Weekly Economic Update

For the week of November 7 – 11

iStock_000079775461_LargeU.S. labour market continued to improve at a steady pace while wage gains accelerated, led by an increase from service providers, education and health services sector, followed by professional and business services. Also, the number of job leavers as a share of unemployed rose to 12.1 percent in October, the highest since February 2007. Higher wages are starting to encourage more Americans to quit their jobs, with the confidence they’ll find a higher paying position. The labour market data offers a last hint at the direction of the economy before Americans head to the polls tomorrow. 

In Canada, it will be a light week of scheduled economic releases. October housing starts and September building permits data comes out on Tuesday. September new housing price data releases on Thursday.

In the U.S., we have October NFIB small business and September JOLTS job openings data releases on Tuesday, September wholesale inventories and trade sales on Wednesday. University of Michigan sentiment and inflationary data release on Friday. Later today, we have October labour market conditions index change and September consumer credit data releases. 

Crude oil prices rebounded after OPEC’s Secretary General confirmed Russia agrees with an OPEC agreement to limit crude oil production to restore market balance. WTI crude oil is currently trading at $44.55 per barrel and up an additional 1.1 percent.

The Canadian currency is trading relatively flat vs. USD this morning at 1.3388, from yesterday’s close of 1.3404. Today’s expected range is between 1.3338 – 1.3438.

Source: Bloomberg

Posted by Concentra Financial Markets

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