Canada Archive

PMI services, Oil capex

Less than the expected 55.2 as weakness in the services sector continues, and as post election hopes fade: Highlights Growth in new orders, though still near a 12-month high, has slowed so far this month, pulling down the flash services PMI for December by more than 1 point to 53.4. But, given ...Read More

GDP, Corporate profits, Oil capex, Truck tonnage, Vehicle sales preview

Pretty much as expected, inflation a bit lower. Inventories revised up so Q2 that much more likely to see an inventory reduction along with associated cuts in output: GDP Highlights First-quarter GDP is now revised higher but only slightly, to an annualized growth rate of plus 0.8 percent for a 3 tenths ...Read More

Employment, Trade

Education employment was mysteriously down big last month and up big this month, so best to average the two months, which would mean about 205,000 new jobs each month, which is about where it’s been. However, in any case hours worded and average pay were both down, which means personal income and ...Read More

Oil price, Radio interview, Fed Atlanta, Canada

Some commentary on the latest Saudi price changes: Saudi raises crude price to Europe, Asia, cuts it for US Saudi Arabia, the world’s largest crude exporter, Wednesday raised the April prices of its oil to Asia and Europe but cut it slightly for shipments to the United States. My quick WRKO radio ...Read More

Retail Sales, Import and Export prices, Business inventories, Consumer sentiment, Japan

Retail Sales Highlights Vehicles are back on top, helping to lift retail sales to a 0.2 percent gain in January. Excluding vehicles and pulled down by falling gas prices, sales inched only 0.1 percent higher. But retail sales excluding gasoline stations — which is a central reading given the price fall — ...Read More

Inventories, Payrolls, Trade

This is getting out of control. Sales are slowing faster than inventories are being sold. A weak print and year over year growth continues to decelerate as per the chart: Employment Situation Highlights Headline weakness masks an otherwise solid employment report for January. Nonfarm payrolls rose 151,000 vs expectations for 188,000. December ...Read More

PMI Manufacturing, ISM Manufacturing, Construction Spending, Canada PMI, China Manufacturing PMI

Bad: PMI Manufacturing Index Highlights The manufacturing PMI has been consistently running warmer than other manufacturing surveys which helps put into context the disappointment of December’s slowing to 51.2, down from 52.8 in November. The final reading for December is 1 tenth lower than the mid-month flash. Near stagnation in new orders ...Read More

Saudi oil pricing, import and export prices, Japan Manufactures’ sentiment

Not a lot of change for January, most ‘discounts’ still at or near the wides, so price action likely to be more of same: Something the Fed takes into consideration: Import and Export Prices Highlights Cross-border price pressures remain negative with import prices down 0.4 percent in November and export prices down ...Read More

France PMI, Germany PMI, EU PMI, EU Retail Sales, UK service PMI, US Trade, ISM Non Manufacturing, Saudi Pricing

France : PMI Composite Highlights French private sector activity in August expanded at a significantly slower pace than indicated in the flash report according to the final PMI data for the month. At just 50.2, a 7-month low, the key composite output index was revised down an unusually large 1.1 points versus ...Read More

Producer Prices, Industrial Production, Rail Traffic, Container Exports

This is not a reason to hike rates, but the Fed has other reasons beginning with their mistaken belief that the current policy is ‘highly accommodative’ and potentially inflationary, etc. etc. etc. when the opposite is the actual case: Up a bit more than expected, but all due to auto production, and ...Read More