Investing.com - Financial Markets Worldwide

Major News This Week

ByThe National Bank of Canada
Published 08/06/2013, 04:16 AM
Updated 05/14/2017, 06:45 AM

Last week we learned much more about the health of the U.S. and Canadian economies. Economic growth is not all that similar on either side of the longest international border in the world. The Canadian economy grew 1.6% (YoY) in May, confirming market forecasts, but the economy south of the border grew 1.7% in the second quarter, compared to 1.0% expected growth. Once again it seems that the winds are slightly better south of the border, so the Canadian dollar lost a few points against the greenback over the week. We’ll need to wait until Friday for the release of Canadian employment data and compare them to the relatively disappointing U.S. data released last Friday. Have a good week! Xavier Villemaire
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The Loonie

“Ya gots to work with what you gots to work with.” Stevie Wonder

All eyes are on the employment data, since it is so crucially important to the Federal Reserve’s next actions concerning its quantitative easing program. We have therefore prepared a more detailed analysis of the figures, as well as trends over the last few years. The market was disappointed with the employment data released on Friday, which revealed that only 162,000 jobs were created in July compared to a forecasted figure of 185,000. The participation rate slipped one percentage point to 63.4%, which allowed the unemployment rate to fall to 7.4% from 7.6% one month earlier. A closer look at the data, however, reveals that over half of these newly created jobs were part-time.

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