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Country Briefing: Canada Yardeni Research, Inc. October 6, 2020 Dr. Edward Yardeni 516-972-7683 [email protected] Debbie Johnson 480-664-1333 [email protected] Please visit our sites at www.yardeni.com blog.yardeni.com thinking outside the box

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Page 1: Country Briefing: Canada - Yardeni Research · 2020-07-02 · Country Briefing: Canada Yardeni Research, Inc. July 2, 2020 Dr. Edward Yardeni 516-972-7683 eyardeni@yardeni.com Debbie

Country Briefing:Canada

Yardeni Research, Inc.

October 6, 2020

Dr. Edward Yardeni516-972-7683

[email protected]

Debbie Johnson480-664-1333

[email protected]

Please visit our sites atwww.yardeni.comblog.yardeni.com

thinking outside the box

Page 2: Country Briefing: Canada - Yardeni Research · 2020-07-02 · Country Briefing: Canada Yardeni Research, Inc. July 2, 2020 Dr. Edward Yardeni 516-972-7683 eyardeni@yardeni.com Debbie

Table Of Contents Table Of ContentsTable Of Contents

October 6, 2020 / Canada www.yardeni.com

Yardeni Research, Inc.

Real GDP 1-2Monthly GDP by Industry 3Merchandise Trade 4Retail Sales 5Nominal Retail Sales Components 6-8Employment 9-10Unemployment & Partcipation Rates 11Consumer Price Index 12-14Canadian Dollar & Commodity Prices 15Interest Rates 16-17Monthly GDP Service-Providing 18-20Monthly GDP Goods-Producing 21-22

Page 3: Country Briefing: Canada - Yardeni Research · 2020-07-02 · Country Briefing: Canada Yardeni Research, Inc. July 2, 2020 Dr. Edward Yardeni 516-972-7683 eyardeni@yardeni.com Debbie

Figure 1.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-50

-45

-40

-35

-30

-25

-20

-15

-10

-5

0

5

10

-50

-45

-40

-35

-30

-25

-20

-15

-10

-5

0

5

10

Q2

CANADA REAL GDP(quarterly percent change, saar)

Total (-38.7)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-45

-40

-35

-30

-25

-20

-15

-10

-5

0

5

10

-45

-40

-35

-30

-25

-20

-15

-10

-5

0

5

10

Q2

HouseholdConsumption (-41.5)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-60

-40

-20

0

20

40

-60

-40

-20

0

20

40

Q2

Gross Fixed Capital Formation (-45.6)

Source: Haver Analytics.

yardeni.com

Real GDP

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Figure 2.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-100

-50

0

-100

-50

0

Q2

CANADA REAL GDP(quarterly percent change, saar)

Exports of Goods& Services (-55.6)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-80

-60

-40

-20

0

20

40

-80

-60

-40

-20

0

20

40

Q2

Imports of Goods& Services (-64.1)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-15

-10

-5

0

5

10

15

-15

-10

-5

0

5

10

15

Q2

Government Expenditures OnGoods & Services (-10.4)

Source: Haver Analytics.

yardeni.com

Real GDP

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Figure 3.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20221200

1400

1600

1800

2000

2200

1200

1400

1600

1800

2000

2200

Jul

CANADA REAL MONTHLY GDP(billions of 2012 Canadian dollars, saar)

Total (1878.8)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022850

1050

1250

1450

850

1050

1250

1450

JulService-ProvidingIndustries (1330.0)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022400

420

440

460

480

500

520

540

560

580

600

620

640

400

420

440

460

480

500

520

540

560

580

600

620

640

Jul

Goods-ProducingIndustries (546.0)

Source: Statistics Canada and Haver Analytics.

yardeni.com

Monthly GDP by Industry

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Figure 4.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-75

-50

-25

0

25

50

75

100

125

-75

-50

-25

0

25

50

75

100

125

Aug

CANADA GOODS TRADE BALANCE(billion Canadian dollars, saar)

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022300

400

500

600

700

300

400

500

600

700

Aug

(billion Canadian dollars, saar)

Exports

Imports

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-40

-20

0

20

40

-40

-20

0

20

40

Aug

(yearly percent change)

ExportsImports

Source: Statistics Canada and Haver Analytics.

yardeni.com

Merchandise Trade

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022250

300

350

400

450

500

550

600

650

250

300

350

400

450

500

550

600

650JulCANADA RETAIL SALES

(billions of Canadian dollars, saar)

Source: Statistics Canada and Haver Analytics.

yardeni.com

Figure 5.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-40

-30

-20

-10

0

10

20

-40

-30

-20

-10

0

10

20

Jul

CANADA RETAIL SALES(yearly percent change)

Source: Statistics Canada and Haver Analytics.

yardeni.com

Figure 6.

Retail Sales

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Page 8: Country Briefing: Canada - Yardeni Research · 2020-07-02 · Country Briefing: Canada Yardeni Research, Inc. July 2, 2020 Dr. Edward Yardeni 516-972-7683 eyardeni@yardeni.com Debbie

Figure 7.

05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22350

400

450

500

550

600

650

700

Jul

CANADA RETAIL SALES(billions of Canadian dollars, saar)

Total

05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22230

260

290

320

350

380

410

440

Jul

Ex Autos& GasStations

05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2225

35

45

55

65

75

85

95

105

115

125

Jul

Total ExGasoline

05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2230

40

50

60

70

Jul

GasolineStations

05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22270

300

330

360

390

420

450

480

Jul

Total ExMotorVehicles

Source: Statistics Canada and Haver Analytics.

05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2250

60

70

80

90

100

110

120

130

140

150

160

170

180

Jul

Motor Vehicles& Parts Dealers

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Nominal Retail Sales Components

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Figure 8.

05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 226

8

10

12

14

16

18

20

22

JulCANADA RETAIL SALES(billions of Canadian dollars, saar)

Furniture & HomeFurnishings Stores

05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 222

6

10

14

18

22

26

30

34

38

42

Jul

Clothing& AccessoryStores

05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2221

24

27

30

33

36

39

42

45

Jul

Building Materials &Garden Equipment

05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2221

24

27

30

33

36

39

42

45

48

51

54

Jul

Health & Personal CareStores

05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 223035404550556065707580859095

100105110115

Aug

Electronics &Appliance Stores

Source: Statistics Canada and Haver Analytics.

05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 223.5

4.5

5.5

6.5

7.5

8.5

9.5

10.5

11.5

12.5

13.5

14.5

15.5

16.5

Jul

Sporting Goods,Hobby, Book& Music Stores

yardeni.com

Nominal Retail Sales Components

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Figure 9.

05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2240

50

60

70

80

90

Jul

CANADA RETAIL SALES(billions of Canadian dollars, saar)

General MerchandiseStores

05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 229

10

11

12

13

14

15

16

17

18

19

20Jul

MiscellaneousRetailers

05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 2280

100

120

140

160

180

Jul

Food &BeverageStores

yardeni.com

Nominal Retail Sales Components

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Figure 10.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202214.5

15.0

15.5

16.0

16.5

17.0

17.5

18.0

18.5

19.0

19.5

14.5

15.0

15.5

16.0

16.5

17.0

17.5

18.0

18.5

19.0

19.5

Aug

CANADA EMPLOYMENT(millions, sa)

Total

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202212.0

12.5

13.0

13.5

14.0

14.5

15.0

15.5

16.0

12.0

12.5

13.0

13.5

14.0

14.5

15.0

15.5

16.0

AugFull-Time

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222.2

2.4

2.6

2.8

3.0

3.2

3.4

3.6

3.8

2.2

2.4

2.6

2.8

3.0

3.2

3.4

3.6

3.8

Aug

Source: Statistics Canada and Haver Analytics.

yardeni.com

Part-Time

Employment

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-3550

-3300

-3050

-2800

-2550

-2300

-2050

-1800

-1550

-1300

-1050

-800

-550

-300

-50

200

450

700

950

-3550

-3300

-3050

-2800

-2550

-2300

-2050

-1800

-1550

-1300

-1050

-800

-550

-300

-50

200

450

700

950

Aug

CANADA EMPLOYMENT(yearly change, thousands)

Source: Statistics Canada and Haver Analytics.

yardeni.comyardeni.com

Figure 11.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-2200

-1800

-1400

-1000

-600

-200

200

600

-2200

-1800

-1400

-1000

-600

-200

200

600

Aug

CANADA EMPLOYMENT(yearly change, thousands)

Full-TimePart-Time

Source: Statistics Canada and Haver Analytics.

yardeni.comyardeni.com

Figure 12.

Employment

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20225.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

11.5

12.0

12.5

13.0

13.5

14.0

14.5

15.0

15.5

16.0

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

11.5

12.0

12.5

13.0

13.5

14.0

14.5

15.0

15.5

16.0

Aug

CANADA UNEMPLOYMENT RATE(percent)

yardeni.com

Source: Statistics Canada and Haver Analytics.

Figure 13.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202258.5

59.0

59.5

60.0

60.5

61.0

61.5

62.0

62.5

63.0

63.5

64.0

64.5

65.0

65.5

66.0

66.5

67.0

67.5

68.0

58.5

59.0

59.5

60.0

60.5

61.0

61.5

62.0

62.5

63.0

63.5

64.0

64.5

65.0

65.5

66.0

66.5

67.0

67.5

68.0

Aug

CANADA PARTICIPATION RATE(percent)

yardeni.com

Source: Statistics Canada and Haver Analytics.

Figure 14.

Unemployment & Partcipation Rates

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-2

0

2

4

6

-2

0

2

4

6

Aug

CANADA CONSUMER PRICE INDEX(yearly percent change)

Total (0.1)Bank of Canada’sCore Rate* (0.9)Excluding Food& Energy (0.5)

* Excludes eight volatile components (fruits, vegetables, gasoline, fuel oil, natural gas, mortgage interest, Inter-city transportations and tobacco) furtheradjusted to exclude effects of changes to indirect taxes.Source: Statistics Canada and Haver Analytics.

yardeni.com

Figure 15.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-30

-15

0

15

30

-30

-15

0

15

30

Aug

CANADA CONSUMER PRICE INDEX(yearly percent change)

Food & Energy (-0.6)Food (1.8)Energy (-6.3)

Source: Statistics Canada and Haver Analytics.

yardeni.com

Figure 16.

Consumer Price Index

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-5.0

-2.5

.0

2.5

5.0

7.5

-5.0

-2.5

.0

2.5

5.0

7.5

Aug

CANADA CONSUMER PRICE INDEX(yearly percent change)

Goods (-0.2)Services (0.5)

Source: Statistics Canada and Haver Analytics.

yardeni.com

Figure 17.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-12

-9

-6

-3

0

3

6

9

12

15

18

-12

-9

-6

-3

0

3

6

9

12

15

18

Aug

CANADA CONSUMER PRICE INDEX(yearly percent change)

Shelter (1.5)Household Operations &Furnishings (0.4)Clothing & Footwear (-1.3)Transportation (-1.3)

Source: Statistics Canada and Haver Analytics.

yardeni.com

Figure 18.

Consumer Price Index

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022-5

0

5

10

15

20

25

30

-5

0

5

10

15

20

25

30

Aug

CANADA CONSUMER PRICE INDEX(yearly percent change)

Health & Personal Care (1.4)

Recreation, Reading& Education (-3.1)Tobacco Products &Alcoholic Beverages (0.4)

Source: Statistics Canada and Haver Analytics.

yardeni.com

Figure 19.

Consumer Price Index

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95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22200

300

400

500

600

700

1.7

1.6

1.5

1.4

1.3

1.2

1.1

1.0

.9

.8

10/5

CANADIAN DOLLAR & CRB RAW INDUSTRIALS SPOT PRICE INDEX

Canada (C$/US$)

CRB Raw Industrials Index*(1967=100)

* Includes copper scrap, lead scrap, steel scrap, tin, zinc, burlap, cotton, print cloth, wool tops, hides, rosin, rubber, and tallow.Source: Commodity Research Bureau and Haver Analytics.

yardeni.com

Figure 20.

Canadian Dollar & Commodity Prices

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02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 220

1

2

3

4

5

0

1

2

3

4

5

10/5

CANADA TARGET RATE(percent)

yardeni.com

Source Financial Times and Haver Analytics.

Figure 21.

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022.0

.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

.0

.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

10/2

CANADA 10-YEAR GOVERNMENT BOND YIELD(percent)

yardeni.com

Source Bank of Canada and Haver Analytics.

Figure 22.

Interest Rates

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83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 230

2

4

6

8

10

12

14

16

0

2

4

6

8

10

12

14

16

9/30

CANADA: INTEREST RATES(weekly, percent)

10-Year Government Bond Yield (0.6)3-month T-Bill Rate (0.1)

Source: Bank of Canada and Haver Analytics.

yardeni.com

Figure 23.

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022500

700

900

1100

1300

1500

1700

1900

2100

2300

2500

500

700

900

1100

1300

1500

1700

1900

2100

2300

2500

10/5

CANADA MSCI(Canadian $, December 31, 1969=100)

yardeni.com

Source: MSCI and Haver Analytics.

Figure 24.

Interest Rates

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022130

140

150

160

170

180

190

200

210

220

230

240

250

260

130

140

150

160

170

180

190

200

210

220

230

240

250

260 JulCANADA REAL MONTHLY GDP BY INDUSTRY(billions of 2012 Canadian dollars, saar)

Real Estate & Rental& Leasing (257.8)

Source: Statistics Canada and Haver Analytics.

yardeni.com

Figure 25.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202265

75

85

95

105

115

125

135

145

155

65

75

85

95

105

115

125

135

145

155

Jul

CANADA REAL MONTHLY GDP BY INDUSTRY(billions of 2012 Canadian dollars, saar)

Finance & Insurance (137.9)Health Care& Social Assistance (131.4)Public Administration (133.0)

Source: Statistics Canada and Haver Analytics.

yardeni.com

Figure 26.

Monthly GDP Service-Providing

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202255

60

65

70

75

80

85

90

95

100

105

110

115

120

125

55

60

65

70

75

80

85

90

95

100

105

110

115

120

125

Jul

CANADA REAL MONTHLY GDP BY INDUSTRY(billions of 2012 Canadian dollars, saar)

Wholesale Trade (102.4)Retail Trade (103.4)Education Services (97.9)Scientific & TechnicalServices (113.8)

Source: Statistics Canada and Haver Analytics.

yardeni.com

Figure 27.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202215

25

35

45

55

65

75

85

95

15

25

35

45

55

65

75

85

95

Jul

CANADA REAL MONTHLY GDP BY INDUSTRY(billions of 2012 Canadian dollars, saar)

Transportation & Warehousing (69.2)Information & Cultural Industries (62.0)Administration & Waste Management (44.8)Accommodation & Food Services (29.9)

Source: Statistics Canada and Haver Analytics.

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Figure 28.

Monthly GDP Service-Providing

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20226.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

11.5

12.0

12.5

13.0

13.5

14.0

14.5

15.0

15.5

16.0

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

11.5

12.0

12.5

13.0

13.5

14.0

14.5

15.0

15.5

16.0

Jul

CANADA REAL MONTHLY GDP BY INDUSTRY(billions of 2012 Canadian dollars, saar)

Arts, Entermainment &Recreation (7.4)Management of Companies &Enterprises (8.3)

Source Statistics Canada and Haver Analytics.

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Figure 29.

Monthly GDP Service-Providing

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022100

110

120

130

140

150

160

170

180

190

200

210

220

230

100

110

120

130

140

150

160

170

180

190

200

210

220

230

Jul

CANADA REAL MONTHLY GDP BY INDUSTRY(billions of 2012 Canadian dollars, saar)

Manufacturing (187.2)Mining, and Oil &Gas Extraction (123.6)

Source: Statistics Canada and Haver Analytics.

yardeni.com

Figure 30.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202260

80

100

120

140

160

60

80

100

120

140

160

Jul

CANADA REAL MONTHLY GDP BY INDUSTRY(billions of 2012 Canadian dollars, saar)

Construction (140.6)Oil & GasExtraction (97.0)

Source: Statistics Canada and Haver Analytics.

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Figure 31.

Monthly GDP Goods-Producing

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 202216

20

24

28

32

36

40

44

48

16

20

24

28

32

36

40

44

48

Jul

CANADA REAL MONTHLY GDP BY INDUSTRY(billions of 2012 Canadian dollars, saar)

Utilities (44.9)Mining & Quarrying (32.7)(ex gas & oil)Agriculture, Forestry,Fishing & Hunting (42.4)

Source: Statistics Canada and Haver Analytics.

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Figure 32.

Monthly GDP Goods-Producing

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