1) Leadership Perspectives: Economic Matters, Episode 16 (audio)

Reinventing Cities with Mary Rowe and Pedro Antunes (https://www.conferenceboard.ca/insights/economics-matters-ep16/?utm_source=cboc_newsletter&utm_medium=email&utm_campaign=marketo_economics&utm_content=topbullet-econ_oe_aug624&mkt_tok=MDk0LUVHRi02MzkAAAGUxz2hL6lATV2AI_jUedXuq1u1Fd_Ei1aq-06jEggio3aVW-9fG1jJBKzc5Zo6izik8yesPGziuyVUVbxqk4l4yNpvEwM7HG5eshL72BmZ78tC

Canadian Economics July 24, 2024

The last four years have brought many changes to the ways in which we live, work, and shop. These new habits are reshaping cities, and the road to the new normal is proving very bumpy for cities across the country.  In this episode, our guests explore how cities are reinventing themselves and talk about the critical role cities, and the people and businesses that comprise them, form the backbone of our economy.

Learn more:

• Cracking the Productivity Code: Charting a New Path to Prosperity (CBoC)
• The Canadian Urban Institute is a leading organization dedicated to advancing urban solutions. CUI collaborates with city builders, researchers, and community leaders to create thriving, equitable, and sustainable urban spaces across Canada. Learn more at canurb.org today.
• CityTalk Live is Canada’s premier live webinar exploring what’s working, what’s not and what’s next for our cities. Produced by the Canadian Urban Institute.

Mary Rowe, President and CEO, Canadian Urban Institute

Pedro Antunes, Chief Economist, The Conference Board of Canada

2) Crude Oil and Gold Exports Drive June Trade Surplus

• Canada’s merchandise exports were up 5.5 per cent (month-over-month) in June. Meanwhile, imports rose by 1.9 per cent. As a result, Canada’s merchandise trade balance moved from a deficit of 1.6 billion in May to a surplus of $638 million in June.
• Exports rose to $66.6 billion in June. They were up in 9 of 11 categories with exports of energy products (+11.7 per cent) and metal and non-metallic mineral products (+11.8 per cent) contributing most to the monthly increase. However, exports of motor vehicles and parts fell, slightly taking a bite out of the overall gains in June. In volume terms, total exports were up 3.8 per cent.
• Imports increased to $66.0 billion in June—equaling the all-time high seen in June 2022. Imports of motor vehicles and parts rose 5.1 per cent and contributed most to the increase in total imports. Further, imports of consumer goods were up 3.7 per cent while imports of metal ores and non-metallic mineral products (-17.1 per cent) partially offset the monthly gains. Overall, increases were observed in 9 of 11 product sections. In volume terms, imports rose by 1.3 per cent.
• Canadian exports to the U.S. were up 2.6 per cent. Meanwhile, imports from the United States rose by 1.7 per cent. As a result, the merchandise trade surplus with the United States widened from $8.8 billion in May to $9.4 billion in June.

Key Insights

Exports of energy products and metal and non-metallic mineral products posted sharper increases than all other product categories. Specifically, exports of crude oil, which rose 13.3 per cent in June, contributed most to the monthly increase in energy product exports. Higher export volumes of crude oil to Asian countries drove this monthly result—which coincides with the recent completion of the Trans Mountain pipeline expansion. Meanwhile, exports of unwrought gold, silver and platinum group metals and their alloys were up 35.3 per cent, driven by higher demand for gold, and contributed most to the overall increase in exports of metal and non-metallic mineral products.

On the import side, increases in motor vehicles and parts were central to the monthly gain. Imports of passenger cars and light trucks were up 8.2 per cent to reach a record $6.8 billion in June, rising for the fourth time in five months, despite there being disruptions and delayed deliveries in the U.S. towards the end of 2023 into early 2024.

Exports are expected to outpace imports this year. Although that dynamic will come behind both moderate export and import activity. Export growth will be contained by cooler growth in the U.S. economy, with the underlying weakness in exports felt mostly in non-energy exports. Meanwhile, import growth will lag that of exports. In late 2024, U.S. election outcomes could negatively impact trade prospects, as both major parties support increased protectionism against Canada

3)Proceed with Caution: U.S. Outlook to 2028—July 2024

Canadian Economics, July 29, 2024

Author: Meghan Eibner

Note: This is a paid article: Cost: $1,260.00 https://go.conferenceboard.ca/MDk0LUVHRi02MzkAAAGUxz2hL4ahqFNcWA3_nrHffyJKhPH8a7vK2hYOtv179facy4uCU6BQkCGcqr1JbMOsCbvGIBY=

This quarterly report focuses on the latest economic developments in the U.S. economy, tracking trends in labour, consumer, energy, and housing markets and examining industries and regions. Monetary and fiscal policy assumptions are also included.

This online experience examines the U.S. outlook until 2028. It includes projections of several variables in the U.S. economy, including employment, GDP growth, and deficits.

Will consumer spending, the backbone of economic performance, continue to be tamed by the prolonged restrictive monetary stance? Will employment slow in 2024 compared with last year, and will the unemployment rate increase? What is the outlook for the U.S. housing market? And will the large trade and current account deficit persist over the forecast period?