Weekly Economic Update

For the week of January 14 – 18

It will be a very quiet start to the week for Canadian data. However, Friday includes big releases such as consumer prices data, and an update on international securities transactions. Data releases in the United States this week include empire manufacturing, retail sales, housing starts, building permits, industrial production and U. of Mich. Sentiment. Prices are also expected to have dropped by 0.3 percent on a month-over-month basis in December after falling by 0.4 percent the month before. On a year-over-year basis, the growth rate of 1.7 percent seen in November is expected to remain through December.

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Consumer prices in the United States for the month of December posted almost entirely in line with expectations. On a headline basis, prices dropped by 0.1 and increased by 1.9 percent on a month-over-month and year-over-year basis. This is the first drop in headline month-over-month growth for this indicator since March of 2018. When excluding food and energy prices, growth levels were closer to 0.2 and 2.2 percent respectively. The headline figures were largely weighed down by falling energy prices, as is apparent based on the above numbers.

The Canadian dollar is currently trading down against the US dollar. Today’s expected range is 1.3233 – 1.3333.

Source: Bloomberg

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