Weak data out of Europe and China have hastened the flight to safety.
China’s official
purchasing managers’ index for May – as released by the National Bureau of
Statistics – has fallen to its lowest level so far this year and sits at 50.4%,
just inside expansion territory and down from last month’s 13-month high of
53.3%.
European jobless
numbers are also discouraging, especially in light of the debt troubles.
Eurozone unemployment has hit a record high 11%.
The most anxiously
awaited number for the week, U.S. employment, has come up well short of
expectations. Non-farm payrolls increased by 69,000. Analysts had been looking
for 150,000. The unemployment rate now stands at 8.2%, up 0.1%. Employment
figures for the previous 2 months have been revised downward.
ISM manufacturing
index and construction spending are also out today.
In Canada real GDP
climbed 1.9% in Q1, in line with expectations and matching Q4. M/M real GDP
edged up 0.1% in March.
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