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What happened last week?
On Monday, the Liberals and Prime Minister Carney were re-elected to a minority government. On Friday morning he conducted his first press conference. PM Carney’s prepared remarks and question-and-answer with reporters outlined actions priorities between now and Canada Day. They included a middle class tax cut, pledged the Conservatives to quickly call a byelection if asked, invited King Charles to deliver the Speech from the Throne to reopen Parliament, and planned a trip to Washington. Prime Minister Carney intends to negotiate the tariff and trade situation and discuss the broader relationship between the two countries with President Trump. Elections Canada results Carney Recap
Gross Domestic Product data was released in Canada and the U.S., along with American nonfarm payrolls information. Canadian real GDP was 0.2% lower in February, following a 0.4% increase in January. Goods producing industries fell 0.6%, services-producing industries slipped 0.1% in February. Mining, oil and gas extraction, construction, real estate, rental and leasing declined while durable goods, finance and insurance rose. StatsCan and GDP
American GDP decreased at an annual rate of 0.3 percent in the first quarter of 2025 according to the advance estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2024, real GDP increased 2.4 percent. BEA release
U.S. nonfarm payroll employment increased by 177,000 in April and the unemployment rate was unchanged at 4.2 percent according to the Bureau of Labor Statistics Employment Situation Summary release. Employment trended upward for health care, transportation and warehousing, financial activities and social assistance, while federal government employment declined.
Additionally, EuroStat released the latest Eurozone inflation estimate for April. The Harmonized Index of Consumer Prices is unchanged from March and sits at 2.2 percent. EuroStat's CPI release
What’s ahead for this week and beyond?
In Canada, imports, exports and trade balance, and a full employment report (jobs, participation rate, unemployment rate, wages) will be released. Prime Minister Mark Carney will travel to Washington.
In the U.S., imports, exports and trade balance, nonfarm productivity, wholesale sales and inventories, and several Purchasing Managers Indexes (PMIs) will be reported. On Wednesday afternoon, the Federal Reserve will release its interest rate decision and conduct a press conference.
Globally, the Eurozone’s investor confidence, PMIs, Producer Price Index (PPI) and retail sales, China’s foreign exchange reserves, trade balance, Consumer Price Index (CPI) and PPI, Japan’s household spending, wages, coincident indicator and leading index and PMIs will be announced. The European Central Bank releases its stability review.
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