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Daily Update (Source: RBC Financial Group) Canadian job growth surprises on the upside ... again! May 9, 2008 Canada’s labour market beat forecasts once again with the economy creating another 19,200 jobs in April, solidly beating market forecasts for a 10,000 job increase. The unemployment rate edged up to 6.1% as another 23,800 people entered the labour force, but remains near generational lows. The wage measure for permanent employees rose 0.2%, much slower than last April’s 0.7% outsized gain and resulting in the year-over-year rate slipping to 4.2%, but still solidly outstripping inflation. Gains were concentrated in full-time positions, which rose 20,600, while part-time jobs fell ....     More >> Weekly Commentary Rainy Day Savings Darken US Outlook - May 7, 2008 By Peter G. Hall, Vice-President and Deputy Chief Economist, Export Development Canada The sun has shone steadily on the US economy for well over a decade – long enough that many forgot about rainy days. And with the memory lapse, saving for a rainy day became a long-lost practice. But the rain has begun to fall, and a prolonged wet spell is forecast. With savings rates perilously low, US consumers may suddenly get frugal. The consequences would be grim. US consumers’ savings rates are among the lowest in the OECD. They always have been, but the wedge has widened in recent years. Back in the early 1990s, US consumers saved about 7% of their disposable income. By the latter 1990s that was down to the 4% level, and in t ...     More >> Economic Research Select economic research from : Bank of Canada Bank of Montreal Bank of Nova Scotia CIBC Export Development Canada Industry Canada National Bank of Canada Royal Bank of Canada TD Canada Trust Monthly Economic Calendar - May 2008 Thursday, May 1 Auto Sales* - Apr. 5-year bond auction announcement 7:30 am: Challenger Layoff Report - Apr. 8:30 am: Initial Claims - Apr. 26th week 8:30 am: Personal Income & Consumption - Mar. 10:00 am: ISM Index - Apr. 10:00 am: Construction Spending - Mar. Auto Sales* - Apr. Friday, May 2 8:30 am: Employment Report - Apr. 10:00 am: Factory Orders - Mar. Monday, May 5 8:15 am: Foreign Reserves - Apr. 10:00 am: Non-mfg ISM Index - Apr. 3 & 6-month T-bill auction Tuesday, May 6 8:30 am: Building Permits - Mar. 10:00 am: Ivey Purchasing Managers' Index - Apr. 8:55 am: Redbook - May 3rd week North Carolina, Indiana Primaries Wednesday, May 7 5-year bond auction 8:30 am: Productivity - Q1 P 10:00 am: Pending Home Sales - Mar. 3:00 pm: Consumer Credit - Mar. 10-year note auction Thursday, May 8 8:15 am: Housing Starts - Apr. 8:30 am: Initial Claims - May 3rd week 10:00 am: Wholesale Trade - Mar. 1:30 pm: Chain-Store Sales - Apr. 30-year bond auction Friday, May 9 7:00 am: Employment Report - Apr. 8:30 am: Merchandise Trade Balance - Mar. 8:30 am: Goods & Services Trade Balance - Mar. Monday, May 12 8:30 am: New Housing Price Index - Mar. 2:00 pm: Treasury Budget - Apr. 3 & 6-month T-bill auction Tuesday, May 13 8:30 am: Retail Sales - Apr. 8:30 am: Trade Price Indices - Apr. 8:55 am: Redbook - May 10th week 10:00 am: Business Inventories - Mar. West Virginia Primary Wednesday, May 14 8:30 am: Consumer Price Index - Apr. Thursday, May 15 8:30 am: Manufacturing Sales & Orders - Mar. Existing Home Sales* - Apr. 2-year bond auction announcement 8:30 am: Initial Claims - May 10th week 8:30 am: Empire State Manufacturing Survey - May 9:00 am: Foreign Purchases of U.S. Securities - Mar. 9:15 am: Industrial Production and Capacity Utilization - Apr. 10:00 am: Philadelphia Fed Index - May Friday, May 16 8:30 am: New Motor Vehicle Sales - Mar. 8:30 am: Housing Starts - Apr. 8:30 am: Building Permits - Apr. 10:00 am: University of Michigan Consumer Sentiment Index - May P Monday, May 19 Victoria Day 10:00 am: Leading Indicators - Apr. 3 & 6-month T-bill auction Tuesday, May 20 8:30 am: Wholesale Trade - Mar. 8:30 am: International Securities Transactions - Mar. Ottawa's Fiscal Monitor* - Mar. 8:30 am: Producer Price Index - Apr. 8:55 am: Redbook - May 17th week Oregon, Kentucky Primaries Wednesday, May 21 7:00 am: Consumer Price Index - Apr. 8:30 am: Leading Indicators - Apr. 2-year bond auction FOMC minutes from April meeting Thursday, May 22 8:30 am: Retail Sales - Mar. 30-year real return bond auction announcement 8:30 am: Initial Claims - May 17th week 10:00 am: OFHEO House Price Index - Mar., Q1 2 & 5-year note auction announcement Friday, May 23 10:00 am: Existing Home Sales - Apr. Monday, May 26 Memorial Day Tuesday, May 27 9:00 am: S&P Case-Shiller Home Price Index - Mar., Q1 10:00 am: New Home Sales - Apr. 10:00 am: Conference Board Consumer Confidence Index - May 3 & 6-month T-bill auction Wednesday, May 28 30-year real return bond auction 8:30 am: Durable Goods Orders - Apr. 8:55 am: Redbook - May 24th week 2-year note auction Thursday, May 29 8:30 am: Current Account Balance - Q1 8:30 am: Average Weekly Earnings - Mar. 30-year bond auction announcement 8:30 am: Real GDP - Q1 P 8:30 am: Corporate Profits - Q1 P 8:30 am: Initial Claims - May 24th week 10:00 am: Help-Wanted Index - Apr. 5-year note auction Friday, May 30 8:30 am: Real GDP - Q1 8:30 am: Real GDP at Basic Prices - Mar. 8:30 am: Industrial Product Price Index - Apr. 8:30 am: Raw Materials Price Index - Apr. 8:30 am: Personal Income & Consumption - Apr. 9:45 am: Chicago Purchasing Managers' Index - May 10:00 am: University of Michigan Consumer Sentiment Index - May F * = Date approximate Courtesy BMO Nesbitt Burns