According to ActionForex, analysts at RBC Financial Group expect next week’s Canadian GDP report is to confirm the economy continued to grow in January, despite virus-containment measures that put a lid on retail sales and kept the hospitality sector sharply depressed.
"We see little reason to deviate from Statistics Canada’s preliminary call for a 0.5% monthly gain. Manufacturing and wholesale sales both rose solidly in January and hours worked were up 0.9% despite a plunge in (mostly part-time) employment. We look for another increase in output in February of 0.3% with retail sales having risen by 4% as shopping restrictions were relaxed."
"Make no mistake, businesses in high-contact service sectors are still suffering. Restaurants, hotels, recreation and other services made up 80% of the shortfall in total hours worked (versus pre-shock levels) across private-sector industries in February. Outside these industries, manufacturing sales softened, falling 1% in February according to Statistics Canada’s flash estimate, as production disruptions triggered by a global chip shortage continue to dampen transportation-sector supply. Still, a solid manufacturing PMI print for the same month hints at robust demand and production trends outside the auto sector, and we expect the March report next week will tell a similar story. CFIB’s monthly business barometer sentiment indicator hit its highest level in almost a decade in March."
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