Canada's merchandise trade deficit with the world totalled $2.8 billion in May, widening from a $1.9 billion deficit in April. Imports rose 1.7%, mainly on higher imports of aircraft, while exports edged down 0.1%.
Imports rose 1.7% in May to $51.1 billion, with 8 of 11 product sections increasing. Imports of aircraft and other transportation equipment as well as energy products contributed the most to the increase in May. Year over year, total imports were up 3.5%.
Total exports edged down 0.1% to $48.3 billion in May, mainly due to lower exports of motor vehicles and parts as well as metal ores and non-metallic minerals. These declines were largely offset by higher exports of aircraft and other transportation equipment and parts, as well as forestry products and building and packaging materials. Year over year, total exports were essentially unchanged.
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $43.1 billion in May, down $3.0 billion from $46.1 billion in April, revised.
May exports were $215.3 billion, $4.1 billion more than April exports. May imports were $258.4 billion, $1.1 billion more than April imports.
The May decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.6 billion to $65.8 billion and an increase in the services surplus of $0.5 billion to $22.7 billion.
Year-to-date, the goods and services deficit increased $17.9 billion, or 7.9 percent, from the same period in 2017. Exports increased $84.5 billion or 8.8 percent. Imports increased $102.4 billion or 8.6 percent.
With more people searching for work, the unemployment rate increased by 0.2 percentage points to 6.0%.
Compared with June 2017, employment increased by 215,000 or 1.2%, with all the growth in full-time work. Over the same period, total hours worked grew by 1.4%.
Overall employment was little changed in the first six months of 2018, following notable growth in 2017.
Employment increased in Ontario, Saskatchewan, and Manitoba. There was little change in the other provinces.
More people were employed in construction, natural resources, and manufacturing. At the same time, employment decreased in accommodation and food services, and in agriculture.
There was little change in the number of employees in both the private and public sectors, as well as in self-employment.
In June, employment rose for men aged 55 and older, while it held steady for the other demographic groups.
In June, average hourly earnings for all employees on private nonfarm payrolls rose by 5 cents to $26.98. Over the year, average hourly earnings have increased by 72 cents, or 2.7 percent. Average hourly earnings of private-sector production and nonsupervisory employees increased by 4 cents to $22.62 in June.
The average workweek for all employees on private nonfarm payrolls was unchanged at 34.5 hours in June.
Total nonfarm payroll employment increased by 213,000 in June, and the unemployment rate rose to 4.0 percent, the U.S. Bureau of Labor Statistics reported today. Job growth occurred in professional and business services, manufacturing, and health care, while retail trade lost jobs.
The unemployment rate rose by 0.2 percentage point to 4.0 percent in June, and the number of unemployed persons increased by 499,000 to 6.6 million. A year earlier, the jobless rate was 4.3 percent, and the number of unemployed persons was 7.0 million.
The employment-population ratio, at 60.4 percent, was unchanged in June and has essentially been flat since February.
Year-on-year estimates of the value of retail trade showed a slow growth in May 2018, increasing by 0.4% compared with May 2017, while the volume index contracted by 0.2% in the same period. On the month, both the value and volume went up respectively 0.8% and 0.9% compared with April 2018.
House prices in the three months to June were 1.8% higher than the same period a year earlier; marginally lower than the 1.9% annual growth in May
In the latest quarter (April-June) prices were 0.7% lower than in the preceding three months (January-March 2018), though this figure appears to be a symptom of the monthly volatility in the data with the particularly weak April number in between two fairly strong months
On a monthly basis, prices rose by 0.3% in June to £225,654
"House prices continue to remain broadly flat, with the annual rate of growth marginally slowing from 1.9% in May to 1.8% in June. "Activity levels, like house price growth, have softened compared with the final months of last year. Mortgage approvals have been in the low range of 63,000 to 67,000 since the start of the year, whilst home sales have remained flat so far this year. This is in contrast to the continuing strength of the UK jobs market with job creation still strong and pressure on household finances easing as real income growth edges up".
Many Officials Saw Gradual Increases Taking Fed Funds Rate To Neutral Level Sometime Next Year
Officials Generally Favor Raising Fed Funds Rate To Level At or Above Neutral by 2019 or 2020
Removal of Forward Guidance Language From Statement Reflected Progress Toward Fed's Goals
Trade Policy Could Eventually Hurt Business Sentiment, Investment
Fiscal Policy Generally Seen Supporting Growth Over Next Few Years
Many Officials Saw Risks To Growth, Lower Inflation Coming from Europe, Some Emerging Markets
Officials Saw Business Investment Growth Partly Supported By Higher Oil Prices
Risks to Economic Outlook as Balanced
Saw Unemployment Remaining Below Long-Run Normal Level
EUR/USD
Resistance levels (open interest**, contracts)
$1.1855 (2657)
$1.1804 (3222)
$1.1749 (2343)
Price at time of writing this review: $1.1705
Support levels (open interest**, contracts):
$1.1648 (3051)
$1.1599 (2575)
$1.1550 (4393)
Comments:
- Overall open interest on the CALL options and PUT options with the expiration date July, 9 is 102664 contracts (according to data from July, 5) with the maximum number of contracts with strike price $1,1550 (4393);
GBP/USD
Resistance levels (open interest**, contracts)
$1.3401 (1958)
$1.3353 (1051)
$1.3278 (937)
Price at time of writing this review: $1.3236
Support levels (open interest**, contracts):
$1.3190 (1313)
$1.3146 (1778)
$1.3099 (2437)
Comments:
- Overall open interest on the CALL options with the expiration date July, 9 is 25672 contracts, with the maximum number of contracts with strike price $1,3650 (2456);
- Overall open interest on the PUT options with the expiration date July, 9 is 34107 contracts, with the maximum number of contracts with strike price $1,3100 (2437);
- The ratio of PUT/CALL was 1.33 versus 1.32 from the previous trading day according to data from July, 5.
* - The Chicago Mercantile Exchange bulletin (CME) is used for the calculation.
** - Open interest takes into account the total number of option contracts that are open at the moment.
In May 2018, production in industry was up by 2.6% from the previous month on a price, seasonally and calendar adjusted basis according to provisional data of the Federal Statistical Office (Destatis). In April 2018, the corrected figure shows an decrease of 1.3% (primary -1.0%) from March 2018.
In May 2018, production in industry excluding energy and construction was up by 2.7%. Within industry, the production of capital goods increased by 0.9% and the production of consumer goods by 6.5%. The production of intermediate goods showed an increase by 3.0%. Energy production was up by 0.8% in May 2018 and the production in construction increased by 3.1%.
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