This was a month in which a number of one-time events conspired to mask the true strength of the economy.
More Quotes from 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
These confidence surveys are reflecting what people are reading -- that the economy is not creating jobs. It doesn't mean that people are not spending.
Avery Shenfeld
In Canada, CPI inflation will be everywhere in energy, and nowhere in anything else, mirroring what we saw in the U.S. figures for September.
Avery Shenfeld
All told, a fairly strong reading that will only buttress the Bank of Canada's case for remaining hawkish.
Avery Shenfeld
It's now evident that the US economy is headed for a very brisk first-quarter growth pace, with our above-consensus 4.8 percent real GDP forecast looking, if anything, too conservative.
Avery Shenfeld
The Bank of Canada remains on the warpath against inflation in an economy where recent job and production gains are, in its view, too much of a good thing.
Avery Shenfeld
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