Upcoming macroeconomic events, November and December 2017
Do you write or edit portfolio manager commentaries? Do you want to stay on top of the macroeconomic events that shape your day-to-day life as a financial services marketer?
If so, here are the big macro events that the ext. team is keeping an eye on over the coming weeks.
- Canada will announce its gross domestic product (“GDP”) growth for the third quarter on December 1. GDP growth hit a near six-year high in the second quarter at 1.1% (or 4.5% annualized), on the strength of household consumption and exports. The economy has faced some potential challenges during the third quarter – reduced exports and monetary tightening – which could have an impact on the overall strength of the economy
- Also on December 1, Canada’s unemployment rate for November will be announced. While 35, 000 jobs were added in October, the unemployment rate crept higher to 6.3%. Still, the unemployment rate has trended lower in 2017, hitting its lowest rate since 2008 in both August and September
- On December 5, Canada will announce its balance of trade for October. Canada has experienced monthly trade deficits over 2017, except for January. The balance of trade will be an important economic indicator for Canada as uncertainty persists surrounding the North American Free Trade Agreement renegotiation, an important trade agreement with the U.S. and Mexico that has a significant impact on the Canadian economy
- The Bank of Canada (“BoC”) will announce its interest rate decision on December 6. The BoC held its benchmark overnight rate at 1% at its October meeting, following its unexpected increase of 25 basis points (“bps”) in September. While economic growth was strong in the second quarter, the BoC believes that its current stance is appropriate given continued uncertainties and inflation that still runs below its 2% target
- The U.K. inflation rate for November will be announced on December 12. Inflation has been running well above the Bank of England’s (“BoE”) 2% target throughout the year. The BoE raised its Bank Rate by 25 bps to 0.50% in November, believing that a gradual tightening process could bring inflation closer to its target
- On December 13, the U.S. inflation rate for November will be announced. Inflation in the U.S. has trended upward over the past few months, hitting the U.S. Federal Reserve Board’s (“Fed”) target of 2% in both September (2.2%) and October (2.0%). The inflation rate will be an important consideration in the Fed’s future federal funds rate decisions
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