Apr. 6, 2018

North-American job data

  • Canada added 32,000 jobs in March, driven by full-time gains; unemployment 5.8%
    • Alberta added 8,300 jobs in March, all being part-time; unemployment rate 6.3% vs 6.8% M/M, lowest since 2015.
    • Alberta created 46,000 full-time jobs Y/Y, increase of 2.5%. Manufacturing 15,000, oil and gas 14,200, business support services 5,500, government 3,600.
    • Edmonton unemployment rate 6.1%; Calgary 8.2% vs 7.9% expected.
  • U.S. added 103,000 jobs in March vs 183,000 expected. Unemployment rate unchanged at 4.1%
    • Wages up 2.7% Y/Y, as expected.

Housing

  • Toronto:
    • Average price for a home in GTA was $784,558 in March, down 14% Y/Y.
    • Average GTA condo sold for $551,003 in March, up 6.1% Y/Y.
    • 7,228 homes sold in March, down 40% Y/Y. Detached home sales fell 46%, condo sales down 33%.
    • Active condo listings in March were 45% below the average for the past 7 years.
  • Vancouver:
    • Price for various types of housing averaged $1,234,414 in March. Condos $723,827 in March, up 22.8% Y/Y. Detached houses $1,607,886, down 6.2% Y/Y.
    • Average price for townhouses $966,221 in March, up 16.3% Y/Y.
    • March’s sales 23% under the 10-year average for the month.

Tariffs

  • China proposed increased tariffs of 25% on $50 billion worth of U.S. made goods in 106 categories. Will retaliate quickly if more sanctions are imposed.
  • U.S. proposed 25% tariffs on $50 billion worth of Chinese goods covering 1,300 categories, and is considering adding $100 billion more.
  • U.S. industries and companies have until May 22/18 to respond to proposal; there will be a public hearing on May 15/18. The Administration then has 6 months to decide whether to follow through with the levies.
  • On the positive side, Secretary of the Treasury Mnuchin is planning to go to Beijing to talk with Chinese officials about a resolution.

Tidbits

  • At least 4 U.S. pipeline companies have seen their electronic systems for communicating with customers shut down over the last few days, with 3 confirming it resulted from a cyberattack.
  • Japan is moving toward legalizing initial coin offerings, laying out basic guidelines for further adoption of digital currencies.
  • President Trump plans to deploy the U.S. military to guard the border with Mexico and stated the U.S. would leave NAFTA unless they receive assurances of help of securing the border.
  • Facebook said personal information of up to 87 million users, including 622,000 Canadians, may have been improperly shared with Cambridge Analytica.