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Weekly Economic Watch

ByThe National Bank of Canada
Published 12/08/2013, 04:41 AM
Updated 05/14/2017, 06:45 AM
Canada

– The Canadian Labour Force Survey showed 22K net new jobs being created in November, topping consensus expectations which were at 12K. The job gains, coupled with an unchanged participation rate allowed the unemployment rate to remain at 6.9%. In November, the private sector created 31K, more than offsetting the 29K job losses in the public sector. Self employment was up 19K. There were 25K new jobs apparently created in the manufacturing sector. Services – producing industries added 16K. At the regional level, five provinces registered gains in employment while the others recorded job losses. Ontario gained 13.8K new jobs while 8.2K jobs were lost in British Columbia.

In October, the merchandise trade balance registered a surplus of C$75 million after the prior month’s deficit of C$300 million (revised from C$400 million). If this survives revisions next month, it will be the first surplus since 2011. Consensus expectations were for a widening of the deficit to C$0.8 billion. However, the improvement was not of the good sort, stemming as it did from imports (-1.2%) retreating faster than exports (-0.3%). The latter were restrained as lower sales of energy (-2.1%), metals, autos/parts and aircraft equipment more than offset gains elsewhere. Imports fell in most categories, including notably in energy (-8.5%). With imports pulling back faster than exports, the energy trade surplus rose to C$6.5 billion, its highest since 2008. The non-energy trade deficit narrowed to C$6.4 billion. The trade surplus with the United States dropped to C$3.9 billion, a three-month low. In real terms, Canada’s exports declined 0.6% while imports dipped 0.1%.

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