Today’s release of the monthly GDP shows that economic activity remains sluggish despite a preliminary number suggesting higher activity in September.
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Robust retail sales in August, but weak details and increased uncertainty
Retail sales posted a solid gain in August, and the preliminary estimate suggests that they increased again in September.
Bank of Canada: A 50bp cut and more easing to come
Inflation eased further, supporting the case for a 50bp cut next week
Inflation decelerated to 1.6% in September, its lowest since February 2021 and below the midpoint of the inflation target. The deceleration was mainly the result of lower gasoline and airfare prices
The labour market surprise, but one month doesn’t break a trend
Employment increased more than expected in September and the unemployment rate eased slightly.
Insolvencies eased in August and appear to be stabilizing
Insolvencies fell by 12.1% m-o-m on a seasonally-adjusted basis (SA) in August, following a sharp increase in July. We note that the data has been quite volatile since the beginning of the year, even on a seasonally-adjusted basis.