was up 6.6% from $33.9 billion in April, 2009. The total excluding motor vehicles and parts, at $28.5 billion, was up 5.9% from April a year earlier. New car sales were up 10.1%, used cars up 1.9%, parts and accesories and tires up 15.1%. Gasoline sales, despite the 2.0% decline in April, were up 20.0% on the year. In every other category but one, sales were up to varying degrees year-on-year. Miscellaneous store sales were exactly flat, down 0.4% in April and unchanged (0.0%) from April, 2009. ** Market News International Ottawa **
APRIL CANADIAN RETAIL SALES DIP 2.0%Posted:23/06/2010 13:38 GMT by NeedToKnowNews
Ex-Autos m/m : -1.2% Total Retail Sales m/m : -2.0% April Canadian retail sales declined 2.0% to C$36.2bln, following a revised 2.2% gain (previously reported as a 2.1% advance). In volume terms sales were up 1.9% in April. Motor vehicle and parts dealers retreated 4.8% in April with a 5.3% decline at new car dealers which was largely responsible for the decrease. Sales at Other Motor Vehicles dealers were down 6.8% and used car dealers saw a 4.4% drop. Other downward contributors were Clothing and Accessories Stores (down 5.2%), Gasoline Stations (down 2.0%), Building Material and Garden Equipment and Supplies (down 2.0%) and Furniture and Home Furnishing (down 0.3%). Sales ex-autos declined 1.2% in April after a 1.7% increase prior.
Canada May CPI 0.3% NSA; +1.4% Yr/YrPosted:22/06/2010 17:36 GMT by NeedToKnowNews
--Repeating Story Sent at 07:00 to Correct Day --Core May CPI +0.3% NSA; +1.8% Yr/Yr --Annual All-Items CPI Falls To 1.4% From 1.8% in April --Annual Core 1.8% in April From 1.9% in April By Courtney Tower OTTAWA (MNI) - Annual inflation dropped to 1.4% in May from 1.8% in April while core inflation edged down slightly to 1.8% from 1.9% the previous month, Statistics Canada reported Tuesday. Core inflation, used by the Bank of Canada as a guide to setting its key policy interest rate, rose 0.3% on the month, by the same amount as it had risen in April. However, the annual rate declined to 1.8% from 1.9% the month before. A consensus of analysts had expected an annual core rate of 1.7% rather than the 1.8% recorded, and an all-items annual rate of 1.3% rather than 1.4%. On a month-over-month basis, the overall increase, for all items in the Consumer Price Index, was 0.3%, the same as in April. There were increases in six of the eight major components of the CPI basket, with only price declines for clothing and footwear and for health and personal care. Shelter prices rose 0.5% and transportation prices 0.6%, although consumers paid less (-0.5%) for gasoline. On the annual basis, energy prices rose 6.2% over the 12 months against a 9.8% increase for the year to April. Excluding energy, the CPI rose 1.0% in May, after a 1.1% increase in April. On the yearly as well as the monthly basis, a slower rate of increase in gasoline prices was a big factor. Gasoline prices in May were 6.9% higher than a year earlier, after a 16.3% increase in April. Prices for the purchase of passenger cars rose for the fifth consecutive month, by 5.1% in May after a 5.3% increase in April. Prices for oil and other fuels were up 19.9%, and for natural gas up 4.7%. There was a 5.4% decline in the mortgage interest cost index, following a 6.1% decrease in April. For the eight major categories,the only price decreases were in clothing and footwear and in recreation, education and reading. It was the first decline in the latter index since November, 2008, and was due to declines in prices for video equipment and for computer equipment and supplies. Consumers paid more for cablevision and satellite services. Seasonally adjusted, the monthly all-items CPI declined 0.1% in May after remaining unchanged the previous month. *** Market News International Ottawa ***
Canada May CPI 0.3% NSA; +1.4% Yr/YrPosted:22/06/2010 12:06 GMT by NeedToKnowNews
--Core May CPI +0.3% NSA; +1.8% Yr/Yr --Annual All-Items CPI Falls To 1.4% From 1.8% in April --Annual Core 1.8% in April From 1.9% in April By Courtney Tower OTTAWA (MNI) - Annual inflation dropped to 1.4% in May from 1.8% in April while core inflation edged down slightly to 1.8% from 1.9% the previous month, Statistics Canada reported Friday. Core inflation, used by the Bank of Canada as a guide to setting its key policy interest rate, rose 0.3% on the month, by the same amount as it had risen in April. However, the annual rate declined to 1.8% from 1.9% the month before. A consensus of analysts had expected an annual core rate of 1.7% rather than the 1.8% recorded, and an all-items annual rate of 1.3% rather than 1.4%. On a month-over-month basis, the overall increase, for all items in the Consumer Price Index, was 0.3%, the same as in April. There were increases in six of the eight major components of the CPI basket, with only price declines for clothing and footwear and for health and personal care. Shelter prices rose 0.5% and transportation prices 0.6%, although consumers paid less (-0.5%) for gasoline. On the annual basis, energy prices rose 6.2% over the 12 months against a 9.8% increase for the year to April. Excluding energy, the CPI rose 1.0% in May, after a 1.1% increase in April. On the yearly as well as the monthly basis, a slower rate of increase in gasoline prices was a big factor. Gasoline prices in May were 6.9% higher than a year earlier, after a 16.3% increase in April. Prices for the purchase of passenger cars rose for the fifth consecutive month, by 5.1% in May after a 5.3% increase in April. Prices for oil and other fuels were up 19.9%, and for natural gas up 4.7%. There was a 5.4% decline in the mortgage interest cost index, following a 6.1% decrease in April. For the eight major categories,the only price decreases were in clothing and footwear and in recreation, education and reading. It was the first decline in the latter index since November, 2008, and was due to declines in prices for video equipment and for computer equipment and supplies. Consumers paid more for cablevision and satellite services. Seasonally adjusted, the monthly all-items CPI declined 0.1% in May after remaining unchanged the previous month. *** Market News International Ottawa ***
MAY CANADIAN CPI ADVANCES 0.3%Posted:22/06/2010 12:03 GMT by NeedToKnowNews
Headline CPI M-o-M: 0.3% Ex Food and Energy M-o-M: 0.3% Core CPI M-o-M: 0.3% Headline CPI Y-o-Y: 1.4% Core CPI Y-o-Y: 1.8% Consumer Prices increased 0.3% in May after increasing 0.3% in April. CPI y/y increased 1.4% after rising1.8% in April. Upward contributors were Electricity (up 4.2%), Passenger Vehicle Insurance Premiums ( Up 2.6%), Traveler Accommodation (up 4.4%), Homeowner's Replacement Cost (up 0.8%), Fresh Fruit (Up 3.2%). Excluding Food and Energy, m/m CPI advanced 0.3% in May after rising 0.4% in April. Core CPI m/m posted a 0.3% gain in May from a 0.3% gain prior. Core CPI y/y jumped 1.8% from a 1.9% increase previously. Monthly downward contributors were Womens Clothing (down 4.3%), Gasoline (Down 0.5%), Non-Alcoholic Beverages (down 2.6%), Fresh Vegetables (down 2.0%), Mens Clothing (down 1.0%).
MAY CANADIAN LEADING INDICATORS UP 0.9%Posted:18/06/2010 13:42 GMT by NeedToKnowNews
Composite Leading Indicators: 0.9% Manufacturing
APRIL CANADIAN INTERNATIONAL SECURITY TRANSACTIONS; INFLOWS UP C$12.36BLN, OUTFLOWS UP C$1.42BLNPosted:18/06/2010 13:39 GMT by NeedToKnowNews
Inflows: C$12.36bln Outflows: C$1.42bln Foreign acquisitions of Canadian securities surged by C$12.36bln in April from a revised fall of C$638mln prior (previously reported as a C$616mln fall), beating the consensus estimates. The main increase to the statistic came in the form of government bonds. Foreigners added C$9.989bln in Canadian bonds to their portfolios in April of which C$6.2bln were Canadian dollar denominated federal bonds and C$3.5bln were provincial bonds. Acquisitions of corporate bonds slowed to C$479mln in April. Non-residents also increased holdings of Canadian equity by C$2.807bln. This marked the largest inflow since Sept '09. Foreigners continued to divest from Canadian money market instruments as they reduced their holdings by C$436mln, following a divestment of C$1.857bln in March. Canadian investors increased holdings of foreign securities by C$1.42bln, following an inflow of C$6.306bln prior. Canadian acquisitions of foreign securities were focused mainly on equities as Canadians increased foreign stock holdings by C$1.845bln. Canadians divested away from foreign money market instruments and foreign bonds in amounts of C$412mln and C$13mln respectively.
Q1 CANADIAN INTERNATIONAL INVESTMENT POSITION IN C$193.8BLN DEBTPosted:17/06/2010 13:49 GMT by NeedToKnowNews
Canadian Direct Investment Abroad: 567.4Bln Foreign Direct Investment into Canada: 562.7Bln International Investment Position: -193.8Bln Canadian net foreign debt increased by C$40.6Bln to C$193.8Bln in Q1 of 2010 from a C$109.5Bln deficit in Q4. International Liabilities advanced 1.6% to C$1593.1Bln and Canadian International Assets decreased 1.1% to C$1399.3Bln. Appreciation of the Canadian dollar is a significant downward contributor on foreign assets and liabilities. The value of Canadian direct investment abroad declined to to C$567.4Bln in Q1 largely owing to the appreciation in the Canadian dollar and marginal investment outflows. Foreign Direct Investment in Canada increased to C$562.7Bln in Q1 from C$517.6Bln in Q4, a result of strong investment inflows at C$15.2Bln.
APRIL CANADIAN WHOLESALE SALES SLIDE 0.3%Posted:17/06/2010 13:33 GMT by NeedToKnowNews
Inventories m/m: 0.6% Sales m/m: -0.3% Sales Ex-Autos : 0.1% Canadian Wholesale sales decreased 0.3% to C$44bln in April, following a revised 1.2% gain in March (previously reported as a 1.4% increase). In volume terms, sales were up 0.4%. The increase in volume as compared with the decline in current dollar sales reflected lower prices paid for imported goods by the wholesalers as the CAD appreciated with respect to USD. The fall in April's statistic was on lower sales observed in Motor vehicles and parts (-2.5%) and miscellaneous sub sector (-1%). Bulk of the retreat in the motor vehicles and parts sub sector was attributable to a 3.3% decrease in sales of motor vehicles. The fall in April sales figure was partially cushioned by increased sales of personal and household goods (+1.5%). March wholesale inventories climbed for the second time in 3 months, jumping 0.6% from after a 0.2% decline the month prior. This increase was a result of 12 of the 25 industry goods reporting higher inventories. The largest increase in inventories came from the lumber, milwork, hardware and other building supplies group (+4.5%) followed by the food product group (+3.3%) Inventory-to-sales ratio advanced from 1.16 in March to 1.17 in April. Ex-Autos, March sales jumped 0.1%.
BOC Gov Carney: Aftershocks Of Fin Crisis To Last For YearsPosted:16/06/2010 17:03 GMT by NeedToKnowNews
--Troubles Looming in Europe, Major Emerging Countries --G20 Must Stick To Strictness Of Banks/Economies Reforms By Courtney Tower OTTAWA (MNI) - Bank of Canada Governor Mark Carney today cast a troubled eye over world trading, seeing increasingly uneven recovery ahead between emerging and advanced economies and financial crisis aftershocks that will last for years. For his own part, Carney said in a speech that future rate hike decisions by the Bank of Canada must balance conflicting and volatile world and domestic forces. The upshot is that "no particular path for monetary policy is pre-ordained." The BOC is to announce a decision July 20 as to whether its key policy rate is raised or maintained at 0.50%. The target for the overnight rate was raised by 25 basis points on June 1 after having been at its lowest possible level, 0.25%, since April, 2009, as an economic stimulus measure. Carney spoke in Charlottetown, Prince Edward Island, known as the birthplace of Canada's Confederation in 1867, and said similar courage as evidenced by the Founding Fathers then is needed globally and at home now for financial and economic reforms. He called on the G-20 nations meeting in Toronto shortly to "protect the banks from the (economic) cycle and to protect the cycle from the banks." The G-20 should be steadfast, against some increasing lobbying against too much reform, in protecting banks from shocks by requiring of them "more capital, higher liquidity, and better risk management, complemented by stronger supervision." Protecting the cycle from the large banks means new and radical changes to the global financial structure, he said, including setting up some form of contingent capital should a bank fail and "better infrastructure for key markets, and new resolution authorities." Carney said there has to be, coming from the G20, "sustained and credible fiscal consolidation in the advanced countries." Major emerging market countries, that account for two-thirds of the economic growth currently seen in the world, must enact reform to increase domestic demand and to increase resal flexibility in their exchange rates. All countries had to live up to the G20 commitment "to resist trade and financial protectionism." Carney sees real trouble ahead, with the recovery globally bumping up against three limits. The first has to do with commodities, for which the Bank sees an additional 30% rise in prices of non-energy commodities in coming years. Emerging market economies' share of global growth is now at two-thirds and they have a voracious need for commodities. The second limit is that many emerging market economies tie their exchange rates to or near the United States dollar, and address overheating pressures by various controls that "are all stop-gap measures in the face of broader forces." The result in these economies will be "either higher interest rates or higher inflation." The third limit is fiscal stimulus, Carney said. In the face of enormously growing debt worldwide as a result of stimulus measures and earlier spending, there have to be serious spending reductions by goverments. Carney rejected as "a siren call" the thesis now proposed "by some eminent economists" that temporarily higher inflation should be permitted "in order to inflate away public debt." That will not work, since it is "devilishly hard to keep inflation high temporarily." And if temporary inflation becomes built-in to expectations, real interest rates may rise rather than fall and grow the debt even higher, he said. ** Market News International **
APRIL CANADIAN MANUFACTURING SALES RISE 0.2%Posted:15/06/2010 13:46 GMT by NeedToKnowNews
Change in Inventories: 0.3% Change in Inventories ex-Petroleum: 0.41% Change in Sales (Shipments): 0.2% Inventory/Sales Ratio: 1.33 April Canadian manufacturing sales rose 0.2% to C$44.5bln from a revised 1.4% gain (previously reported as a 1.2% increase). Higher sales were seen in 11 of 21 industries. Inventory levels edged up 0.3% to C$59.1 bln in April from a revised 0.7% decline in March (previously reported as a 1.1% loss). Significant increases were seen in the food industry (up 2.2%), primary metal industries (up 1.5%) and aerospace product and parts (up 1.3%). Declines were seen in the chemical industry (down 1.5%), and the petroleum and coal product industry (0.7%). Change in inventories excluding petroleum advanced 0.41%. The inventory to sales ratio rose to 1.33 for April.
CANADIAN Q1 LABOUR PRODCUTIVITY RISES 0.7%Posted:15/06/2010 13:42 GMT by NeedToKnowNews
Labour Productivity Q/Q: 0.7% Hourly Compensation Quarterly: 0.2% Unit Labour Costs Quarterly: -0.5% Canadian Labour Productivity climbed 0.7% following a 1.2% increase in Q4. This marked the first increase since Q3 '08. Increased spending on consumer goods and services, spending on shelter and inventory accumulation accelerated business GDP growth by 1.8% in Q1, compared to a 1.4% pace in Q1 '09. The bulk of the increase in business productivity for Q1 arose from a 1.5% gain posted by goods producing industries. Main upward contributors to these industries were Manufacturing (+2.3%) and Construction (+1.0%). Productivity in the service producing businesses advanced 0.2%. Wholesale trade was one of the main upward contributors, increasing 3.3% in Q1 and surged 14% compared to Q1 '09. Hourly compensation jumped 0.2% from a 1.2% rise prior. Unit Labour costs decreased 0.5% following a 0.1% slide prior. Hours worked in the business sector increased 1.1% in Q1. By comparison unit labour costs in the United States were down 0.3% in Q1 after a 2.1% drop in Q4. This was mainly because of a 1.5% appreciation in the value of the CAD against the USD.
APRIL CANADAIN NEW MOTOR VEHICLE SALES SLIDE 4.7%Posted:14/06/2010 13:34 GMT by NeedToKnowNews
New motor Vehicle Sales: 125.792k % Change Sales: -4.7% April Canadian new motor vehicle sales declined 4.7% to 125.792k units, meeting the consensus estimates. This was mainly a result of decrease in sales of passenger cars (-9.5%). The bulk of the decline in this sector was a result of a 15.7% plunge in overseas built passenger cars. Sales of north American built passenger cares were down for a second consecutive month, falling 4% in April. Truck sales were 0.2% lower in April and have exceeded passenger car sales for the past 5 months. Preliminary data indicate new motor vehicle sales remained unchanged in May.
CANADIAN Q1 CAPACTIY UTILIZATION CLIMBS TO 74.2%Posted:11/06/2010 13:33 GMT by NeedToKnowNews
Industrial Capacity Use Q/Q: 74.2% Manufacturing Capacity Use Q/Q: 75% Canadian Industries operated at 74.2% of their capacity in Q1 up from revised 71.3% in Q4, coming in below the consensus estimate of 74.6%. This was the third consecutive quarterly increase. The increase in the statistic was driven by the manufacturing industry. Manufacturing industries used 75% of their capacity in Q1, an increase from a revised 70.7% in Q4 (previously reported 69.7%). The gain was widespread as 20 of 21 major manufacturing industries posted jumps. Main upward contributors were transportation equipment (+3.6%), primary metal (+9.5%), chemical (+5.4%) and machinery manufacturing (+6.8%). In the non manufacturing sector, industries increased capacity use in the mining (+2%), construction (+1.6%) and forestry and logging sectors (+4.1%). Y/Y Industrial Capacity advanced 4%.
Canada April Trade Surplus +$175 MN vs Mar -$236 MN RevisedPosted:10/06/2010 13:53 GMT by NeedToKnowNews
--Exports Fall 1.0% On Prices; Imports Down 2.2%, On Prices --Surplus With U.S. Unchanged: +$3.8 Bn vs Mar.+$3.8 Bn --Deficit With Non-U.S. -$3.6 Bn from Mar. -$4.0 Bn By Courtney Tower OTTAWA (MNI) - Falling prices for both exports and imports marked Canadian export trade in April, as volumes of both rose slightly but their dollar value declined, leaving a tiny trade surplus with the world of $175 million. Statistics Canada reported Thursday that Canada's goods trade surplus with the United States remained unchanged from April, at $3.8 billion. With the rest of the world, Canada's deficit was $3.6 billion versus -$4.0 billion in March. Overall, then, there was a tiny surplus of $175 million in April, compared with a deficit of $236 million in March. The March deficit of $236 million is a revised figure, from a first-reported gain of $254 million. The revision is due to late data having come in on energy transactions, where prices have been falling, officials explained. Export prices fell 1.4% in April while volumes grew 0.4%, giving exports a value of $32.9 billion from $33.3 billion in March. Industrial goods and materials, down 3.0% to $8.1 billion, accounted for three-quarters of the decline in exports, Statistics Canada said. A 4.6% gain on the month in exports of machinery and equipment, to $6 billion, moderated the overall decrease. Imports fell from $33.5 billion in March to $32.8 billion in April. Import prices fell 2.4% while volumes grew 0.2%. The main import declines were in industrial goods and materials, down 8.8% to $6.7 billion in April following a gain of 11.6% in March. The decline was led by metals and metal ores, and by chemicals and plastics. Exports to the United States rose 0.7% and imports from the U.S. grew by 0.9%. The trade surplus with the U.S. remained unchanged. Exports to all countries but the U.S. declined 5.5%, largely on a 23.4% decline in exports to the European Union. Imports fell more, by 7.0%, so that the deficit with non-U.S. countries narrowed, to $3.6 billion from $4.0 billion in March. Canada's exports opf machinery and equipmwent rose 5.6% by volume. Gains were widespread, but more than half the growth was in exports of airplanes and other transportation equipment. ** Market News International Ottawa **
APRIL CANADIAN NEW HOUSING PRICE INDEX UP 0.3%Posted:10/06/2010 13:43 GMT by NeedToKnowNews
Canada Total Change y/y : 2.5% Canada Total Change m/m: 0.3% House Only Change m/m: 0.3% Land Only Change: 0.1% Canadian April New Housing Price Index rose 0.3% from a 0.3% increase in March, meeting the consensus estimate. The price index now stands at 157.5. Between March and April, prices rose the most in St.John's (up 1.1%), followed by Regina and Saskatoon (both up 0.9%). The largest monthly decline in April was seen by Charlottetown (down 0.3%), followed by Greater Sudbury and Thunder Bay (down 0.3%). On a y/y basis the index increased 2.5% in April following a 1.6% advance the month prior. The Canada wide house only index rose 0.3% and land only edged up 0.1% on a m/m basis.
APRIL CANADIAN TRADE BALANCE POSTS C$175MLN SURPLUSPosted:10/06/2010 13:34 GMT by NeedToKnowNews
Merchandise Trade Balance M/M: C$0.175bln Exports M/M: C$32.932bln Imports M/M: C$32.757bln April Canadian trade balance posted a C$175mln surplus from a revised deficit of C$0.236bln(previously reported as a surplus of C$0.254bln), upsetting the consensus estimates of a C$0.7bln surplus. Exports declined 1% to C$32.932bln, from C$33.3bln in March, marking the second consecutive monthly decrease. Export prices fell 1.4% while volumes gained 0.4%. Three quarters of the decline in the statistic was attributable to a retreat in exports of industrial goods and materials (-3%). The bulk of the decrease in this sector came from a 27.4% plunge in exports of precious metals. Energy product exports were also 2.6% lower compared to March as volumes fell 3.4%, representing the fourth consecutive monthly decline in volumes. Gains in exports of machinery and equipment (+4.6%) cushioned the fall moderately. Automotive product exports grew 1.6% in April. Imports retreated 2.2%, to C$32.8bln on a 0.2% increase in volumes and 2.4% decrease in prices. The decline was led by a 8.8% fall in imports of goods and materials. Imports of metal and metal ore products decreased 13.3% accounting for the largest drop in this sector. Other downward contribution to this sector arose from a 10% fall in imports of chemicals and plastics. Imports of energy products advanced 1.1% while machinery and equipment shrunk 1.2%. Exports to the United States climbed 0.7%, and imports increased 0.9%, maintaining Canada's trade surplus with the US at C$3.8bln. Canada's trade deficit with countries other than the US narrowed to C$3.6bln in April from C$4bln prior, owing to a 5.5% decline in exports and a 7% decrease in imports.
APRIL CANADIAN BUILDING PERMITS INCREASE 5.4%Posted:04/06/2010 13:33 GMT by NeedToKnowNews
Combined M-o-M: 5.4% Residential M-o-M: -8.0% Non-Residential M-o-M: 32.2% April Canadian building permits increased 5.4% from a revised 12.3% gain prior (previously reported as a 12.2% jump), beating the consensus estimate of a 1.3% retreat. Residential Permits declined 8.0% to C$3.9bln in April from a 13.9% decline prior. Multi-family building permits fell 11.7% to C$1.3Bln in April while building permits for Single-Family dwellings edged down 6.0% at C$2.6Bln. April non-residential building intentions jumped 32.2% to C$2.8bln following 9.1% advance prior. The advance was largely owing to increased construction intentions for institutional buildings (up 70.0%) and commercial permits (up 29.1%). On a y/y basis, combined permits were up 48.2%, residential intentions increased 65.2% and non-residential permits advanced 29.8%.
CANADA ADDS 25K JOBS TO ITS LABOUR FORCE IN MAY, UNEMPLOYMENT RATE @ 8.1%Posted:04/06/2010 12:03 GMT by NeedToKnowNews
Net Change in employment m-o-m: 24.7K Unemployment rate m-o-m: 8.1% Canadian labour force posted its fifth consecutive monthly increase, rising by 25k in May, just beating the consensus estimates of a 23k jump. Unemployment rate remained @ 8.1%. Employment has climbed 1.8% (310k) since the upward trend began in July '09. Full time employment was up 67k while part time declined by 43k in May. Private sector employees increased by 43k, and the public sector saw a gain of 9.4k employees. Goods producing sector employment was down 0.2% and Services producing sector advanced 0.2% in May. Increase in employment for May was mainly among women aged 55 and over (+17k). The main upward contribution to this statistic came from transportation and warehousing (+3.4%), health care and social assistance (+0.9%), public administration (+1.4%) and agriculture (3%). Manufacturing industry continued to grow, as it added 2.7k jobs in May, following a 3.9k gain prior. Avg hourly wages were up 2.4% in May from a year ago.
BoC RAISES OVERNIGHT RATE BY 25bps TO 0.5%Posted:01/06/2010 14:03 GMT by NeedToKnowNews
Overnight Rate : 0.50% BoC increases overnight rate target to 0.5%, re-establishing normal functioning of the overnight market. The bank rate jumps up to 0.75%, while the deposit rate remains unchanged at 0.25%, consistent with the normal operating band of 50bps for the overnight rate. The decision to raise the rates, still leaves considerable monetary stimulus in place, in order to achieve the 2% inflation target with respect to the significant excess supply in Canada, strength of domestic spending and the uneven global recovery, stated BoC. The bank will conduct special purchase and resale agreement (SPRA) and sales and repurchase agreement (SRA) operations as it seems necessary to reinforce the target for the overnight rate. The targeted level of settlement balances will be gradually reduced to C$25mln from the current level @ C$3bln. This change is expected to be in place by mid June. The next rate announcement will be on July 20. BoC will also release a full update of the bank's outlook for the economy and inflation projection in its Monetary Policy Report (MPR) on July 22.
APRIL CANADIAN IPPI INCREASE 0.3%, RMPI JUMPS 1.7%Posted:31/05/2010 13:40 GMT by NeedToKnowNews
IPPI m-o-m : 0.3% IPPI Ex-Petroleum and Coal products: 0.3% RMPI m-o-m: 1.7% RMPI Ex-mineral fuels: 2.0% April Canadian IPPI increased 0.3% from a 0.4% loss in March, beating the consensus estimate of a 0.2% retreat. This increase was a result of higher prices for primary metal products (up 3.7%) with a significant increase in nickel products (up 13.4%). Excluding petroleum and coal products, IPPI edged up 0.3% in April following a 0.6% decline prior. IPPI y/y declined 0.4%, led by motor vehicles and other transportation equipment (down 11.5%). Other downward contributors were Pulp and Paper Products (down 8.0%), Electrical and Communications Products (down 6.8%) and Machinery and Equipment (down 5.2%). RMPI jumped 1.7% in April following a 0.8% gain in March. The increase was led by rising prices for mineral fuels, particularly crude oil (up 1.4%). Another upward contributor was a 3.0% increase in prices for non-ferrous metals, led by copper and nickel concentrates (up 9.2%). Excluding mineral fuels, RMPI increased 2.0% in April following a revised 0.4% gain (previously reported as a 0.3% increase). Year-over-year, RMPI posted a 17.3% advance, largely attributable to a 37.8% increase in crude oil prices and non-ferrous metals (up 23.1%).
CANADIAN ECONOMY EXPANDS 1.5% IN Q1, SURGES 6.1% ON AN ANNUALIZED BASISPosted:31/05/2010 13:36 GMT by NeedToKnowNews
GDP Quarterly Annualized: 6.1% GDP-Real Quarterly Change: 1.5% Quarterly Services: 1.1% Quarterly Personal Expenditure: 1.1% Canadian Q1 real GDP jumped 1.5% after advancing 1.2% in Q4, beating the consensus estimates of a rise by 1.4%. Final domestic demand grew at a 1.1% pace, led by spending increases on housing, consumer goods and services. At an annualized rate, GDP surged 6.1% from a 4.9% climb in Q4. Growth in Service producing Industries was up 1.1%, with wholesale (+3.9%), and retail trade (+2.6%) leading the way, reported Statscan. Goods producing industries recorded its second consecutive quarterly gain, rising 2.7%, on manufacturing strength. Personal expenditures also jumped 1.1%, as households spent more on semi-durable goods (+3.9%). Expenditure on new motor vehicles advanced at a slower pace, increasing 0.5% as compared to average growth of above 4.5% in the past 3 quarters. Business investment in plant and equipment rose by 0.2%, as expenses on machinery and equipment advanced 1.8%. Government expenditure on goods and services slower to a 0.5% pace, after rising 1.6% and 1.7% in the last 2 quarters of '09. Exports of goods and services gained 2.9%, marking the third consecutive quarterly gain following 5 quarters of declines. Significant increases were noted in exports of industrial goods and materials (+9.4%) and automotive products (+4.1%). Imports of goods and services grew by 3.4%, with main contribution coming from imports of industrial goods and materials, automotive products and machinery and equipment. Price of goods and services produced in Canada advanced 1.1% in Q1, and the price for final domestic demand was up 0.4% Canada's terms of trade strengthened for a fourth consecutive quarter as export prices rose 1.5% and import prices declined 0.6%. This in turn pushed real GDI (Canada's ability to purchase goods and services) up 2.1% in Q1. Real GDP measures the volume of production, where as real GDI accounts for both; the volume of production and changes in relative prices. Quarterly nominal GDP expanded 2.5%, after a 2.4% gain in Q4.
CANADIAN MARCH GDP BY INDUSTRY ADVANCES 0.6%Posted:31/05/2010 13:33 GMT by NeedToKnowNews
Headline GDP M/M: 0.6% Goods Producing Industries M/M: 1.4% Service Producing Industries M/M: 0.3% Canadian GDP By Industry advanced 0.6% in March after climbing 0.2% the month prior, beating the consensus estimates. This marked the seventh consecutive monthly gain. The bulk of this increase was on the strength of manufacturing, mining and oil and gas extraction, wholesale and retail trade sectors, reported Statscan. Goods producing industries also posted its seventh consecutive increase, jumping 1.4%, significantly owing to the strength of Manufacturing and mining and oil and gas extraction. Manufacturing sector output grew 1.8% in March, with 20 of 21 groups posting increases. Mining sector advanced 2.7%, on a significant increase in oil extraction. Other contribution came from increased activities at copper,nickel, lead and zinc mines. Mining at gold and silver ore mines also added to the growth. Construction was up 0.9% as residential building construction increased 2.5%. Service producing industries advanced 0.3% in March from a 0.2% increase prior. Wholesale and retail trade lead the increase, rising 2% and 1.8% respectively.
MARCH CANADIAN NON FARM PAYROLL EMPLOYMENT UP 0.2%, AVG WEEKLY EARNINGS RISE 0.4% m/mPosted:26/05/2010 13:36 GMT by NeedToKnowNews
Avg Weekly Earnings Change (Industrial agg) m/m : 0.4% Avg Weekly Earnings Change (Industrial agg) y/y : 2.9% Number of Payroll Employees Change (Industrial agg) m/m : 0.2% Canadian Non-farm payrolls rose 0.2% (+30.1k) in February, after edging up 0.1% in February, beating the consensus estimates of a 0.1% rise. This increase was spread across a number of industries. Employment in the manufacturing sector jumped for the fourth consecutive month, advancing by 0.4% (6.1k) in March. Over the 4 months, a total of 23.8k jobs have been added to this sector. The monthly increase was led by an increase in meat product manufacturing (+1.7k). Construction and mining sector also posted notable increases of 0.7% (5.6k) and 2.1% (3.9k) respectively in March. This marked the eighth consecutive month of modest gains for Construction payrolls. Construction sector has added 28.1k jobs since August '09. Service sector employment also saw modest gains, as it increased its labour force by adding 8.6k jobs in March. The climb was held back by a 0.2% decline in retail trade. Average weekly earnings advanced 0.4% on a m/m basis and jumped 2.9% on a y/y basis. Upward contribution to the y/y statistic came from educational services (+8.9%), accommodation and food services (+3.3%) and retail trade (+3.1%).
MARCH CANADIAN RETAIL SALES JUMP 2.1%Posted:21/05/2010 13:33 GMT by NeedToKnowNews
Ex-Autos m/m : 1.7% Total Retail Sales m/m : 2.1% March Canadian retail sales jumped 2.1% to C$37.0bln, following a revised 0.8% gain (previously reported as a 0.5% advance). In volume terms sales were up 2.2% in March. The increase was largely owing to higher sales at motor vehicle and parts dealers, posting a 3.6% increase. Within the subsector, the largest gains were seen at Other Motor Vehicle Dealers (up 5.5%) and at Automotive Parts (up 4.6%). Warmer weather across Canada prompted a 6.6% increase at Building Material and Garden Equipment and Supplies dealers. Clothing and Clothing Accessories posted their fourth consecutive monthly increase, up 4.4% in March, the largest increase since September 2006. Sales increased at Shoe Stores (up 9.2%), Clothing Stores (up 3.9%) and Jewelery, Luggage and Leather Good Stores (up 2.8%). Sales ex-autos increased 1.7% in March, after remaining unchanged in February (previously reported as a 0.1% retreat).
APRIL CANADIAN CPI POSTS 0.3% GAINPosted:21/05/2010 12:12 GMT by NeedToKnowNews
Headline CPI M-o-M: 0.3% Ex Food and Energy M-o-M: 0.4% Core CPI M-o-M: 0.3% Headline CPI Y-o-Y: 1.8% Core CPI Y-o-Y: 1.9% Consumer Prices increased 0.3% in April after remaining flat in March. meeting the consensus estimate. CPI y/y increased 1.8% after rising1.4% in March, also meeting the consensus estimate. Upward contributors were Natural Gas (up 6.4%), Fresh Vegetables (up 4.9%), Health Care (up 1.6%), Home owner's replacement cost (up 0.9%) and Air Transportation (up 3.1%). Excluding Food and Energy, m/m CPI edged up 0.4% in April after declining 0.3% in March. Core CPI m/m posted a 0.3% gain in April from a 0.2% retreat prior. Core CPI y/y jumped 1.9% from a 1.7% increase previously, meeting the consensus estimate. Monthly downward contributors were Fresh Fruit (down 3.9%), Non-Alcoholic Beverages (down 2.3%), Mortgage Interest Cost (down 0.4%), Bakery Products (down 0.9%) and Household Textiles (down 1.9%).
APRIL CANADIAN LEADING INDICATORS RISE 0.9%Posted:20/05/2010 13:45 GMT by NeedToKnowNews
Composite Leading Indicators: 0.9% Manufacturing
MARCH CANADIAN WHOLESALE SALES JUMP 1.4%Posted:19/05/2010 13:37 GMT by NeedToKnowNews
Inventories m/m: -0.2% Sales m/m: 1.4% Sales Ex-Autos : 1.6% Canadian Wholesale sales increased 1.4% to C$44.4bln in March, beating the consensus estimate of a 0.3% rise. Major contributors to this increase were Machinery, Equipment and Supplies (up 7.7%) and Building Materials and Supplies (up 1.6%). In volume terms, sales were up 2.2%. March wholesale inventories edged down 0.2% from a revised 0.3% gain in February (previously reported as a 0.1% gain). This decline was largely owing to Food (down 2.4%), Other Miscellaneous (down 2.4%), New Motor Vehicle Parts and Accessories (down 1.5%) and the Pharmaceuticals and Pharmacy Supplies (down 0.9%). Inventory-to-sales ratio declined from 1.17 in February to 1.15 in February . Ex-Autos, March sales jumped 1.6%.
MARCH CANADIAN INTERNATIONAL SECURITY TRANSACTIONS; INFLOWS DOWN C$616MLN, OUTFLOWS UP C$6.31BLNPosted:18/05/2010 13:37 GMT by NeedToKnowNews
Inflows: -C$616mln Outflows: C$6.31mln Foreign acquisitions of Canadian securities ended its upward trend, falling by C$616mln in March from a revised jump of C$6.74bln prior (previously reported as a C$6.718bln rise), upsetting the consensus estimates. This marked the first divestment since December '08. The main drag on the statistic came from a C$1.857bln withdrawal in Canadian money market paper by the non-residents. Federal T-bills accounted for nearly two thirds of the reduction, reported Statscan. Investment in Canadian bonds fell to C$933mln in March, down from an avg level of C$7.3bln/month, for the past 14 months. After 10 months of acquisitions foreigners reduced their holdings of federal govt bonds by C$896mln and acquired C$3.8bln of private corporate debt. Non residents added C$308mln worth of equities to their portfolio in March, offsetting the C$262mln divestment in February. Canadian investors increased holdings of foreign securities by C$6.31bln in March, upsetting the consensus estimate of rising by C$1bln and recorded the largest outflow in nearly 2 years. The bulk of this increase came from Canadian investors adding C$4.783bln in foreign stocks to their portfolios, largest outflow since May '08. Canadians also added C$1.452bln worth of foreign bonds to their holdings, led by a significant investment in US govt bonds. Residents acquired C$75mln in foreign money market paper in March.
MARCH CANADIAN NEW MOTOR VEHICLE SALES DROP 4.2%Posted:14/05/2010 13:40 GMT by NeedToKnowNews
New motor Vehicle Sales: 132.867k % Change Sales: -4.2% March Canadian new motor vehicle sales declined 4.2% to 132.8K, coming in just under the consensus estimate of a retreat to 133K units. The decline was largely owing to lower truck sales in March (down 5.7%). New Passenger cars sold declined 2.5% and North American-built cars fell 5.7%. Overseas-built passenger cars sold edged up 1.5% marking its third consecutive monthly increase. Preliminary data indicate new motor vehicle sales declined 5.0% in April.
MARCH CANADIAN MANUFACTURING SALES ADVANCE 1.2%Posted:14/05/2010 13:34 GMT by NeedToKnowNews
Change in Inventories: -1.1% Change in Inventories ex-Petroleum: -0.6% Change in Sales (Shipments): 1.2% Inventory/Sales Ratio: 1.32 March Canadian manufacturing sales jumped 1.2% to C$44.5bln from a revised flat reading (previously reported as a 0.1% increase), beating the consensus estimate of a 0.7% gain. Sales were higher in 12 of 21 industries, accounting for two-thirds of total sales. Largest upward contribution came from food (+3.5%) and motor vehicle (+3.6%) manufacturers. This marked the largest increase in food sales since January '08. Other than the food manufacturing sector, remainder of the sales gain were attributable to the durable goods industries. Motor vehicle manufacturing advanced for the sixth time in 7 months. Increases in other durable good sales included, non metallic mineral products (+7.7%) and wood product manufacturing (+4.9%). Aerospace product and parts manufacturing held back the increase, falling 9.6% in March. Inventory levels retreated 1.1% to C$58.8bln in March from a 0.2% climb previously. Inventories of Petroleum and Coal products, along with aerospace product manufacturers led the decline, falling 7.3% and 3.3% respectively. Unfilled orders decreased 0.4% to C$53bln in March from a revised 1.3% advance in the month prior (previously reported as a 1.5% gain). New orders slid 0.7% to C$44.34bln, led by falls in computers and electronics, transportation equipment and machinery. Sales ex autos jumped 0.9% and the inventory to sales ratio dropped to 1.32 for March.
MARCH CANADIAN TRADE BALANCE POSTS C$254mln SUPRPLUSPosted:12/05/2010 15:10 GMT by NeedToKnowNews
Merchandise Trade Balance M/M: C$0.254bln Exports M/M: C$33.533bln Imports M/M: C$33.279bln March Canadian trade surplus narrowed to C$254mln from a revised surplus of C$1.154bln(previously reported as a surplus of C$1.4bln), upsetting the consensus estimates of a C$1.5bln surplus. Exports declined 0.7% to C$33.533bln, halting 6 consecutive monthly increases. The decrease was a result of a 6.9% fall in energy product prices. Exports of energy products retreated 6.6%, marking the largest % decrease since April '09. This was mainly because of a 15.8% drop in exports of petroleum and coal products as a result of lower volumes. Other downward contributors were exports of machinery and equipment (-1.9%), automotive products (-0.9%) and other consumer goods (-1.8%).Excluding the energy sector, exports advanced 1.3% in March. Imports climbed 2%, to C$33.279bln on a 13.5% increase in volumes and 1.5% decrease in prices. The growth was led by a 10.4% rise in imports of goods and materials, the largest % increase since Jan '92. This gain was attributable to a 18.5% increase in volumes as prices declined 6.8%. Imports of energy products advanced 10.1%, following 2 monthly declines. Imports of automotive products were also 5.8% lower on a 4.5% retreat in volumes. Exports to the United States fell 2.5%, on weak energy exports, and Imports decreased 0.6%, narrowing Canada's trade surplus with the US to C$3.8bln from C$4.3bln. Canada's trade deficit with countries other than the US widened to C$3.6bln in March from C$3.2bln prior, owing to a 4.2% gain in exports and a 6.5% rise in imports.
MARCH CANADIAN NEW HOUSING PRICE INDEX UP 0.3%Posted:12/05/2010 15:04 GMT by NeedToKnowNews
Canada Total Change y/y : 1.6% Canada Total Change m/m: 0.3% House Only Change m/m: 0.5% Land Only Change: -0.4% Canadian March New Housing Price Index rose 0.3% from a 0.1% increase in February, just beating the consensus estimate of a 0.2% gain. The price index now stands at 157.1. Between February and March, prices rose the most in London (up 1.7%), followed by Montreal and Kitchener (both up 1.0%). The largest monthly decline in March was seen by Charlottetown (down 0.5%), followed by Hamilton and Edmonton (both down 0.3%). On a y/y basis the index increased 1.6% in March following a 0.9% advance the month prior. The Canada wide house only index rose 0.5% and land only retreated 0.4% on a m/m basis.
APRIL CANADIAN LABOUR FORCE JUMPS BY 109K, UNEMPLOYMENT RATE @ 8.1%Posted:07/05/2010 12:07 GMT by NeedToKnowNews
Net Change in employment m-o-m: 108.7K Unemployment rate m-o-m: 8.1% Canadian labour force gained a whopping 109k jobs in April, beating the consensus estimate of a 23k rise, marking the largest monthly gain in percentage terms since August 2002. Unemployment rate edged down to 8.1%. Two thirds of employment growth was among men and woman aged 25 and over (+72K), posting the largest gain since 1976. Full-time employment gained 44K jobs and part-time employment saw a 65K increase in April. Employment rose in Wholesale and Retail Trade (up 32K), Business, Building and Other Support services (up 31K) and in Construction (up 24K).
MARCH CANADIAN BUILDING PERMITS JUMP 12.2%Posted:06/05/2010 13:41 GMT by NeedToKnowNews
Combined M-o-M: 12.2% Residential M-o-M: 13.9% Non-Residential M-o-M: 9.1% March Canadian building permits jumped 12.2% from a revised 0.7% dip prior (previously reported as a 0.5% loss), beating the consensus estimate of a 0.8% rise. Residential Permits increased 13.9% to C$4.2bln in March from a 7.5% decline prior. Multi-family building permits soared by 53.6% to C$1.5Bln in March while building permits for Single-Family dwellings remained unchanged at C$2.7Bln. . February non-residential building intentions increased 9.1% to C$2.1bln following 16.0% advance prior. The advance was largely owing to increased construction intentions in the industrial (up 56.9%) and institutional (18.1%) components. On a y/y basis, combined permits were up 38.9%, residential intentions increased 89.6% and non-residential permits declined 8.9%.
CANADIAN MARCH IPPI RETREATS 0.4%, RMPI JUMPS 0.8%Posted:30/04/2010 13:37 GMT by NeedToKnowNews
IPPI m-o-m : -0.4% IPPI Ex-Petroleum and Coal products: -0.6% RMPI m-o-m: 0.8% RMPI Ex-mineral fuels: 0.3% March Canadian IPPI retreated 0.4% from a revised 0.1% gain in February (previously reported flat), coming in below the consensus estimate of a 0.1% gain. Excluding petroleum and coal products, IPPI fell 0.6% in March following a revised 0.3% increase prior (previously reported as a 0.2% advance). IPPI y/y declined 1.3%, led by motor vehicles and other transportation equipment (down 12.5%). Other downward contributors were Pulp and Paper Products (down 10.3%) and Electrical and Communications Products (down 7.3%). RMPI increased 0.8% in March following a 0.4% gain in February. The increase was led by rising prices for mineral fuels, particularly crude oil (up 5.6%). Excluding mineral fuels, RMPI edged up 0.3% following a 1.1% loss in February. Year-over-year, RMPI posted a 14.9% advance, largely attributable to 34.7% increase in non-ferrous metals.
FEBRUARY CANADIAN NON-FARM PAYROLL EMPLOYMENT UP 0.1%, AVG WEEKLY EARNINGS RISE 1%Posted:29/04/2010 13:37 GMT by NeedToKnowNews
Avg Weekly Earnings Change (Industrial agg) m/m : 1% Avg Weekly Earnings Change (Industrial agg) y/y : 2.8% Number of Payroll Employees Change (Industrial agg) m/m : 0.1% Canadian Non-farm payrolls edged up 0.1% (+8.3k) in February following a flat reading in January, upsetting the consensus estimates of a 0.2% rise. Most notable increases in February were attributable to job gains British Columbia, mainly in accommodation and food services, investigation and security services and employment services, all largely associated with the Olympic games. On a federal basis, administrative and support,waste management and remediation services led the jump in the statistic, advancing 1.9% in February. A number of industries have increased payroll employment, signaling a shifting trend since August. Employment in the construction sector advanced by 1.3k jobs (+0.2%), mining and quarrying and oil and gas extraction employment climbed 3.8% and manufacturing rose 0.8%. Manufacturing sector employment was up 11.2k jobs in February, marking the largest increase since January '08. Growth in this industry was a result of significant increases in plastic product manufacturing, motor vehicle assembly, bakeries and tortilla manufacturing, agricultural, construction and mining machinery manufacturing and motor vehicle parts. The gains were held back by declines in retail trade (-0.4%), mainly in grocery stores and gasoline stations. Educational services retreated 0.2% in February, restricting the aggregate as well. Average weekly earnings advanced 1% on a m/m basis and jumped 2.8% on a y/y basis. Upward contribution to the y/y statistic came from educational services (+6.4%), manufacturing (+5.6%), and accommodation and food services (+3.8%). The growth observed in these sectors were above average.
FEBRUARY CANADIAN RETAIL SALES UP 0.5%Posted:23/04/2010 13:40 GMT by NeedToKnowNews
Ex-Autos m/m : -0.1% Total Retail Sales m/m : 0.5% February Canadian retail sales advanced 0.5% to C$36.0bln, following a revised 0.9% gain (previously reported as a 0.7% advance). In volume terms sales were up 0.6% in February. Higher sales at new car dealers were the main contributors to this increase. Motor Vehicle and Parts dealers posted a 2.9% gain, marking the first increase since October. Sales increased 3.8% at new car dealers, 0.8% at Automotive Parts, Accessories and Tire stores. Clothing and Accessories saw a 4.3% rise in their sales for February with a 5.5% increase at Clothing stores and a 1.1% gain at Jewelery, Luggage and Leather Goods stores. Food and Beverage stores subsector rose 0.5% in February lead by a 3.7% gain in Beer and Liquor stores. Sales ex-autos edged down 0.1% in February, after a revised 2.0% jump in the month prior (previously reported as a 1.8% rise).
MARCH CANADIAN CPI FLAT, UP 1.4% Y/YPosted:23/04/2010 12:04 GMT by NeedToKnowNews
Headline CPI M-o-M: 0.0% Ex Food and Energy M-o-M: -0.3% Core CPI M-o-M: -0.2% Headline CPI Y-o-Y: 1.4% Core CPI Y-o-Y: 1.7% Consumer Prices were flat in March after advancing 0.4% the month prior, coming in below the consensus estimate of a 0.3% gain. CPI y/y increased 1.4% after jumping 1.6% in February. Upward contributors were Gasoline (up 3.7%), Women's Clothing (up 6.4%), Fresh Vegetables (up 3.3%), Men's Clothing (up 2.5%) and Home owner's Replacement Cost (up 0.5%). Excluding Food and Energy, m/m CPI edged down 0.3% in March after advancing 0.7% in February. Core CPI m/m posed a 0.2% loss in March from a 0.7% gain prior. Core CPI y/y jumped 1.7% from a 2.1% increase previously. Monthly downward contributors were Traveler Accommodation (down 13.8%), Purchase of Passenger Vehicles (down 1.6%), Mortgage Interest Cost (down 0.4%), Natural Gas (down 1.7%) and Electricity (down 0.6%).
MARCH CANADIAN LEADING INDICATORS INCREASE 1.0%Posted:22/04/2010 13:34 GMT by NeedToKnowNews
Composite Leading Indicators: 1.0% Manufacturing
FEBRUARY CANADIAN WHOLESALE SALES SLIDE 1.2%Posted:21/04/2010 13:34 GMT by NeedToKnowNews
Inventories m/m: 0.1% Sales m/m: -1.2% Sales Ex-Autos : -0.5% Canadian Wholesale sales dropped 1.2% to C$43.8bln in February, beating the consensus estimate of a 0.8% rise. This was the first decrease after 3 months of increase. The decline was a result of lower sales in the motor vehicle and parts (-4.4%) and the machinery, equipment and supplies (-2.8%) sub sectors. Four of the 7 sectors accounted for two thirds of the drop in sales. Sales in the automotive products sector were down 4.4%, led by a 5.3% retreat in sales of motor vehicles, which accounts for nearly 80% of this sub sector. This marked the first decrease in this industry since August '09. In volume terms, sales were down 1.8%. Wholesale inventories edged up 0.1% to C$51.12bln from a 1.1% slide prior, marking the first monthly increase since Nov '08. Overall 12 of the 25 groups reported higher inventory levels in February. The largest increase in dollar terms were seen in the chemical (except agricultural) and allied product (+11.3%), home entertainment equipment and household appliance (+13.1%). The rise in inventories along with a decrease in sales pushed the inventory-to-sales ratio to 1.17 from 1.15 in December. Ex-Autos, October sales slid 0.5%.
BoC HOLDS OVERNIGHT RATE @ 0.25%, REMOVES CONDITIONAL COMMITMENT TO HOLD CURRENT POLICY RATE UNTIL END OF Q2Posted:20/04/2010 14:04 GMT by NeedToKnowNews
Overnight Rate : 0.25% BoC continues to hold its target for the overnight rate @ 0.25%, meeting the consensus estimates. The bank rate is unchanged @ 0.5%, while the deposit rate remains at 0.25%. Growth in the global economy continues to be stronger than projected, as emerging market economies begin to pick up steam. Despite this gain in momentum, recovery in major advanced economies is still expected to be relatively subdued as considerable uncertainty remains about the durability of the recovery. Canadian economic recovery is moving faster than the bank had projected in its January MPR and the bank now projects the economy will grow by 3.7% in '10, before slowing to 3.1% in '11 and 1.9% in '12. This in turn reflects stronger near term global growth. Total CPI is forecasted to be slightly higher than 2% over the coming year, before returning to the target in the second half of '11. Core inflation is expected to ease a bit in Q2 '10 as the effect of temporary factors diminish, and to remain near the 2% target for the rest of the projection period. The bank lowered its target rate to it lowest possible level to rebound from the global recession and provided exceptional guidance on the likely path of the overnight rate. This move, provided considerable additional stimulus to steer the economy on a path to recovery. Recent improvements in the economic outlook suggests, that the need for such extraordinary policy is now passing and it is appropriate to begin to lessen the degree of monetary stimulus, reported BoC. In accordance with the removal of the conditional commitment, there will no more term PRA's issued by the bank. The next rate announcement will be on June 1. BoC will also release a full update of the bank's outlook for the economy and inflation projection in its Monetary Policy Report (MPR) on Thursday.
FEBRUARY CANADIAN INTERNATIONAL SECURITY TRANSACTIONS; INFLOWS UP C$6.718bln, OUTFLOWS UP C$3.915blnPosted:19/04/2010 13:41 GMT by NeedToKnowNews
Inflows: C$6718mln Outflows: C$3915mln Foreign acquisitions of Canadian securities continued its upward trend, surging by C$6.718bln in February from a revised jump of C$11.843bln prior (previously reported as a C$11.832bln rise), upsetting the consensus estimates. The only upward contribution came from a C$7.766bln investment in Canadian bonds. Over half this amount came from purchases of federal govt bonds in the secondary market. Non-residents continued to dispose off Canadian equities, reducing their investment by C$193mln following a divestment of C$649mln. Foreign investors shrunk holdings of Canadian money market paper by C$855mln in February as well. Canadian investors increased holdings of foreign securities by C$3.915bln in February, upsetting the consensus estimate of rising by C$350mln and recorded the largest outflow since March '09. Canadian investors added C$1.805bln in foreign bonds. Two-thirds of this investment was focused in US govt bonds, namely the 7 year benchmark bond. Canadian investors also increased holdings of foreign stocks by an amount equivalent to C$1.361bln and acquired C$749mln of foreign money market paper in February.
FEBRUARY CANADIAN MANUFACTURING SALES EDGE UP 0.1%Posted:16/04/2010 13:41 GMT by NeedToKnowNews
Change in Inventories: 0.2% Change in Inventories ex-Petroleum: -0.6% Change in Sales (Shipments): 0.1% Inventory/Sales Ratio: 1.35 February Canadian manufacturing sales edged up 0.1% to C$44.1bln from a revised 1.8% rise (previously reported as a 2.4% increase), beating the consensus estimate of a 0.9% gain. Sales were higher in 12 of 21 industries, accounting for 42.7% of total sales. Upward contributions came from sales of Plastic and Rubber Products (+4.4%), and chemical product manufacturers (+4.3%). These were offset by declines in petroleum and coal products (-3.9%) and transportation equipment industry (-1.8%) Inventory levels climbed 0.2% to C$59.7bln in February from a revised 0.2% advance (previously reported as remaining flat). Inventories of Petroleum and Coal products led the rise, by increasing 10.2%. Unfilled orders increased 1.5% to C$53.4bln in February from a revised 0.3% advance in the month prior (previously reported as a 0.4% gain). New orders advanced 1.4% to C$44.9bln, led by gains in transportation equipment, chemical products and computers and electronics. Sales ex autos jumped 0.3% and the inventory to sales Ratio held steady at 1.35 for February.
FEBRUARY CANADIAN TRADE BALANCE POSTS SURPLUS OF C$1.395BLNPosted:13/04/2010 13:42 GMT by NeedToKnowNews
Merchandise Trade Balance M/M: C$1.395bln Exports M/M: C$34.018bln Imports M/M: C$32.623bln February Canadian trade surplus surged to C$1.4bln from a revised surplus of C$0.754bln (previously reported as a surplus of C$0.800bln), beating the consensus estimates of a C$0.550bln surplus. Exports continued to advance, rising 2.8% to C$34.018bln, marking the sixth consecutive monthly gain. The increase was a result of a 1.4% increase in volumes and prices. Six out of 7 export sectors posted gains, led by a 7.2% increase in the exports of industrial goods and materials. This sector accounted for over half the growth in exports, reported Statscan. Other upward contribution came from exports of metal ores (+36.5%), energy products (+0.8%), forestry products (+2.1%) and automotive products (+5%). Other consumer goods was the only export sector in the red, posting a decline of 1.4% in February. Imports gained 0.9% to C$32.623bln in February on a 1% increase in volumes, and 0.2% decrease in prices. Six out of 7 import sectors posted gains which were offset by a 14.2% plunge in energy products imports. Imports of crude petroleum retreated 18.1% as volumes fell 22.2%. The gain in the statistic were led by forestry products (+7.3%), automotive products (+3.5%) and industrial goods and materials (+3.3%). The 3.5% jump in the imports of automotive products to C$6bln marked the highest value it achieved since October '08, this was mainly a result of a 9.8% increase in imports of passenger autos. Exports to the United States climbed 2%, on the strength of automotive products exports, and Imports increased 1.2%, widening Canada's trade surplus with the US to C$4.4bln from C$4.2bln. Canada's trade deficit with countries other than the US narrowed to C$3.0bln in February from C$3.4bln prior, owing to a 5.2% gain in exports and a 0.2% rise in imports.
FEBRUARY CANADIAN NEW HOUSING PRICE INDEX ADVANCES 0.1%Posted:13/04/2010 13:39 GMT by NeedToKnowNews
Canada Total Change y/y : 0.9% Canada Total Change m/m: 0.1% House Only Change m/m: 0.2% Land Only Change: -0.1% Canadian February New Housing Price Index edged up 0.1% from a 0.4% increase in January, coming in under the consensus estimate of a 0.7% gain. The price index now stands at 156.7. Prices between January and February increased the most in Regina (up 2.0%), followed by Winnipeg and London, (both up 1.9%). Toronto and Oshawa (down 0.7%) and Charlottetown (down 0.5%) were the only metropolitan areas to register monthly declines in February. On a y/y basis the index increased 0.9% in January following a 0.1% gain the month prior. The Canada wide house only index rose 0.2% and land only retreated 0.1% on a m/m basis.
CANADA ADDS 17.9K JOBS TO ITS LABOUR FORCE IN MARCH, UNEMPLOYMENT RATE @ 8.2%Posted:09/04/2010 12:05 GMT by NeedToKnowNews
Net Change in employment m-o-m: 17.9K Unemployment rate m-o-m: 8.2% Canadian labour force gained 17.9k jobs in March, beating the consensus estimate of a 23k rise and continued its upward trend that began in July '09. Unemployment rate remained at 8.2%. Part time employment was up by 32.2k jobs, more than offsetting the 14.2k job loss observed in full time employment in March. Number of private sector employees increased by 42.4k and decreased by 20.6k in the public sector. Construction (+21k) and natural resources (+13.2k) led the 39.8k rise in employment in the goods producing industries. Manufacturing industry showed signs of stability as it climbed by 3.9k jobs. Service producing industries shed 21.9k jobs, despite a 38k increase in professional, scientific and technical services.
FEBRUARY CANADIAN BUILDING PERMITS DIP 0.5%Posted:07/04/2010 13:34 GMT by NeedToKnowNews
Combined M-o-M: -0.5% Residential M-o-M: -7.5% Non-Residential M-o-M: 16.0% February Canadian building permits declined 0.5% from a revised 4.7% dip prior (previously reported as a 4.9% loss), disappointing the consensus estimates of a 0.2% rise. Residential Permits plunged 7.5% to C$3.7bln in February from a 4.1% advance in January. Multi-family building permits dipped 28.3% to C$962Mln in February while building permits for Single-Family dwellings rose 3.0%. February non-residential building intentions jumped 16.0% to C$2.0bln following a 21.0% plunge prior. The advance was largely owing to a 27.0% increase in the value of commercial building permits, totaling C$1.3Bln. This was largely owing to construction intentions for hotels and office buildings. On a y/y basis, combined permits were up 56.7%, residential intentions increased 79.0% and non-residential permits jumped 26.8%.
JANUARY CANADIAN NON-FARM PAYROLL EMPLOYMENT AND AVG WEEKLY EARNINGS REMAIN FLATPosted:31/03/2010 14:16 GMT by NeedToKnowNews
Avg Weekly Earnings Change (Industrial agg) m/m : 0.0% Avg Weekly Earnings Change (Industrial agg) y/y : 2.1% Number of Payroll Employees Change (Industrial agg) m/m :0.0% Canadian Non-farm payrolls remained unchanged in January following a 0.2% gain in December. Most notable gains in January were attributable to mining, quarrying, oil and gas extraction, construction, finance, transportation and warehousing and health care. These were offset by declines in the service sector, namely public administration, arts, entertainment and recreation, educational services and other products. A number of industries have increased payroll employment, signaling a shifting trend since August. In the past 5 months, construction sector advanced by 20.1k jobs (+2.5%), Health care employment jumped 2.8% and finance industries climbed 2.3%. The manufacturing sector also remained flat as job losses slowed considerably, to 1.3k/month on an average since August. Average weekly earnings were flat on a m/m basis and jumped 2.1% on a y/y basis. Upward contribution to the y/y statistic came from educational services (+5.3%), public administration (+4.6%), health care and social assistance (+4.1%), accommodation and food services (+4%) and manufacturing (+2.6%).
FEBRUARY CANADIAN IPPI FLAT, RMPI UP 0.4%Posted:30/03/2010 13:34 GMT by NeedToKnowNews
IPPI m-o-m : 0.0% IPPI Ex-Petroleum and Coal products: 0.2% RMPI m-o-m: 0.4% RMPI Ex-mineral fuels: -1.1% February Canadian IPPI posted no change from a revised 0.4% gain in January (previously reported as a 0.3% increase), coming in below the consensus estimate of a 0.2% gain. Excluding petroleum and coal products, IPPI advanced 0.2% in February following a 0.1% loss prior. IPPI y/y declined 0.6%, led by motor vehicles and other transportation equipment (down 9.2%). Other downward contributors were Pulp and Paper Products (down 9.1%), Electrical and Communications Products (down 4.7%) and Machinery and Equipment (down 4.1%). RMPI increased 0.4% in February following a revised 3.4% rise the month prior (previously reported a 3.3% gain). The increase was led by rising prices for mineral fuels, particularly crude oil (up 2.1%). Excluding mineral fuels, RMPI declined 1.1% following a revised 1.5% gain (previously reported a 1.2% advance). Year-over-year, RMPI posted a 27.8% advance, largely attributable to a 58.0% rise in the price of mineral fuels and a 34.0% increase in the price of non-ferrous metals.
JANUARY CANADIAN WHOLESALE SALES SURGE 3%Posted:17/03/2010 13:32 GMT by NeedToKnowNews
Inventories m/m: -1.1%Sales m/m: 3%Sales Ex-Autos : 2.7%Canadian Wholesale sales surged 3% to C$44.4bln in January from a revised 0.9% gain in December (previously reported as a 0.7% increase), beating the consensus estimate of a 0.7% rise. The jump was a result of advances in all sectors. Four sectors, accounted for almost 80% of the growth, automotive products (+4.8%), building materials (+4.2%), machinery and electronic equipment (+2.6%) and other products (+4.1%).Sales in the automotive products sector increased for the fourth consecutive month, on a 6.1% increase in the motor vehicles group. The other products recorded a 4.1% climb in sales on a surge in sales of agricultural chemicals. In volume terms, sales were up 2.9%.Wholesale inventories retreated 1.1% to C$52.8bln from a 0.6% slide prior, marking the eleventh consecutive monthly decrease and reaching the lowest level since Dec '06. The sectors with largest declines in dollar terms were machinery and equipment (- 2%), and other products (-3.2%). Overall 11 of 15 groups reported lower inventory levels in January.The fall in inventories along with a increase in sales pushed the inventory-to-sales ratio to 1.19 from 1.24 in December.Ex-Autos, October sales were up 2.7% from a 0.7% gain prior.
JANUARY CANADIAN MANUFACTURING SALES UP 2.4%Posted:16/03/2010 13:32 GMT by NeedToKnowNews
Change in Inventories: 0.0% Change in Inventories ex-Petroleum: -0.1% Change in Sales (Shipments): 2.4% Inventory/Sales Ratio: 1.33 January Canadian manufacturing sales advanced 2.4% to C$44.6bln from a revised 1.9% rise (previously reported as a 1.6% increase), beating the consensus estimate of a 0.6% gain. These gains were largely owing to higher sales by Primary Metal Manufacturers (up 8.5%). Other upward contributors were sales of Plastic and Rubber Products (up 5.6%) and Petroleum and Coal Products (up 3.4%).Inventory levels were flat in January from a revised 0.8% slide (previously reported a 1.0% retreat). Petroleum and Coal products inventories declined 2.1%, marking the first decline in petroleum in four months. Unfilled orders increased 0.4% to C$52.6Bln in January from a revised 2.3% advance in December (previously reported as a 2.2% gain), marking the first back to back increase since October and November in 2008. Inventory to Sales Ratio is at 1.33 for January.
CANADIAN Q4 LABOUR PRODUCTIVITY ADVANCES 1.4%Posted:16/03/2010 13:31 GMT by NeedToKnowNews
Labour Productivity Q/Q: 1.4%Hourly Compensation Quarterly: 1.3%Unit Labour Costs Quarterly: 0.0%Canadian Labour Productivity surged 1.4% after declining 0.2% in Q3, beating the consensus estimate of a 0.7% increase. This marked the first increase since Q3 '08. Hourly compensation jumped 1.3% from a -0.3% dip prior. Unit Labour costs remained flat following a 0.1% slide prior. This marked the first drop in labour costs since Q1 '02. GDP of Canadian business grew 1.4% in Q4 following a 0.1% gain in Q3, the highest growth rate since Q1 '02. The bulk of this gain was a result of strong exports, increased consumer spending and residential investment. Productivity in the goods producing business sector increased 1.7% following 3 quarters of declines, reported Statscan. The gain was widespread amongst the sector with manufacturing being the most notable group, advancing 2.1%.Service producing business productivity also climbed 1%, marking a fourth consecutive quarterly gain, with significant contributions coming from the wholesale trade, retail sales and information and cultural services.Hours worked in the business sector remained unchanged after increasing 0.3% in Q3.Unit labour costs in USD were up 3.8% in Q4 after a 6.3% rise in Q3. This was mainly because of a 4% surge in the value of the CAD against the USD.
JANUARY CANADIAN NEW MOTOR VEHICLE SALES REMAIN UNCHANGEDPosted:15/03/2010 13:33 GMT by NeedToKnowNews
New motor Vehicle Sales: 128.426k% Change Sales: 0%January Canadian new motor vehicle sales remained flat after advancing 2.6% in December, beating the consensus estimates of a 2.5% rise. Lower sales of north American built passenger cars (-8.2%) were offset by higher sales of trucks (+2.4%) and overseas built passenger cars (+5.8%), reported Statscan.Sales of new passenger cars decreased 2.3% to 62.7k units in January. The decline was led by a 8.2% drop in north American built passenger cars. Sales of north American built passenger cars totaled 32.234k units in January, reaching the lowest monthly level of sales since June '09. New truck sales climbed 2.4% to 65.726k units, marking the second consecutive monthly increase. The increase in statistic also marked highest level of sales in January, since October '08.Preliminary data indicate, new motor vehicle sales increased 7% in February.
FEBRUARY CANADIAN LABOR FORCE UP BY 21K JOBSPosted:12/03/2010 12:01 GMT by NeedToKnowNews
Net Change in employment m-o-m: 20.9KUnemployment rate m-o-m: 8.2%February Canadian Labour Force jumped 21K jobs, beating the consensus estimate of a 16k rise. Unemployment rate declined to 8.2% from 8.3% in January. Employment has been on an upward trend since July 2009. The increase in February was largely owing to a gain in full-time work (up 60K). Men aged 55 and over accounted for all of February's employment gain (up 26K). The largest employment increases in February were seen in accommodation and food services (up 27K), business building and other support services (up 18K), manufacturing (up 17K), health care and social assistance (up 16K), and natural resources (up 11K).
JANUARY CANADIAN NEW HOUSING PRICE INDEX UP 0.4%Posted:11/03/2010 13:32 GMT by NeedToKnowNews
Canada Total Change y/y : 0.1%Canada Total Change m/m: 0.4%House Only Change m/m: 0.5%Land Only Change: 0.1%Canadian January New Housing Price Index increased 0.4% from a 0.4% advance in December, coming in under the consensus estimate of a 0.6% gain. The price index now stands at 156.6.Prices between December and January increased the most in St.John's (up 1.7%), followed by Winnipeg (up 0.7%) and Toronto and Oshawa (up 0.6%). The largest monthly decline was seen in St.Catharines-Niagara (down 0.4%).On a y/y basis the index advanced 0.1% in January following a 0.9% retreat the month prior.The Canada wide house only index rose 0.5% and land only rose 0.1% on a m/m basis.
Q4 CANADIAN CAPACITY UTILIZATION ADVANCES TO 70.9%, FIRST SIZEABLE GAINS IN 3 YEARSPosted:11/03/2010 13:32 GMT by NeedToKnowNews
Industrial Capacity Use Q/Q: 70.9%Manufacturing Capacity Use Q/Q: 69.7%Canadian Industries operated at 70.9% of their capacity in Q4 up from a revised 68.7% in Q3 (previously reporter at 67.5%), coming in above the consensus estimate of 69.7%. This was the first sizeable increase since Q1 '07.Manufacturing industries used 69.7% of their capacity in Q4, an increase from a revised 67.7% in Q3 (previously reported 65.6%), beating consensus estimates of an increase to 66.2%. This marked the second consecutive increase after 9 quarters of declines. In the manufacturing sector, 13 of 21 industries recorded higher capacity use in Q4. The bulk of the contribution came from 4 industries, transportation equipment increased capacity use to 59.7% from 55.9%, primary metal manufacturers used 75.6% of their production capacity, up from 67.3%, paper manufacturing utilization increased to 83.5% from 77.5% and the chemical manufacturing industry operated @ 75.7% of its capacity, up from 72.8% in Q3. All non manufacturing sectors recorded gains in Q4 capacity use, following widespread declines in Q3. The growth was led by a 11% increase in capacity use in the forestry and logging industry. The mining sector also advanced 6.9% to make significant contribution to the overall statistic. Y/Y Industrial Capacity declined 4.7%.
JANUARY CANADIAN BUILDING PERMITS SLIDE 4.9%Posted:04/03/2010 13:31 GMT by NeedToKnowNews
Combined M-o-M: -4.9%Residential M-o-M: 4.1%Non-Residential M-o-M: -21.0% January Canadian building permits declined 4.9% from a revised 2.7% dip prior (previously reported as a 2.4% gain), disappointing the consensus estimates of a 0.9% rise. This decline was largely owing to a significant decline in building permits in the non-residential sector. Residential Permits increased 4.1% to C$4.0bln in January from a 0.1% retreat in December. Single-family permits rose 7.2% and have been on an upward trend since March 2009. Multi-family dwellings were down 1.7% from December, the first decline in two months. January non-residential building intentions plunged 21.0% to C$1.7bln following a 6.8% advance prior. The decline was largely owing to a drop in the commercial component (down 28.3%). This was a result of lower construction intentions for office buildings and recreational buildings in Alberta. The value of institutional building permits declined 15.3% as a result of declines in seven provinces. On a y/y basis combined permits were up 32.7%, residential intentions increased 96.3% and non-residential permits dipped 25.1%.
BoC MAINTAINS OVERNIGHT RATE @ 0.25%Posted:02/03/2010 14:01 GMT by NeedToKnowNews
Overnight Rate : 0.25%BoC continues to hold its target for the overnight rate @ 0.25%, meeting the consensus estimates. The bank rate is unchanged @ 0.5%, while the deposit rate remains at 0.25%.Strong domestic demand continues to drive the global economic recovery, as the Canadian economy expanded by 5% in the last quarter of '09, on vigorous domestic spending and a significant recovery in exports. BoC reiterated that the underlying factors supporting Canada's recovery, remain unchanged; namely, policy stimulus, increased confidence and financial conditions, global growth, and higher terms of trade.Higher level of economic activity along with the result of transitory factors have pushed core inflation higher than projected, stated BoC. Despite this rise, BoC's outlook for inflation should continue to reflect the combined influences of stronger domestic demand, slowing wage growth and overall excess supply. In order to achieve the inflation target, the overnight rate can be expected to remain @ 0.25% until the end of the Q2 '10. The main upside risk to the outlook for inflation are stronger than projected global and domestic demand, and the main downside risk would be attributable to the strength in the CAD. The bank stated, the main macroeconomic risks to inflation projection are roughly balanced, as compared to them being on the lower end in the previous rate announcement. The next rate announcement will be on April 20. BoC will also release a full update of the bank's outlook for the economy and inflation projection in its Monetary Policy Report (MPR) on April 22.
DECEMBER CANADIAN GDP BY INDUSTRY JUMPS 0.6%Posted:01/03/2010 13:31 GMT by NeedToKnowNews
Headline GDP M/M: 0.6%Goods Producing Industries M/M: 1%Service Producing Industries M/M: 0.4% Canadian GDP By Industry rose 0.6% in December after climbing 0.4% the month prior , upsetting the consensus estimates of a 0.3% rise. This marked the fourth consecutive monthly advance.Goods producing industries also posted its fourth consecutive increase, growing 1%, led by gains in the mining (+1.6%) and manufacturing (+1%) sectors. Growth in the manufacturing sector came from an 11% increase in motor vehicles and parts manufacturing.Service producing industries gained 0.4% on a 1.5% increase in the volume of wholesaling activities, reflecting increases in exports, imports and retail trade. Retail trade sector jumped by 0.7% and construction activity was 0.5% higher in December.
JANUARY CANADIAN IPPI UP 0.3%, RMPI JUMPS 3.3%Posted:01/03/2010 13:31 GMT by NeedToKnowNews
IPPI m-o-m : 0.3%IPPI Ex-Petroleum and Coal products: 0.1%RMPI m-o-m: 3.3%RMPI Ex-mineral fuels: 1.2%January Canadian IPPI rose 0.3% from a revised 0.1% gain in December (previously reported as a 0.1% decline), coming in below the consensus estimate of a 0.6% gain. The increase was led by a rebound in petroleum prices (up 4.4%) and marked the third monthly consecutive advance. Excluding petroleum and coal products, IPPI edged down 0.1% in January following a revised 0.3% gain prior (previously reported flat).IPPI y/y declined 0.3%, mainly owing to lower prices for motor vehicles and other transportation equipment (down 9.5%).RMPI jumped 3.3% in January following a 1.7% rise the month prior. The increase was led by rising prices for mineral fuels, particularly crude oil (up 5.6%). Excluding mineral fuels, RMPI was up 1.2% following a 1.1% gain.Year-over-year, RMPI posted a 29.3% advance, largely attributable to a 62.3% rise in the price of mineral fuels and a 39.6% increase in the price of non-ferrous metals.
CANADIAN ECONOMY GAINS MOMENTUM, GROWS 1.2% IN Q4Posted:01/03/2010 13:31 GMT by NeedToKnowNews
GDP Quarterly Annualized: 5%GDP-Real Quarterly Change: 1.2%Quarterly Services: 0.8%Quarterly Personal Expenditure: 0.9%Canadian Q4 real GDP jumped 1.2% after advancing a revised 0.2% in Q3 (previously reported as a 0.1% gain), beating the consensus estimates of a rise by 0.6%. This marked the largest quarterly increase since Q3 '00. Final domestic demand grew at a 1.1% pace, led by increases in personal expenditures, govt expenditures and investment in residential structures.At an annualized rate, GDP surged 5% from a 0.9% climb in Q3. Growth in Service producing Industries was up 0.8%, with wholesale trade (+2.8%), and activities of real estate agents and brokers (+9.5%) leading the way, reported Statscan. Goods producing industries recorded its first quarterly gain since Q2 '07, rising 2.1%, as all sectors posted significant gains.Personal expenditures climbed 0.9%, as households spent more on durable goods (+2.6%). Expenditure in the service sector also advanced 1%.Businesses reduced investment in plant and equipment by 2.3%, following a 1.6% increase in the previous quarter.Exports of goods and services climbed 3.7% in Q4, led by a 13% rise in exports of automotive products. Energy product exports were 5.7% higher. Imports grew 2.2% in Q4, on automobile products (+25%) and machinery and equipment (+9.8%).Canada's terms of trade strengthened for a third consecutive quarter as export prices rose 1.9% and import prices declined 0.8%.Nominal GDP was up 2.4%, on a 9% gain in corporate profits.
DECEMBER CANADIAN NON FARM PAYROLL EMPLOYMENT UP 0.2%, AVG WEEKLY EARNINGS UP 0.9%Posted:25/02/2010 13:32 GMT by NeedToKnowNews
Avg Weekly Earnings Change (Industrial agg) m/m : 0.9%Avg Weekly Earnings Change (Industrial agg) y/y : 2.8%Number of Payroll Employees Change (Industrial agg) m/m :0.2%Canadian Non-farm payrolls jumped 0.2% (22k) in December following a 0.2% loss in November. Despite this gain payroll employment remained down 380k, since October '08. The gain in this statistic was restricted by job declines in transportation and warehousing (-0.4%) and public administration (-0.1%). A number of industries have increased payroll employment, signaling a shifting trend since August. In the past 4 months, construction sector advanced by 19.3k jobs (+2.4%), Health care employment jumped 3%, educational services climbed 2.2% and public administration grew by 0.8%.The manufacturing sector continued to shed payroll employment (-0.1%) as job loss pace slowed considerably to 2.1k/month on an average since August. Average weekly earnings were up 0.9% and 2.8% on a m/m and y/y basis respectively, marking the fastest y/y growth, since the peak in October '08. Upward contribution to the y/y statistic came from health care and social assistance (+5.6%), accommodation and food services (+4.8%), public administration (+3.8%), retail trade (+3.8%), educational services (+3.3%) and manufacturing (+2.7%).
CJANUARY CANADIAN LEADING INDICATORS ADVANCE 0.9%Posted:19/02/2010 13:31 GMT by NeedToKnowNews
Composite Leading Indicators: 0.9% Manufacturing
DECEMBER CANADIAN RETAIL SALES CLIMB 0.4%Posted:19/02/2010 13:31 GMT by NeedToKnowNews
Ex-Autos m/m : 0.4%Total Retail Sales m/m : 0.4%December Canadian retail sales advanced 0.4% to C$35.3bln, following a revised drop of 0.5% (previously reported as a 0.3% decline), meeting the consensus estimates. In volume terms sales were up 0.6%.Five of eight retail sectors were responsible for this gain, with the largest contribution coming from sales @ general merchandisers (+3.3%). Clothing and accessories store sales jumped 2.1% and the automotive sector posted a rise of 0.9%. Gasoline sales were up 2.2%, recording an increase for the fifth month in a row. The rise in the statistic was dampened by sales at food and beverage stores (-1.3%) and supermarkets (-1.5%).Sales ex-autos were up 0.4% in December, after a 0.2% dip in the month prior.
DECEMBER CANADIAN INTERNATIONAL SECURITY TRANSACTIONS INFLOWS UP C$11.231BLN, OUTFLOWS UP C$663MLNPosted:18/02/2010 13:31 GMT by NeedToKnowNews
Inflows: C$11,231mlnOutflows: C$663mlnForeign acquisitions of Canadian securities surged by C$11.231bln in December from a revised jump of C$10.580bln prior (previously reported as a C$10.538bln rise), beating the consensus estimates. The main upward contribution came from a C$9.468bln investment in Canadian bonds. Foreigners added C$5.3bln in federal bonds on secondary markets and the balance were acquisitions of new provincial govt bonds, denominated in foreign currencies. Total investment in Canadian bonds for '09 reached C$82.5bln. Non-residents also invested C$1.244bln in Canadian stocks, and C$519mln in Canadian money market paper. Foreign acquisitions of Canadian shares reached a total of C$26.2bln for '09.Canadian investors increased holdings of foreign securities by C$663mln in December, upsetting the consensus estimate of rising by C$1bln. Investors sold C$801mln of foreign money market paper in December, and acquired C$337mln in foreign bonds. Canadian investors added C$1.126mln worth of foreign equity to their portfolios in December after three months on disposition.
CANADIAN JANUARY CPI M/M ADVANCES 0.3%, JUMPS 1.9% Y/YPosted:18/02/2010 12:01 GMT by NeedToKnowNews
Headline CPI M-o-M: 0.3%Ex Food and Energy M-o-M: -0.1%Core CPI M-o-M: 0.1%Headline CPI Y-o-Y: 1.9% Core CPI Y-o-Y: 2.0%Consumer Prices advanced 0.3% in January after retreating 0.3% in December, coming in below the consensus estimate of a 2.0% gain. CPI y/y increased 1.9% after rising 1.3% the month prior, marking the largest increase since November 2008. The y/y gain was significantly owing to Gasoline Prices which were 23.9% higher than in January 2009.Upward contributors were Gasoline (up 3.6%), Natural Gas (up 7.2%), Non-Alcoholic Beverages (up 9.1%), Purchase of Passenger Vehicles (up 1.0%) and Telephone Services (up 1.3%). Excluding Food and Energy, m/m CPI edged down 0.1% in January after decreasing 0.4% in December.Core CPI m/m rose 0.1% in January from a 0.3% loss prior. Core CPI y/y jumped 2.0% from a 1.5% rise previously. Downward contributors were Travel Tours (down 18.6%), Mortgage Interest Cost (down 0.4%), Sporting Equipment (down 6.0%), Fresh Vegetables (down 1.9%) and Electricity (down 0.6%).
DECEMBER CANADIAN WHOLESALES SALES RISE 0.7%Posted:17/02/2010 13:31 GMT by NeedToKnowNews
Inventories m/m: -0.5%Sales m/m: 0.7%Sales Ex-Autos : 0.7%Canadian Wholesale sales climbed 0.7% to C$42.8bln in December from a 2.5% gain in November, upsetting the consensus estimate of a 1.6% rise. This marked the sixth increase in 7 months. The jump was a result of a 1.2% rise in the machinery and electronic equipment sector as all trade groups reported higher sales. Other contributors to the increase were other products sector (+1.4%), building materials (+1.3%) and automotive products (+0.9%).In volume terms, sales were up 1.5%.Wholesale inventories retreated 0.5% to C$53.5bln from a 0.2% slide prior, marking the tenth consecutive monthly decrease and reaching the lowest level since Dec '06. The declines were seen in the pharmaceuticals group (- 3.8%), building supplies (-1.6%), and computer and other electronic equipment (-5.5%) as 10 of 15 trade groups reported lower inventory levels. A 3.5% increase in the other products partially offset the decrease. The fall in inventories along with a increase in sales pushed the inventory-to-sales ratio to 1.25 from 1.27 in November.Ex-Autos, October sales were up 0.7% from a 1.5% gain prior.
DECEMBER CANADIAN MANUFACTURING SALES JUMP 1.6%Posted:16/02/2010 13:31 GMT by NeedToKnowNews
Change in Inventories: -1.0% Change in Inventories ex-Petroleum: -1.35% Change in Sales (Shipments): 1.6% Inventory/Sales Ratio: 1.37 December Canadian manufacturing sales advanced 1.6% to C$43.0bln, beating the consensus estimate of a 0.5% gain. These gains were largely owing to the Transportation Equipment Industry (up 7.6%). This marked the sixth increase in overall manufacturing sales in seven months and the highest level since December 2008. Other upward contributors were Aerospace Product and Parts (up 28.1%), Motor Vehicle (up 4.4%) and Petroleum and Coal Products (up 2.4%). Inventory levels declined 1.0% to C$59.0bln in December from a revised 0.3% slide (previously reported a 0.2% retreat), marking the tenth decrease in 2009. Change in inventories excluding petroleum posted a 1.35% drop in December. Unfilled orders increased 2.3% to C$52.4Bln following a five consecutive monthly declines. Inventory to Sales Ratio is at 1.37 for December.
DECEMBER CANADIAN NEW MOTOR VEHICLE SALES CLIMB 2.6%Posted:12/02/2010 13:31 GMT by NeedToKnowNews
New motor Vehicle Sales: 128.663k% Change Sales: 2.6%December Canadian new motor vehicle sales jumped 2.6% after declining 6% in November, beating the consensus estimates of a 2.2% rise. Higher sales of north American built passenger cars (+5.1%) led the increase in the statistic. Average annual sales for '09 were around 120k units, compared to 140k for '08. Sales of new passenger cars increased 2.5% to 64.568k units in December while the number of overseas built passenger card sold dipped 1%. New truck sales advanced 2.7% to 64.095k units, partly offsetting the decrease in November.Preliminary data indicate, new motor vehicle sales remained relatively unchanged in January.
DECEMBER CANADIAN NEW HOUSING PRICE INDEX CLIMBS 0.4%Posted:11/02/2010 13:31 GMT by NeedToKnowNews
Canada Total Change y/y : -0.9%Canada Total Change m/m: 0.4%House Only Change m/m: 0.5%Land Only Change: -0.1%Canadian December New Housing Price Index increased 0.4% from a 0.4% advance in November, meeting the consensus estimate. The price index now stands at 156.Prices between November and December increased the most in Ottawa-Gatineau (up 0.8%), followed by St.John's, Toronto, Oshawa and Vancouver, all posting a 0.7% gain.Of the 21 Metropolitan areas surveyed, only Calgary and Victoria (both down 0.2%) saw declines in new housing prices. On a y/y basis the index retreated 0.9% in December following a 1.4% dip the month prior.The Canada wide house only index rose 0.5% and land only edged down 0.1% on a m/m basis.