Weekly Economic Update

For Week of November 26 – 30, 2018

It will be a relatively slow week for data releases out of Canada until Friday when we will see the release of September GDP figures as well as third quarter GDP figures. Although economist expectations are not available yet, the postings will follow a quarterly annualized GDP posting of 2.9 percent, a month-over-month GDP posting of 0.1 percent and a year-over-year GDP posting of 2.5 percent.

In the United States this week we are expecting releases for wholesale inventories, annualized quarter-over-quarter GDP growth, new home sales, personal income and spending, and new home sales. In addition to these data releases, the FOMC will also be releasing their November 8 meeting minutes on Thursday.

Retail sales in Canada beat expectations in September, growing by 0.2 percent when expectations were for zero growth. Excluding autos from this figure brought the growth level down slightly to 0.1 percent. Consumer prices jumped by 0.3 percent on a headline month-over-month basis in October, triple economist expectations. On a year-over-year basis, price growth is sitting at a level of 2.4 percent. The largest contributor on the upside was the transportation category while the largest contributor to the downside was the gasoline category.

The Canadian dollar is currently trading up against the US dollar this morning. Todays expected range is 1.3150 – 1.3250.

Source: Bloomberg

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