Because we do have two very strong hot spots (Alberta and B.C.) it does somewhat increase the risk from inflation for the country as a whole.
More Quotes from Doug Porter:
It certainly puts a rosier glow on the growth forecast for the fourth quarter. I was getting ready to revise that one down, because there had been some many weak reports for November. This report saves the day.Doug Porter
The bottom line is that as long as equities remain aloft, there is precious little outside of Fed tightening to cool growth, ... And that tightening may need to be much more aggressive than the market currently expects to bring (economic) growth closer to the Fed's comfort zone of around 3.5 percent.
Doug Porter
In this environment, the Bank of Canada has very little room for error, and cannot be overly focused on a single sector of the economy, no matter how weak.
Doug Porter
The market is basically waiting for signs that the slowdown is for real or not, and if there is a slowdown, just how deep is it
Doug Porter
I think the overall picture is going to be one of extreme strength and the pool of labor is not getting any bigger, ... The Fed's concern is that wage increases will start outstripping productivity gains. So far that hasn't been a problem but that's what people are looking for in this week's report.
Doug Porter
You had the oil and energy complex dropping on a day when energy prices have rebounded and look to be strengthening and it looks like oil prices are headed back above 29. And financials were weak even though the bond market was surprisingly quite strong both in Canada and the U.S.
Doug Porter
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