Upcoming macroeconomic events – June/July 2019

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.

  • The U.S. will announce its final first quarter gross domestic product (“GDP”) growth rate on June 27. In its second estimate, GDP growth was revised down to 3.1%, from an initial estimate of 3.2%. Fixed investment and private inventories were revised lower, while exports was revised higher. Despite the downward revision, economic growth was still strong and an improvement over the fourth quarter of 2018
  • On July 3, the U.S. will announce its balance of trade for May. In April, the U.S. trade deficit narrowed to US$50.8B, versus US$51.9B in March. With fresh new tariffs imposed on China, along with retaliatory tariffs from China, this will be an important reading to determine what type of impact these actions are having on U.S. trade results
  • The Canadian unemployment rate for June will be announced on July 5. In May, the unemployment rate was 5.4%, an improvement from the 5.7% in April. This is the lowest rate since 1976. The labour market has been particularly robust, adding jobs and seeing wage gains. Despite weakness in other parts of the economy, labour continues to be a strong spot, which bodes well for the overall health of the economy
  • The Bank of Canada (“BoC”) will announce its interest rate decision on July 10. At its last meeting in May, the BoC held its benchmark overnight interest rate steady at 1.75%. The BoC will closely monitor economic data to determine whether or not further rate increases are needed. In its statement, the BoC noted that it will closely monitor consumer spending, the price of oil and developments in global trade. Of particular interest is the BoC’s belief that the recent economic slowdown was temporary
  • On July 15, China will announce its GDP growth rate for the second quarter. The Chinese economy expanded 6.4%, annualized, in the first quarter of 2019. Personal spending contributed to growth, partly as a result of the government’s stimulus measures. However, China is deeply embroiled in a trade war with the U.S. and what impact further tariffs by the U.S. government will have on Chinese exports is yet to be seen

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