Canadian Manufacturing Sales Rises | US Jobless Claims Dip
Published May 16, 2019
Canadian factory sales were up by 2.1 percent in March from February on higher motor vehicle sales, as were petroleum and coal products, Statistics Canada said on Thursday. The Canadian dollar is trading flat at 1.3424, down 0.10 percent on the day against greenback as the focus now shifts to a scheduled press conference by BoC Governor Stephen Poloz today.
US weekly initial jobless claims fell more than expected last week, pointing to sustained labour market strength that should underpin the economy as growth slows. Initial claims for state unemployment benefits dropped 16,000 to a seasonally adjusted 212,000 for the week ended May 11, the US Labor Department said on Thursday.
Treasury Secretary Steven Mnuchin acknowledged that the US is making progress on lifting tariffs imposed on steel and aluminum from Canada and Mexico. Mnuchin further said he expects to soon travel to Beijing with US Trade Representative Robert Lighthizer to resume negotiations on the trade dispute between the US and China.
Federal Reserve Bank of Richmond President Thomas Barkin said that he supports keeping interest rates on hold for now, however, he is bit skeptical about fragile business confidence amid slowing global growth and trade disputes.