Weekly Economic Update

For the week of November 19 – 23.

Data releases in Canada this week include the heavy hitters of consumer prices and retail sales (both released on Friday). The release of retail sales data for September will follow August’s 0.1 percent decline (0.4 percent drop when excluding autos). In terms of consumer prices, Friday’s October figures posting follows a significant 0.4 percent drop on September’s month-over-month basis. Data releases in the United States this week include housing starts, durable goods, existing home sales and Markit US manufacturing PMI.

Manufacturing sales in Canada released stronger than expected in September, growing by 0.2 percent. Excluding auto sales, September’s figure saw a significant drop to -0.5 percent. 8 of the 21 measured industries experienced sale increases. New orders fell by 0.3 percent through the month, while unfilled orders jumped by 0.4 percent. Total inventories were up by 0.3 percent on a month-over-month basis. August’s reported 0.4 percent drop was revised further downward to a drop of 0.5 percent.

The Canadian dollar is currently trading down against the US dollar. Today’s expected range is 1.3128 – 1.3228.

Source: Bloomberg

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