Canada's Federal Budget Describes a Deteriorating Fiscal Outlook and Slowing Economy

Posted on Mar 29, 2023 in Economics

Federal Budget 2023...Press the Snooze Button

As promised, there would be nothing much in this year's budget for fear of stimulating inflation. The federal government faces a challenging fiscal environment and a weakening economy. Ottawa promised it would err on the side of restraint. Instead, Finance Minister Chrystia Freeland announced a $43 billi...

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Greater Vancouver Retail Sales - January 2023

Posted on Mar 24, 2023 in Economics

Canadian Retail Sales (January 2023) 

Canadian seasonally-adjusted retail sales rose 1.4 per cent in January to $66.4 billion. Sales rose in 7 of 9 subsectors, but were led by higher sales at motor vehicle and parts dealers (+3 per cent) and gasoline and fuel vendors (+2.9 per cent). Core retail sales, which strips out gasoline and motor vehicle and...

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Canada's Headline Inflation Cools in February

Posted on Mar 21, 2023 in Economics

Further Decline in Inflation in February Will Keep the Bank of Canada On Hold in April

All eyes will be on the Federal Reserve tomorrow when they decide whether to hold rates steady because of the banking crisis or raise the overnight rate by 25 basis points (bps). Before the run on Silicon Valley Bank, markets were betting the Fed would go a full 5...

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Canadian Housing Interest Rate Announcement - February 2023

Posted on Mar 15, 2023 in Economics

Canadian Housing Starts (February 2023) 

Canadian housing starts rose 13 per cent to 243,959 units in February at a seasonally-adjusted annual rate (SAAR). Starts were down 2 per cent from February of 2022. Single-detached housing starts rose 2 per cent to 64,281 units, while multi-family and others rose 17 per cent to 179,677 (SAAR).

In British Colum...

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Three US Banks Fail and Markets Freak Out

Posted on Mar 15, 2023 in Economics

US Policymakers Take Emergency Action To Protect Depositors At Failed Banks

Silicon Valley Bank (SVP) had a sterling reputation among the many tech start-ups it helped to finance. What brought SVB down was an old-fashioned bank run set off in 2021 by a series of bad decisions.

That year, the stock market boomed, interest rates were near zero, and the...

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Canadian Employment arises a few percent

Posted on Mar 10, 2023 in Economics

Canadian Employment (February 2023)

Canadian employment rose slightly to 20.05 million in February, up by 22,000 (0.1 per cent). The Canadian unemployment rate held steady at 5 per cent, hovering just above all-time lows. Employment gains were concentrated in health care and social assistance (+15,000), public administration (+10,000), and utilities...

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