OTTAWA, April 17 (Reuters) – Canadian retail sales racked up
their biggest increase in eight months in February, while
inflation unexpectedly rose last month, casting cold water on
the likelihood of the central bank cutting interest rates again
in the near future.
Data from Statistics Canada on Friday showed retail sales
rose 1.7 percent, handily topping economists’ expectations for
an increase of 0.5 percent and ending two consecutive months of
OTTAWA (Reuters) – The Bank of Canada held its benchmark interest rate steady on Wednesday, saying the economy will pick up as non-energy exports and labor markets strengthen even though the oil price crash probably cut economic growth to zero in the first quarter.
A considerable easing in financial conditions largely due to the bank’s surprise interest rate cut in January, together with improving U.S. demand, will bolster the transition of Canada’s oil-heavy economy to non-energy exports, investment and a stronger jobs market, the bank said.
OTTAWA, April 10 (Reuters) – The Canadian economy
unexpectedly added 28,700 jobs last month due to a surge in
part-time positions, an increase that reinforced expectations
that the central bank will not move to cut interest rates
further next week to stimulate growth.
Statistics Canada also said on Friday the unemployment rate
stayed steady at 6.8 percent in March.
OTTAWA, April 9 (Reuters) – Private sector economists
estimate that Canada’s economy will grow at about 2 percent this
year and will pick up after that, Finance Minister Joe Oliver
said on Thursday.
An average of economists’ growth forecasts is used as a
basis for fiscal planning by the Canadian government. The
outlook is usually detailed in the federal budget, which will be
released on April 21.
OTTAWA/BENGALURU (Reuters) – One rate cut is probably enough for the Bank of Canada, which is no longer expected to follow up January’s surprise move and instead is likely to see if the economy recovers after a rough start to the year, a Reuters poll showed.
The latest consensus forecast from economists marks a shift from a Reuters poll in February, when most anticipated the central bank to trim rates once more by midyear.
OTTAWA, April 8 (Reuters) – Canadian economists who provide
the growth forecasts that will be used by the federal government
in its April 21 budget see the economy expanding by 2 percent
this year as the price of oil stabilizes, according to a Reuters
The Canadian government has used the average of private
sector growth projections as a basis for fiscal planning since
1994, with the forecast potentially making the difference
between a deficit or surplus.
OTTAWA, March 31 (Reuters) – The Canadian economy shrank
less than foreseen in January, Statistics Canada data showed on
Tuesday, a report that reinforced economists’ expectations that
the central bank will hold interest rates steady in April.
Gross domestic product fell by 0.1 percent in the first
month of the year as a rebound in oil and gas extraction offset
service-sector weakness. That was shy of the decline of 0.2
percent that economists had expected, but it was still the
second month in three that the economy has contracted.
OTTAWA, March 20 (Reuters) – Canadian retail sales dropped
more than expected in January due to lower prices at the
gasoline pump, suggesting the economy may have had a weaker
start to 2015 than anticipated.
Statistics Canada also said on Friday that the annual
inflation rate in February was pressured by cheap gasoline as
well, holding steady at 1 percent, matching expectations, and at
the low end of the Bank of Canada’s target range.
GATINEAU, Quebec (Reuters) – Canadian television viewers will no longer be forced to pay for vast numbers of channels they do not watch, the country’s broadcast regulator said in a sweeping ruling on Thursday.
The Canadian Radio-television and Telecommunications Commission (CRTC) said cable and satellite providers had to offer viewers an affordable basic package and allow them to choose additional channels.
OTTAWA, March 6 (Reuters) – Bank of Canada Governor Stephen
Poloz has made life more challenging for financial market
forecasters, with an approach some say lacks enough guideposts
to allow them to properly model the path of future interest rate
In addition to ditching the forward guidance pioneered in
Canada by predecessor Mark Carney, now governor of the Bank of
England, Poloz has left some economists and strategists feeling
less confident about what economic indicators they should work
from and how much they will influence policy.