Weekly Economic Update

For the week of May 29 – June 2.

Data this week will include releases for the raw materials price index, Canadian manufacturing, and international merchandise trade. These results are expected to release at 0.3 percent, 4.2 percent, and 2.9 percent.  In the United States we will see data for personal income and spending, ADP employment changes, ISM manufacturing, trade balance, and employment figures. Non-farm payrolls are expected to show that 185,000 new positions were added to the United States economy, decreasing from the 211,000 in April.

Annualized quarter-over-quarter US GDP came out stronger than expected in the second reading of the first quarter, posting at 1.2 percent. In addition to consumer spending, business spending increased as well.

Oil prices showed modest strength on Friday after being pushed significantly lower on Thursday upon the release of OPEC’s production cut extension. Thursday ended with pricing decreasing by nearly 5 percent, but regained approximately 1.84 percent to close the week out on Friday.

The Canadian dollar is trading relatively flat against the US dollar this morning. Today’s expected range is 1.3401 – 1.3501.

Source: Bloomberg

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