The value of building permits totalled $5.0 billion in August, up 7.2% from July. The value of building permits in the non-residential sector increased 2.2% to $2.1 billion in August, as a result of gains in the commercial and industrial components. Increases in British Columbia and Ontario more than offset declines in the non-residential sector in seven provinces. read more
Economist Derek Burleton looks to his neighbour for evidence that Ottawa’s stimulus dollars are at work. “Anecdotally, you do hear a lot of people talking about renovating this year, including my neighbour,” he says in response to Prime Minister Stephen Harper’s latest report card on how public sector stimulus is impacting the economy. But in most cases, TD Bank’s Burleton says Canadians will have to take the government’s word on faith — or not — to determine how much of the $46.6 billion Ottawa has committed over two years is already boosting growth and job creation. read more
Employment increased for the second consecutive month, up 31,000 in September, driven by large full-time gains. The unemployment rate fell by 0.3 percentage points to 8.4%, the first monthly decline since the beginning of the labour market downturn in the fall of 2008. Following an increase the previous month, employment in construction rose again in September (+25,000). read more
The U.S. economy is having growing pains. Discouraging new reports on unemployment and manufacturing have reinforced worries that job losses and meager factory output will make for a weak recovery as the nation climbs out of the worst recession in decades. “The economy is not moving quickly from recession to expansion. It is moving in a very halting way,” said Mark Zandi, chief economist at Moody’s Economy.com. “Given the severity of the downturn, we are not going to come roaring back.” read more