Canadian dollar slides after weak November jobs data
The Canadian economy has shed full-time jobs in November. Traders continue to focus on the prospect of economoci weakness, and eventual interest rate cuts in Canada and the U.S. Translation: USD/CAD positive.
Toll Bros. Inc., one of the U.S.’ largest home builders, says it simply has no idea when the downturn in housing will end. Friday’s report indicated the biggest drop in housing starts in six years. This presages a sharp downturn in U.S. economic growth into next year.
The housing slump is beginning to affect other sectors as well, suggesting a similar recession in the manufacturing sector.
The ISM reported that, for the first time in nearly four years, its factory index fell below a key 50 threshold, signalling a contraction in this key sector. It had been expanding for the past 41 months. Sales of construction materials have slowed, and there have been cuts in production of automobiles.
Toll Bros. Inc., one of the U.S.’ largest home builders, says it simply has no idea when the downturn in housing will end. Friday’s report indicated the biggest drop in housing starts in six years. This presages a sharp downturn in U.S. economic growth into next year.
The housing slump is beginning to affect other sectors as well, suggesting a similar recession in the manufacturing sector.
The ISM reported that, for the first time in nearly four years, its factory index fell below a key 50 threshold, signalling a contraction in this key sector. It had been expanding for the past 41 months. Sales of construction materials have slowed, and there have been cuts in production of automobiles.
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