Canada – Factory sales were up 1.7% in October after falling 0.5% in September. Although sales advanced in 14 of 21 industries, gains were mostly reflective of price increases, volumes having remained largely trendless since last May.
Industry capacity utilization rose for a fifth quarter in a row to reach 78.1% in 2010Q3. This is more than 10 percentage points higher than the cyclical low of 67.8% attained in 2009Q2. The Q3 gain was largely reflective of improved activity in the manufacturing sector, where capacity utilization now stands at 81.2%.
The number of new motor vehicle sold in October declined 0.3% to 134,427 units. Preliminary data suggest sales remained unchanged in November.
In 2010Q3, labour productivity registered a slim gain of 0.1% in Canada, compared with 0.6% in the United States. The Composite Index of Leading Indicators climbed 0.3% in November. Contributing to the push was a sharp turnaround in the housing index, which progressed 2% after retreating for six straight months.
United States – The FOMC met for the last time this year and, as expected, left its policy stance unchanged.
Retail sales jumped 0.8% in November after springing 1.7% (revised) in October, leading most observers to conclude that the holiday shopping season had got off to a strong start.
Industrial production grew 0.4% in November with gains in machinery, computers and electronics, and utility production.
Capacity utilization stretched to 75.2%.
After remaining flat for 3 months running, core CPI eked up 0.1% month over month in November. The rent index recorded its largest increase (+0.2%) since March 2009. On a 12-month basis, core CPI sped ahead 0.8%. The all-items index moved higher 1.1%.
Housing starts vaulted 3.9% to 555k in November. October starts were revised up 15k to 534k. However, building permits were down 22k from the previous month to 530k, suggesting starts will remain at depressed levels until spring.
Business inventories swelled 1.9% in October. The index of small-business sentiment hit 93.2 in November, its highest level in 3 years, while both the Empire State Manufacturing Survey (10.57 vs. -11.14 in November) and the Philly Fed index (24.3 vs. 22.5 previously) fared better than expected. In November, the Index of Leading Indicators rose 1.1%, recording its largest gain since March.
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