Glacier FarmMedia COVID-19 & the Farm

Global Markets: Canada’s GDP Strengthens In January

By Commodity News Service Canada

WINNIPEG, March 31 – The following is a glance at the news moving markets globally.

CANADA’S GDP GAINS IN JANUARY, FOURTH MONTH IN A ROW
Canada’s real gross domestic product rose 0.6 per cent in January, a fourth consecutive monthly increase. Manufacturing, retail trade, and mining, quarrying, and oil and gas extraction were major contributors to growth in January, Statistics Canada said in a report on Thursday.

According to StatsCan, the output of goods-producing industries grew 1.2 per cent in January, mainly as a result of increases in manufacturing and mining, quarrying, and oil and gas extraction. Utilities, construction, and the agriculture and forestry sector also rose.

US JOBLESS CLAIMS GAIN, BUT STILL BELOW KEY LEVEL
US jobless benefits in the week ended March 26 were up by 11,000, reaching a seasonally adjusted 276,000, according to reports on Thursday.

Despite the increase, the country’s labour force remains healthy, as indicated by a 55 week stretch of claims below 300,000, which is the longest stretch in 43 years.

CANADIAN NON-FARM PAYROLLS DOWN
Average weekly earnings of Canadian non-farm payroll employees were C$953 in January, down 0.7 per cent from the previous month. Compared with 12 months earlier, average weekly earnings were little changed at 0.4 per cent, Statistics Canada said in a report on Thursday.

According to StatsCan, the change in weekly earnings reflects a number of factors, including wage growth, changes in the composition of employment by industry, occupation and level of job experience, and average hours worked per week.

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