Chief Economist

7 Aug 2020

Great News On The Job Front In July

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Better-Than-Expected Canadian Jobs Report in July Shows Economy’s Resilience The July Labour Force Survey, released this morning by Statistics Canada, reflects labour market conditions as of the week of July 12 to 18. Although public health restrictions had been substantially eased in most parts of the country—with the exception of some regions of Ontario, including Toronto—some Read More

31 Jul 2020

Canada’s Economy Is Outperforming the US

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Canadian Economy Recovers Almost Half Its COVID-Induced Loss in May and June The Canadian economy bounced back sharply in May and June as Canadian provinces eased lockdown measures. GDP expanded 4.5% in May, and activity in June was even more robust at an estimated 5% rise. Cumulatively, GDP rose 10% in May and June, after Read More

15 Jul 2020

Bank of Canada Holds Rates Steady and Continues QE Program

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Bank of Canada Holds Target Rate Steady Until Inflation Sustainably Hits 2% The Bank of Canada under the new governor, Tiff Macklem, wants to be “unusually clear” that interest rates will remain low for a very long time. To do that, they are using “forward guidance”–indicating that they will not raise rates until capacity is Read More

15 Jul 2020

Canadian Home Sales Up Again in June

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Housing Market Continued Its Rebound in June and Early July There was more good news today on the housing front. Home sales rebounded by a further 63% in June, returning them to normal levels for the month–150% above where they were in April when the pandemic-induced lockdown paralyzed the economy (see chart below). Data released this morning Read More

10 Jul 2020

Strong June Jobs Report in Canada

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Robust Jobs Report in June, Much Better Than Expected The June Labour Force Survey, released this morning by Statistics Canada, reflects labour market conditions as of the week of June 14 to June 20. By that time, public health restrictions had been eased in most parts of the country. Tighter restrictions remained, however, in much of southwestern Read More

8 Jul 2020

Fiscal Snapshot: Much Larger Deficit and Debt than Expected

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Astonishing Fiscal Red Ink Announced Today Finance Minister Bill Morneau presented his fiscal snapshot this afternoon. Most economists were expecting a budget deficit of roughly $260 billion. Instead, the government announced a deficit for the fiscal year 2020-21 of $343.2 billion–close to 16% of GDP. That compares to the $34.4 billion deficit projected before the Read More

6 Jul 2020

Bank of Canada Business Sentiment Lowest Since 2009

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Canadian Business Sentiment Is Negative  The Bank of Canada released its Summer Business Outlook Survey (BOS)* this morning, covering an interview period from mid-May to early June. In all provinces and all sectors, the sentiment was hugely negative owing to the impact of the pandemic and falling oil prices.  Since the previous survey, conducted before concerns about Read More

30 Jun 2020

Canadian GDP Plunges in April With Modest Uptick in May

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Canada’s Economy Plunged 11.6% in April The pandemic shutdown put every sector of the economy into a medically induced coma, so it was no surprise that the first full month of lockdown would be ugly. Indeed, consensus estimates were worse than the 11.6% drop in economic activity reported this morning by Statistics Canada (see chart below). Read More

22 Jun 2020

Governor Macklem Affirms No Negative Interest Rates

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

First Formal Remarks By Tiff Macklem, Bank of Canada Governor There were no surprises this morning from Governor Macklem’s virtual presentation to the Canadian Clubs of Canada. His opening written statement was quite brief and it was followed up with a Q and A. Here are the key points that he emphasized. Negative interest rates are Read More

18 Jun 2020

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