October 7, 2016 Week in review Canada – Employment surged in September (+67K) according to the Labour Force Survey, significantly above consensus calling for a 8K rise. However, the jobless rate remained unchanged at 7.0% with the participation rate rising to 65.7% from 65.5%. Self-employment (+50K) and private (+18K) employment rose while government (-1K) remained essentially unchanged. Full-time employment rose 23K and part-time jobs jumped 44K. The goods sector (+12K) was up with gains in manufacturing, construction and resources and utilities while agriculture was down. Services sector employment was also up (+56K) with significant gains in public administration, education, professional services and business services while healthcare, trade and other services were down. On a regional basis, employment jumped in Quebec (+38K) and Alberta (+13K) and posted a decent gain in Ontario. While most of the jobs were part-time and in the self-employed category, it’s worth noting the 23K rise in full-time positions which is impressive considering that comes after a 52K surge the prior month. On a regional basis, the rise of employment in Central Canada and the apparent stabilization in Alberta employment are encouraging. The merchandise trade deficit narrowed to C$1.9 bn in August, the best in seven months, as nominal exports rose 0.6% while imports remained unchanged. The energy trade surplus rose to C$3.7 bn thanks to a jump in export volumes. However, the non-energy trade deficit deteriorated to C$5.7 bn. In real terms, exports rose 0.5% in August, while imports were up 1.3%. Assuming no change in September, real merchandise exports would rise at an annualized pace of 11% in the third quarter while imports are on track to fall 3.1%. In other words, expect goods trade to be a significant contributor to Q3 GDP growth. The Autumn edition of the Bank of Canada's Business Outlook Survey (conducted between August 18 and September 13) suggested the business outlook improved since the summer. True, firms reported no sales growth over the past 12 months and expected just a modest acceleration over the next year. But intentions to invest in machinery and equipment were the best in two years with the balance of opinion moving up to 18. Firms are more encouraged by the improving export outlook than domestic conditions. Capacity pressures remained roughly unchanged, with only 38% of respondents stating either some or significant difficulty in meeting an unexpected increase in demand. But the proportion of respondents facing labour shortages increased. As such, hiring intentions improved with the balance of opinion for future employment jumping to 31, the highest since 2014Q4. Expectations of input price inflation remained low, while that of output price inflation fell to -10, with firms stating the impact of intense competition. That was also reflected in inflation expectations which edged down ─ just 1% of respondents expect the annual inflation rate over the next two years to be above 3%. About 80% of firms expect inflation to be below the -40 -30 -20 -10 0 10 20 30 40 50 60 70 6.5 6.6 6.7 6.8 6.9 7.0 7.1 7.2 7.3 7.4 2013 2014 2015 2016 Unemployment Rate (Right) Employment (Left) % m/m chg. thousands NBF Economics and Strategy (data via Statistics Canada) Canada: Employment surged in September Employment and jobless rate according to the Labour Force Survey -9 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 -50 -40 -30 -20 -10 0 10 20 30 40 50 60 70 80 90 100 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Canada: BoC surveys point to economic rebound Real GDP growth versus Bank of Canada’s Business Outlook Survey q/q % chg. saar NBF Economics and Strategy (data via Bank of Canada, Statistics Canada) Balance of opinion on hiring and investment (R) Real GDP (L) Q3 What we’ll be watching (p. 3) Calendar of upcoming releases (p. 5) Annex – Economic tables (A1)
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October 7, 2016 · basis, the rise of employment in Central Canada and the apparent stabilization in Alberta employment are encouraging. 3 The merchandise trade deficit narrowed to
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October 7, 2016
Week in review
Canada – Employment surged in September (+67K)
according to the Labour Force Survey, significantly above consensus calling for a 8K rise. However, the jobless rate remained unchanged at 7.0% with the participation rate rising to 65.7% from 65.5%. Self-employment (+50K) and private (+18K) employment rose while government (-1K) remained essentially unchanged. Full-time employment rose 23K and part-time jobs jumped 44K. The goods sector (+12K) was up with gains in manufacturing, construction and resources and utilities while agriculture was down. Services sector employment was also up (+56K) with significant gains in public administration, education, professional services and business services while healthcare, trade and other services were down. On a regional basis, employment jumped in Quebec (+38K) and Alberta (+13K) and posted a decent gain in Ontario. While most of the jobs were part-time and in the self-employed category, it’s worth noting the 23K rise in full-time positions which is impressive considering that comes after a 52K surge the prior month. On a regional basis, the rise of employment in Central Canada and the apparent stabilization in Alberta employment are encouraging.
The merchandise trade deficit narrowed to C$1.9 bn in August, the best in seven months, as nominal exports rose 0.6% while imports remained unchanged. The energy trade surplus rose to C$3.7 bn thanks to a jump in export volumes. However, the non-energy trade deficit deteriorated to C$5.7 bn. In real terms, exports rose 0.5% in August, while imports were up 1.3%. Assuming no change in September, real merchandise exports would rise at an annualized pace of 11% in the third quarter while imports are on track to fall 3.1%. In other words, expect goods trade to be a significant contributor to Q3 GDP growth. The Autumn edition of the Bank of Canada's Business Outlook Survey (conducted between August 18 and September 13) suggested the business outlook improved since the summer. True, firms reported no sales growth over the past 12 months and expected just a modest acceleration over the next year. But intentions to invest in machinery and equipment were the best in two years with the balance of opinion moving up to 18. Firms are more encouraged by the improving export outlook than domestic conditions. Capacity pressures remained roughly unchanged, with only 38% of respondents stating either some or significant difficulty in meeting an unexpected increase in demand. But the proportion of respondents facing labour shortages increased. As such, hiring intentions improved with the balance of opinion for future employment jumping to 31, the highest since 2014Q4.
Expectations of input price inflation remained low, while that of output price inflation fell to -10, with firms stating the impact of intense competition. That was also reflected in inflation expectations which edged down ─ just 1% of respondents expect the annual inflation rate over the next two years to be above 3%. About 80% of firms expect inflation to be below the
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Unemployment Rate (Right)
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m/m chg. thousands
NBF Economics and Strategy (data via Statistics Canada)
Canada: Employment surged in SeptemberEmployment and jobless rate according to the Labour Force Survey
Canada: BoC surveys point to economic rebound Real GDP growth versus Bank of Canada’s Business Outlook Survey
q/q % chg. saar
NBF Economics and Strategy (data via Bank of Canada, Statistics Canada)
Balance of opinion on hiring and investment (R)
Real GDP (L)
Q3
What we’ll be watching (p. 3) Calendar of upcoming releases (p. 5) Annex – Economic tables (A1)
WEEKLY ECONOMIC WATCH
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Bank of Canada’s 2% target. Firms reported some easing in credit conditions. In sharp contrast, the separately-released BoC Senior Loan Officer's survey for Q3 (conducted between the 5th and 9th of September) showed lending conditions tightening for non-price conditions (particularly for corporate borrowers in oil and gas sector), albeit to a lesser extent than the prior quarter. But the BoC said that access to capital markets increased in Q3 for all grades of borrowers.
United States – Non farm payrolls rose just 156K in
September, well below the 172K expected by consensus. Adding to the bad news were downward revisions to prior months that took out 7K from payrolls. In September, the private sector added 167K jobs with gains in services (+157K) and the goods sector (+10K). The increase in goods sector employment was due to construction and mining, which dwarfed losses in the manufacturing sector. The private services sector job gains were driven by education/health (+29K), leisure/hospitality (+15K), business services (+67K), and trade/transportation (+24K). Government cut 11K positions as declines at the state/municipal levels more than offset gains at the federal level. Average hourly earnings rose 0.2% in the month but were up 2.6% on a year-on-year basis. The private sector employment diffusion index fell to 57.8, the lowest in four months. In contrast, the household survey (similar methodology to Canada’s LFS) showed 354K new jobs being created in September entirely driven by part-time employment. But the one tick increase in the participation rate to 62.9% (6-month high), caused the jobless rate to rise one tick to 5%. All told, the employment reports, viewed together, are neither too hot nor too cold. That gives room to the Fed to remain on the sidelines in November while signalling a hike at its December meeting (after the elections), i.e. a hawkish pause.
The ADP employment report showed a 154K increase in September. Large firms (500+ employees) created 64K jobs, small firms, i.e. those employing less than 50 employees, added 34K to payrolls, while medium-sized firms added 56K jobs. Initial jobless claims fell 5K to 249K in the week ending October 1st. The more reliable 4-week moving average edged down to 253.5K. Continuing claims for the prior week fell 6K to 2.058 million. The ISM manufacturing index returned to expansion (i.e. above 50) with a consensus-topping print of 51.5 in September. The major sub-indices, namely production, new orders and employment all rose, although employment remained in contraction mode (i.e. below 50). The non-manufacturing ISM index rose to 57.1 in September from 51.4 the prior month. Both new orders and employment sub-indices surged. The business activity sub-index rose to 60.3 from 51.8. The trade deficit widened to $40.7bn in August from the prior month’s revised deficit of $39.5 bn. The deterioration in the trade balance was due to imports (+1.2%) rising more than exports (+0.8%). In real terms, exports rose 1.8%, while imports edged up 0.8%. Like Canada, the U.S. is set to see a significant contribution to Q3 growth from trade. Construction spending fell 0.7% in August after a downwardly revised 0.3% decrease the prior month (was previously reported as flat). The decline was driven largely by the non-residential sector (-1.1%), although residential sector construction was also down a bit.
World – Japan’s Tankan survey suggests business
sentiment was stable among large manufacturers during the third quarter, the corresponding index remaining unchanged at 6. However, sentiment in the services sector worsened for the third consecutive quarter and the corresponding print of 18 is now the lowest since 2014. In the Eurozone, retail sales fell 0.1% in real terms in August, driven by declines in Germany and France.
Participation rate and private sector hourly earningsNon-farm payrolls, private sector
q/q chg. thousands %
NBF Economics and Strategy (data via Datastream)
4-quarter average
FOMC hawks will like the uptick in the pace
of employment creation in Q3 …
… while doves will point to still-low wage inflation and the rising participation rate
as evidence the labourmarket can still improve
Hourlyearnings (R)
y/y % chg.
Participation rate (L)
WEEKLY ECONOMIC WATCH
What we’ll be watching
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In Canada, a holiday-shortened week will feature September data on the housing market. After two consecutive declines, housing starts probably bounced back in September, if the strong residential building
permit applications are any guide. We’re expecting increases in British Columbia and Ontario ─ provinces which are outperforming the rest in terms of growth and employment ─ and particularly in the multi-family segment. Those increases could take national housing starts up to about 197K at a seasonally adjusted annual rate. Resale home prices as measured by the Teranet/National Bank house price index will also be available for the month of September.
In the U.S., the highlight of the week will be retail sales for September. Sales at auto dealerships were reportedly good, while rising pump prices probably boosted gasoline station receipts in the month. All in all, retail
spending may have jumped about 0.4% in September, more than making up for the prior month’s decline. Fed Chair Janet Yellen is scheduled to give a speech on Friday. The Fed meeting minutes will be released on Wednesday.
U.S.: Improving consumption in SeptemberRetail sales
m/m % chg.
NBF Economics and Strategy (data via Datastream) NBF forecast
WEEKLY ECONOMIC WATCH
What we’ll be watching
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Elsewhere around the world, September data in China on trade, credit and inflation will be available. In the Eurozone, August data on industrial production and trade will also be released.
WEEKLY ECONOMIC WATCH
Consensus Cons.
Estimate EPS
6:00 US NFIB Small Business Optimism Sep 94.4 95.0 Alcoa Inc Bef-mkt Q3 2016 0.34
8:15 CA Housing Starts Sep 182.7k 191.3k 197.0k Fastenal Co 7:00 Q3 2016 0.45
7:00 US MBA Mortgage Applications Oct-07 2.90% -- CSX Corp Aft-mkt Q3 2016 0.45
8:30 CA New Housing Price Index MoM Aug 0.40% -- Progressive Corp/The 0:00 Q3 2016 0.33
8:30 CA New Housing Price Index YoY Aug 2.80% -- Linear Technology Corp 0:00 Q1 2017 0.54
8:30 CA Teranet/National Bank HPI MoM Sep 1.50% -- Wynn Resorts Ltd 0:00 Q3 2016 0.74
8:30 CA Teranet/National Bank HPI YoY Sep 11.40% -- Delta Air Lines Inc 0:00 Q3 2016 1.67
8:30 US Initial Jobless Claims Oct-08 249k 254k
8:30 US Retail Sales Advance MoM Sep -0.30% 0.60% 0.40% PNC Financial Services Group Inc/The 6:30 Q3 2016 1.78
8:30 US Retail Sales Ex Auto MoM Sep -0.10% 0.40% 0.30% JPMorgan Chase & Co 6:45 Q3 2016 1.39
8:30 US PPI Final Demand MoM Sep 0.00% 0.20% 0.20% Wells Fargo & Co 8:00 Q3 2016 1.01
8:30 US PPI Ex Food and Energy MoM Sep 0.10% 0.10% 0.10% Citigroup Inc 8:00 Q3 2016 1.16
8:30 US PPI Final Demand YoY Sep 0.00% 0.60% 0.60%
8:30 US PPI Ex Food and Energy YoY Sep 1.00% 1.20% 1.20%
10:00 US U. of Mich. Sentiment Oct P 91.2 92.0
Source: Bloomberg
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Tuesday
Oct 11
Earnings announcements
Economic calendar - Canada & U.S.
Country Release NBF Estimate
Company Time Qtr
Economic releases & eventsPeriod PreviousTime
Oct 10
Monday
Oct 14
Wednesday
Oct 12
Thursday
Oct 13
Friday
WEEKLY ECONOMIC WATCH
Annex - Economic tables
October 7, 2016Monthly Growth (%) Annualized Growth
Growth Rates Unless Reference Past Prev. Month Average of the last Since Year-to-date (3)
Otherwise Indicated Period Level Month Month Before 3 Mos. 6 Mos. 12 Mos. ref. prec.
STOCK INDICES Monthly Growth (%) Growth Over (%)Reference Past Prev. Month Year-to-dateThursday Level Month Month Before 3 Months 6 Months 1 Year ref. prec.
* Update (1) Commercial Banks (2) Not seasonnally adjusted (3) compared to same period of the preceeding year,Source: Thomson Reuthers Datastream unless otherwise stated
TABLE 1 - NORTH AMERICAN FINANCIAL INDICATORS
A1
WEEKLY ECONOMIC WATCH
Annualized Growth (%)
Growth Rates Unless Reference Past Prev. Month Average of the last Since Year-to-date (9)
Otherwise Indicated Period Month Month Before 3 Mos. 6 Mos. 12 Mos. 12 Mos. ref. prec.
Index of 12 Leading Indicators Aug 2016 -0.2 0.5 0.2 2.3 0.9 1.9 1.1 1.4 5.0Consumer Confidence Index (1985=100) Sept 2016 104.1 101.8 96.7 100.9 97.9 96.9 102.6 97.2 98.6I.S.M. Manufacturing Index (level) * Sept 2016 51.5 49.4 52.6 51.2 51.5 50.3 50.0 50.9 52.2
as a % of GDP -2.6 -2.9 -2.5 -2.7 -2.5 -2.6 -2.6 -2.3 -2.2Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015 2014 2013 2012
Corporate Profits (8) -2.4 14.1 -22.3 -3.2 -11.4 -6.8 -3.0 5.9 1.7as a % of GDP 11.0 11.1 10.8 11.6 11.7 12.2 11.6 12.0 12.5
* Update Source: Thomson-Reuthers Datastream(1) Annual Rate (5) Existing Homes Sold (9) Compated to same period of the(2) $ Billions (6) Non-Farm Payroll Survey preceeding year, unless otherwise(3) Personal Savings as a % of Personal Disposable Income (7) Household Survey stated(4) Nonfarm Business (8) Current $ and before taxes
- Non-manufacturing (level)
Annex - Economic tablesTABLE 2 - UNITED STATES ECONOMIC INDICATORS
October 7, 2016Monthly Growth (%)
A2
WEEKLY ECONOMIC WATCH
TABLE 3 - CANADIAN ECONOMIC INDICATORSOctober 7, 2016
Annualized Growth (%) Growth Rates Unless Reference Past Prev. Month Average of the last Since Year-to-date (6)Otherwise Indicated Period Month Month Before 3 Mos. 6 Mos. 12 Mos. 12 Mos. ref. prec.
as a % of GDP -4.0 -3.3 -3.2 -3.1 -2.9 -3.4 -3.2 -2.3 -3.0
Sources: Thomson reuthers Datastream and Canadian Real Estate Association
* Update
(1) Annual Rate (4) C.P.I. excluding the 8 most volatile components and the effect of indirect taxes
(2) Not Seasonally Adjusted (5) Annual rate, $ billions
(3) Current and before taxes (6) Compared to same period of the preceeding year, unless otherwise stated
Annex - Economic tables
Monthly Growth (%)
A3
WEEKLY ECONOMIC WATCH
Annualized Growth (%) Growth Rates Unless Reference Past Prev. Month Average of the last Since Year-to-date (3)Otherwise Indicated Period Month Month Before 3 Mos. 6 Mos. 12 Mos. 12 Mos. ref. prec.
QUEBECDOMESTIC DEMAND AND REVENUERetail Sales July 2016 0.2 -0.4 1.0 2.5 4.5 3.2 3.8 4.5 -0.1Manufacturing Shipments July 2016 0.9 0.6 1.0 8.7 -7.4 -2.2 -3.1 -2.6 0.2Housing Starts (000) (2) Aug 2016 35.9 32.4 38.4 35.6 35.6 38.2 39.8 36.5 34.5Number of existing homes sold (MLS) Aug 2016 -1.5 0.7 0.0 1.3 5.3 5.3 3.0 5.7 5.4Wages and Salaries June 2016 0.5 0.7 -1.2 1.1 3.6 2.2 2.9 2.6 2.4Value of merchandise exports (1) * Aug 2016 -0.7 -7.0 6.4 -6.5 -10.8 -0.9 -1.0 -3.1 10.3CFIB Business Barometer ® Sept 2016 3.4 1.3 4.1 28.4 8.1 7.0 12.8 9.8 -3.2Number of commercial bankrupties (1) * Jun 2016 1.3 4.1 28.4 8.1 7.0 12.8 #VALUE! -3.2 #VALUE!PRICESConsumer Price Index (1) Aug 2016 -0.2 -0.3 -0.2 -0.9 1.4 0.8 0.1 0.8 1.1Average Hourly Earnings (1) * Sept 2016 1.1 1.0 -0.4 0.1 1.2 2.9 2.2 2.8 1.8Price of New Housing inc. Land (1) July 2016 0.1 0.0 0.0 0.2 0.8 0.6 0.8 0.7 0.0Avg. Price of Existing Homes Sold (MLS) Aug 2016 2.0 -0.7 0.5 5.7 2.5 2.3 3.2 2.6 1.4
Sources: Thomson Reuthers Datastream and Canadian Real estate Association* Update (1) Not Seasonally Adjusted (2) Annual Rate (3) Compared to sdame priod of the preceeding year, unless otherwise stated
Growth Rates Unless Reference Past Prev. Month Average of the last Since Year-to-date (3)Otherwise Indicated Period Month Month Before 3 Mos. 6 Mos. 12 Mos. 12 Mos. ref. prec.
NOVA SCOTIADOMESTIC DEMAND AND REVENUERetail Sales July 2016 0.6 -0.8 0.1 -1.2 2.0 3.1 0.8 4.5 -1.9Manufacturing Shipments July 2016 -1.9 -1.6 7.8 21.0 -4.0 6.9 0.5 4.9 4.5Housing Starts (000) (2) Aug 2016 2.7 4.3 4.9 4.0 3.4 3.3 3.5 3.4 4.3Number of existing homes sold (MLS) Aug 2016 -3.1 2.4 -2.6 -12.7 1.9 6.5 29.3 7.1 1.5Wages and Salaries June 2016 1.1 -0.8 -0.3 0.0 1.7 2.5 2.0 2.1 1.6Value of merchandise exports (1) * Aug 2016 1.9 -9.2 -1.9 7.7 3.4 4.8 -7.5 -0.8 -4.6CFIB Business Barometer ® Sept 2016 -1.1 6.6 -4.9 -15.0 -16.8 2.1 -3.3 -1.6 9.7Number of commercial bankrupties (1) * Jun 2016 6.6 -4.9 -15.0 -16.8 2.1 -3.3 #VALUE! 9.7 #VALUE!PRICESConsumer Price Index (1) Aug 2016 0.0 -0.5 0.2 1.5 2.7 0.9 0.9 1.1 0.4Average Hourly Earnings (1) * Sept 2016 1.6 0.3 -0.4 4.8 2.6 1.3 5.0 2.4 1.4Price of New Housing inc. Land (1) July 2016 0.3 0.0 0.1 0.8 0.1 0.3 0.3 0.1 0.8Avg. Price of Existing Homes Sold (MLS) Aug 2016 -1.6 -0.1 1.0 2.8 -0.7 0.0 -3.8 -1.2 2.0
Sources: Thomson Reuthers Datastream and Canadian Real estate Association* Update (1) Not Seasonally Adjusted (2) Annual Rate (3) Compared to sdame priod of the preceeding year, unless otherwise stated
Annualized Growth (%) Growth Rates Unless Reference Past Prev. Month Average of the last Since Year-to-date (3)Otherwise Indicated Period Month Month Before 3 Mos. 6 Mos. 12 Mos. 12 Mos. ref. prec.
ALBERTADOMESTIC DEMAND AND REVENUERetail Sales July 2016 -0.8 -0.6 -1.2 -3.2 -3.1 -3.5 -3.8 -2.0 -3.9Manufacturing Shipments July 2016 -1.5 2.0 -1.2 11.0 -10.0 -14.6 -11.3 -13.0 -11.8Housing Starts (000) (2) Aug 2016 20.0 25.8 24.1 23.3 23.8 27.2 34.6 23.6 39.1Number of existing homes sold (MLS) Aug 2016 -4.0 -0.2 3.3 10.4 0.2 -15.8 -12.4 -11.4 -20.4Wages and Salaries June 2016 0.4 -2.1 0.0 -7.1 -6.0 -4.3 -5.5 -5.3 2.0Value of merchandise exports (1) * Aug 2016 14.7 -1.7 11.7 80.8 -25.5 -25.4 -14.3 -22.7 -21.1CFIB Business Barometer ® Sept 2016 3.3 -2.5 9.9 201.2 69.1 -30.0 38.5 -19.5 -36.9Number of commercial bankrupties (1) * Jun 2016 -2.5 9.9 201.2 69.1 -30.0 38.5 #VALUE! -36.9 #VALUE!PRICESConsumer Price Index (1) Aug 2016 0.2 -0.5 0.5 2.1 2.0 1.4 0.7 1.3 1.0Average Hourly Earnings (1) * Sept 2016 1.1 -1.2 0.3 -3.8 0.2 2.7 0.9 2.3 3.1Price of New Housing inc. Land (1) July 2016 0.0 -0.4 0.1 -0.7 -0.6 -0.3 -0.4 -0.4 1.4Avg. Price of Existing Homes Sold (MLS) Aug 2016 -2.2 3.4 -0.7 6.4 2.3 -1.6 0.6 -0.6 -1.4
TABLE 5 - INTERNATIONAL ECONOMIC INDICATORSOctober 7, 2016
Annualized Growth (%) Growth Rates Unless Reference Past Prev. Month Average of the last Since Year-to-date (2)Otherwise Indicated Period Month Month Before 3 Mos. 6 Mos. 12 Mos. 12 Mos. ref. prec.
OECD leading index July 2016 0.0 0.0 0.0 -0.1 -0.4 -0.6 -0.5 -0.6 -0.1
JAPANConsumer confidence - percenbtage (1) * Sept 2016 43.0 42.6 41.6 42.4 42.0 41.7 40.9 41.7 41.3Retail Sales (1) Aug 2016 -5.8 6.0 -1.8 -6.9 -0.1 -0.7 -2.1 -0.9 -0.5Industrial Production, Volume Index Aug 2016 1.5 -0.4 2.3 3.8 0.1 -1.6 1.2 -1.8 -1.3Exports Aug 2016 0.0 -1.7 1.1 -5.1 -11.6 -7.8 -10.7 -9.7 7.6Imports Aug 2016 -1.3 -1.7 0.3 -7.5 -22.2 -16.6 -21.0 -18.4 -6.2Merchandise trade bal. (Billions of ¥) July 2016 3,616 4,658 3,286 3,853 3,737 2,134 -1,207 24,604 -7,036Current account (Billions of ¥) July 2016 145 165 141 150 161 154 138 1,111 892Inflation (CPI) Aug 2016 -0.1 -0.2 0.1 -0.7 -0.5 -0.1 -0.5 -0.2 1.1Job offers to applicants ratio Aug 2016 1.37 1.37 1.37 1.37 1.35 1.31 1.22 1.33 1.18Unemployment Rate Aug 2016 3.1 3.0 3.1 3.1 3.1 3.2 3.4 3.2 3.4
INTEREST AND EXCHANGE RATESReference Current Prev. Week Average of last Thurdays 13 w. 26 w. 52 w.Thursday Week Week Before 13 W. 26 W. 52 W. ago ago ago
All prices are in US dollars Source: Thomson Reuthers Datastream
Annex - Economic tablesTABLE 6 - COMMODITY PRICES
October 7, 2016
A8
WEEKLY ECONOMIC WATCH
ECONOMICS AND STRATEGY
Montreal Office Toronto Office 514-879-2529 416-869-8598 Stéfane Marion Marc Pinsonneault Warren Lovely Chief Economist & Strategist Senior Economist MD, Public Sector Research and Strategy [email protected][email protected][email protected]
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