Weekly Bottom Line July 17, 2009
Source: Lee Politano, Mortgage Specialist (780) 264-1749 TD Bank Financial Group
HIGHLIGHTS OF THE WEEK
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Minutes of the FOMC reveal that the Fed has upgraded its economic growth forecasts. The central bank now expects a contraction of -1.5% to -1.0% in 2009 and growth of 2.1% to 3.3 in 2010%.
- U.S. retail sales recorded a better-than-expected +0.6% in June, led by auto and gasoline sales.
- Housing starts in the U.S. jumped up to 582,000 in June, marking the second straight month of gains.
- U.S. headline CPI advanced 0.7% in June, but remain down 1.4% Y/Y; core inflation was up 0.2% on the month and 1.7% above year-ago levels.
- Federal deficit hit $1.1 trillion during the first nine months of the fiscal year beginning in October.
- Canadian manufacturing sector continues to reel from outside pressures as the downward spiral in manufacturing shipments continued with a 6.0% decline in May
- The domestic economy looks set to recover as both auto and home sales improve.
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