Weekly Economic Update

For the week of October 29 – November 2.

Scheduled economic releases for Canada this week include update on GDP, new employment figures, and an update on international merchandise trade on Friday. August’s GDP release will follow July’s growth of 0.2 percent and 2.4 percent on a month-over-month and year-over-year basis respectively. In terms of employment, October’s release indicates a strong headline bump of 63.3K positions entirely made of part-time employees.

Scheduled economic releases for the United States this week include personal income, personal spending, ADP employment change, ISM manufacturing, trade balance, nonfarm payrolls and more. Nonfarm payrolls are expected to have jumped by 190K positions through the month of October, following September’s smaller bump of 134K. The unemployment rate is expected to remain at a record low level of 3.7 percent.

Third quarter GDP released on Friday last week came in at 3.5 percent, exceeding expectations of 3.3 percent and following second quarter GDP growth of 4.2 percent. If this pace continues for future readings, the United States will see its strongest back-to-back quarterly GDP readings since 2014. Third quarter strength is expected to have been pushed by business investment and consumer spending.

The Canadian dollar is currently trading up against the US dollar. Today’s expected range is 1.3041 – 1.3141.

Source: Bloomberg

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