Douglas Porter
Douglas Porter
along good industrial moderate sector stage
The industrial sector is cruising along at a moderate but not spectacular pace, and that's a good thing at this stage of the expansion.
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Clearly, Alberta is ground zero for wage pressures.
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Forecasts of parity (with the U.S. dollar) are multiplying faster than bunny rabbits in May.
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Canadian consumer spending is finally poised to hit the brakes after a spectacular run earlier this year,
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It's a red flag. Any time the nation's largest retailer stumbles a bit, it's a warning sign.
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I think it will improve liquidity and the attractiveness of owning Canadian financial assets, although I don't see it as a watershed event for Canadian financial markets.
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Foreign private investors remain solid buyers of U.S. securities, providing important support for the U.S. dollar, even in the face of record current account deficits.
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I suspect there will be enough positive news in other areas to persuade consumers there is a light at the end of the tunnel and that the economy is moving to better times, but it will be a gradual process, and confidence may be flat in the next couple of months.
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While the economic data have been all over the place in recent weeks, there are no obvious signs that the economy is cracking in the face of record energy prices. Indeed, the export and production data have been surprisingly perky.
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Usually the incentives and the ways builders are allowed to design subdivisions to allow for extra densities sooner or later reduces that cost by a lot.