Consumer spending soft in January: RBC
Canadians buying fewer discretionary goods, eating out less
- By: Kevin Press
- February 17, 2025 February 14, 2025
- 05:07
Canadians buying fewer discretionary goods, eating out less
Lower rates needed to offset demographic, financial headwinds
Wholesale sales dropped 0.2% to $83.6 billion in December; wholesale sales were down 0.8%
However, in constant dollars, overall manufacturing sales fell 0.8%
Restaurants Canada is calling for the relief to be extended or made permanent
Sales dropped 0.9% on a month-over-month basis: U.S. Commerce Department
One in five say their company will go under in the next quarter if Ottawa doesn't provide support
The tariff increases would be customized for each country with the partial goal of starting new trade negotiations
Jobless rates unchanged in December, remaining low for the year
Economy grew by 0.1% for the quarter and 0.9% overall in 2024
As fight against inflation stalls, expectations for rate cuts this year have diminished
Claims fell by 7,000 to 213,000 for the week ending Feb. 8
Central bank says it will provide updates if trade war developments materially change its outlook
Underlying outlook is positive, but tariffs a dark cloud for housing
Fed will continue to "make our decisions based on what’s happening in the economy," he tells House committee
The consumer price index increased 3% in January from a year ago
The 25% levy on aluminum and steel exports starts March 12
A stronger housing market also possible, according to Market Participants Survey
Transition risks ease in short-term, but longer term threats loom
Respondents said they worked multiple jobs due to fewer full-time job opportunities, to cover expenses
Canada led G7 in per capita household income growth
The White House plans to announce 25% tariffs on steel and aluminum imports into the U.S. on Monday
25% jump is the biggest year-over-year increase since the study launched in 2011
On Tuesday, the central bank chair said the Fed is 'well positioned' to deal with risks, uncertainties
PM calls steel and aluminum tariffs "unacceptable"