In the parade of melancholy economic data, led by the debt crisis in Europe, there is brighter news emerging from China. The International Monetary Fund credits Beijing with engineering a “soft landing”, bringing inflation control and reducing a huge trade surplus. The IMF projects growth of about 8%, but warns that sweeping reforms are required to ensure financial stability.
North American data, today, centres on housing. In Canada, the Teranet Composite House Price Index – a measure of repeat sales of single-family homes – charted a 1.2% increase in June, over May. In the U.S., June saw sales of new single-family homes take a significant 8.4% drop. Prices were also down in June, dipping 1.9% according to the U.S. Commerce Department.
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