HIGHLIGHTS OF THE WEEK – September 7

United States
• Following last week’s Jackson Hole meeting, investors appeared to be passing time leading up to Friday’s
jobs report, placing a high level of importance on one number – the change in nonfarm payrolls.
• While the U.S. economy added 151k jobs in August, the number fell below expectations for a 180k print.
• Also making a case against a near-term hike was the weak inflation performance in July as well as the
surprisingly weak ISM manufacturing report, which slipped back into contractionary territory.
• As such, the Federal Reserve will likely remain on hold when it meets again in just over two weeks.

Canada
• The Canadian economy contracted by 1.6% in the second quarter, weighed down heavily by the Alberta
wildfires. Excluding this impact, economic activity was still soft, growing by a meagre 0.4% annualized.
• International trade data for July was encouraging, with export volumes rebounding by 3.7% and imports
falling by 1.2%.

For further information, please contact:

John Maveety Manager, Residential Mortgages – Greater Ottawa Area TD Canada Trust
T: (613) 371-1984 F: (888) 899-1984 P: (866) 767-5446
[email protected]