Weekly Economic Update

For the week of April 9-13.

Employment figures for both Canada and the United States were released on Friday. According to Statistics Canada, Canada’s unemployment rate remained at 5.8%. Overall employment increased by 32.3k, more than half of which were in construction. The breakdown shows that full–time employment rose 68.3k, and part-time employment fell 35.9k. The March employment report also showed that self-employment rose 19.8k, private employment declined 7k, and public employment rose 19.6k. Average hourly wages of permanent employees remained at 3.1%.

US non-farm payrolls rose to 103k in March, as February’s was revised upwards to 326k. Meanwhile, unemployment rate came higher than consensus at 4.1% versus 4.0%. The manufacturing sector continued to show gains, while service payrolls were soft and construction hiring declined.

Economic indicators scheduled to be released in Canada this week include Housing Starts, BoC’s Business Outlook/Senior Loan Officer Surveys, Building Permits, and Existing Homes Sales data. In the US, scheduled releases include Producer Price Index, Wholesale Inventories, Consumer Price Index, Import and Export Price Index, and University of Michigan’s April sentiment readings.

Both US and Canada government yields are trading 1 to 2bps higher with S&P futures higher (+11.4). WTI crude oil is trading higher this morning at $62.72. The Canadian dollar is trading at slightly lower to Friday’s market closing levels; it’s currently trading 1.2781 against the US dollar.

Source: Bloomberg

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