Wholesale Trade Increases In Canada
- Wholesale trade in Canada rose 0.1 percent from March to April due to increased machinery, equipment, and supplies sales. Sales in that sector rose 2.3 percent from the previous month. Inventories increased 0.1 percent and the inventory-to-sales ratio was unchanged at 1.31.
- The U.S. Labor Department announced last week that the number of individuals who file for federal unemployment benefits fell to 218,000 during the week that ended June 16, down from 221,000 the week before. The four-week moving average of first-time claims also declined while the number of individuals who continued to receive benefits rose to 1.723 million for the week that ended June 9. That figure was up from 1.701 million the week before. The four-week moving average of continuing claims fell, however, and is now at its lowest level since December 8, 1973.
- The Federal Reserve Board of Philadelphia announced last week that its manufacturing survey for the Pennsylvania-New Jersey region remained positive but decreased 15 points in June. Almost 37 percent of the manufacturers reported increases in overall activity this month, while 17 percent reported decreases.
- In other economic news: the Conference Board Leading Economic Index increased 0.2 percent in May to 109.5, a reading that indicates “solid growth” in the future; the number of new homes under construction in the United States rose five percent from April 2018 to May 2018 and 20.3 percent from May 2017 to May 2018; and the number of existing homes sold in the United States fell 0.4 percent from April to May and three percent year-over-year.