Weekly Economic Update

For the week of February 11 – 15.

January employment figures out of Canada blew expectations out of the water on Friday. The net change in employment was more than thirteen times what economists had expected, releasing at 66.8K. 30.9K were full-time positions, while the remaining were part-time positions. The unemployment rate ticked up to 5.8 percent from a previous reading of 5.6 percent. Hourly wage rate growth exceeded expectations by increasing to 1.8 percent, higher than December’s growth level of 1.5 percent.

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Housing starts data also released for the month of January in Canada on Friday. Starts were slightly higher than expectations at a level of 208.0K. Single detached housing starts were down by 10 percent, while multiple starts were up by approximately one percent. Housing starts in Ontario were up by approximately 6.8 percent.

Data released for Canada this week will include international merchandise trade, manufacturing sales and others. Releases out of the United States will include consumer prices, retail sales, empire manufacturing and others.

The Canadian dollar is currently trading flat against the US dollar. Today’s expected range is 1.3229 – 1.3329.

Source: Bloomberg

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