8. June 2012 05:29
After being the centre of attention for most of the week it’s largely quiet in Europe today while we wait to hear if Spain will ask for a bailout tomorrow.
But there’s plenty of Canadian data as we head into the weekend:
Job growth numbers for May are disappointing but in line with expectations. A mere 7,700 jobs were added last month, a marked slowdown from the 52,000 and 82,000 in the two preceding months. The unemployment rate remains at 7.3%. Concern about a global economic slowdown is cited as a reason for the pull back in hiring. Canadian worker productivity edged up 0.1% in Q1.
Housing starts in Canada cooled in May after a red hot April. The seasonally adjusted, annualized rate fell to 211,000 – the average for the last 6 months. The decrease was led by a 21% decline in urban, multi-family starts.
Canada’s balance of trade posted a surprising deficit in April – the first in 6 months – following a downwardly revised surplus in March. The April trade surplus with the U-S narrowed to C$3.8 billion on a 1.2% decline in exports – the 4th straight drop. In the U.S. the trade deficit shrank nearly 5% in April.