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Canadian Trade Balance in Surplus | US ADP Data Misses Estimates

Published July 3, 2019

  • Canada’s data on trade balance, globally, was once again in a surplus position in May, the second time since 2016. The $762 million surplus in May followed a $1.1 billion deficit in April. Exports rose 4.6% in May due to an increase in exports of vehicles. Imports were up 1.0% mainly stemming from higher imports of aircraft.
  • In the US private sector, employment increased 102,000 jobs from May to June according to the ADP National Employment Report this morning. This missed the revised estimates of 135,000 from economists as this reading comes off the weak May growth of just 41,000. The May number was revised up from an initially reported 27,000.
  • In other employment data from the US, advance figures for seasonally adjusted initial jobless claims was 221,000, a significant decrease of 8,000 from the previous week’s level. The previous week’s level was revised up by 2,000 from 227,000 to 229,000.
  • In Europe, major data readings for the composite purchasing-managers index showed a minor expansion, coming in at 52.2 in June for the highest reading since November. The headline number concealed a drop in both manufacturing and business confidence.