October 15, 2011
A positive close to this week on Friday, as a plan to deal with the European sovereign debt crisis started to come together. Other positive news is that the US retail sales figures for September beat the market expectations.
Canada’s factories were working steady in August, and U.S. consumers were buying last month, strong indicators that the North American recovery is alive and kicking.
Fresh data released Friday shows Canada’s manufacturers posted a surprisingly robust 1.4 per cent jump in sales, almost three times the expectations, while in the U.S. consumers bought enough autos, clothing and furniture in September to boost retail sales by 1.1 per cent.
The new numbers ended a week and a half of mostly positive news, including jobs, export and housing numbers in Canada and rebounding equity markets globally.
“It actually looks like the economy did rebound with some authority in the third quarter,” said BMO’s deputy chief economist Douglas Porter.
On the local level, “MLS® home sales edged up 3 per cent in September compared to August on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Housing demand last month was bolstered by persistent low mortgage interest rates and a surge in employment."
The above is an excerpt from the Globe and Mail, BC Real Estate Association (BCREA) and the Mortgage Brokers Association of BC.