Looking only at 'affected areas' could understate the storm impacts, due to linkages between ports and more distant facilities.... we know that jobless claims have fallen off sharply as we moved past the storm impacts, another hint of underlying labor market vitality.
More Quotes from Avery Shenfeld:
Today's statement ups the odds that the Bank of Canada will be back again with a 25 bp (basis point) 'Christmas present' in December.Avery Shenfeld
This was a month in which a number of one-time events conspired to mask the true strength of the economy.
Avery Shenfeld
If markets felt the Bank of Canada was going to press on with rate hikes after the Fed stopped, that could fuel an overheated Canadian dollar, providing too much of a braking force on exports.
Avery Shenfeld
We expect the combination of a U. S. growth moderation and the lagged impacts of a strong Canadian dollar on factory employment to do a lot of the work in engineering that cooling in Canadian hiring, leaving the Bank of Canada with only another 50 basis points in rate hikes.
Avery Shenfeld
It's pretty clear after (stronger than expected) third quarter GDP numbers they are going to hike in December, and the odds of a hike in January are rising, but they could still take a pause in January if core inflation doesn't heat up,
Avery Shenfeld
All told, a fairly strong reading that will only buttress the Bank of Canada's case for remaining hawkish.
Avery Shenfeld
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