Weekly Economic Update

For the week of November 6 – 10.

It will be a fairly quiet week for Canadian economic data with housing data being the prominent release this week. October housing starts are expected to slow to 210.0k after a revised 217.3k September posting, while September building permits are expected to edge up 0.1 percent month-over-month after declining 5.5 percent in August. On the new housing front, prices are expected to have increased by 0.2 percent month-over-month in September after a slight increase of 0.1 percent in August.

Economic data releases in the US will also be on the lighter side this week. The final print of September wholesale inventories will be released, as well as the preliminary November University of Michigan Sentiment figures. Wholesale inventories are expected to have increased 0.3 percent in September, the same pace as the preliminary release. Sentiment is expected to remain relatively similar to October levels.

US factory orders rose 1.4 percent in September, beating expectations of 1.2 percent. Excluding transportation, September’s increase was 0.7 percent. Durable goods orders came in as expected, rising 2.0 percent, after a 2.2 increase in August. The ISM non-manufacturing composite came in stronger than expected in October, rising to 60.1 from 59.8. Expectations were for a decline to 58.5. This index includes construction services, which thrived in October as post-hurricane rebuilding efforts boosted business sentiment.

The Canadian dollar is trading relatively flat to the US dollar this morning. Today’s expected range for the Canadian dollar is 1.2707 – 1.2807.

Source: Bloomberg

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