In a divided decision, the Federal Open Market Committee (FOMC) decided to maintain the federal funds rate in its current range of 1/4 to 1/2 percent for the sixth consecutive time. There were three dissenters at this meeting. Esther George (Kansas City Fed President) was joined by Loretta Mester (Cleveland Fed President) and Eric Rosengren…Read More
This morning, The Canadian Real Estate Board (CREA) released their national real estate statistics for August, which showed a further slide in home sales as new listings resumed their decline and home prices increased once again. For Canada as a whole, the number of homes trading on the MLS Systems fell 3.1% month-over-month in August–the…Read More
The August jobs report was stronger than expected as payrolls bounced back from a significant July decline. Canada’s economy added 26,000 jobs last month (a 0.1% gain), thanks to large gains in the public sector and increased payrolls in Quebec. The rebound followed a disappointing July report where the economy shed 31,200 positions, with big…Read More
Bank of Canada Hold Overnight Rate at 0.5% The Bank of Canada’s decision to hold rates steady once again was very much as expected, even though first half growth was well below the forecast in the July Monetary Policy Report. US growth in the first half of this year was also disappointing, reflecting weakness in…Read More
U.S. Hiring Cooled in August U.S. payrolls rose by 151,000 last month, below the expectation of 180,000, while the jobless rate held steady at 4.9%. This in combination with weakness in yesterday’s Purchasing Manager’s Index (PMI) report for August showing a slowdown in manufacturing activity reduces the likelihood of a Fed rate hike at its…Read More
According to data released this morning by Statistics Canada, the Canadian economy declined at a 1.6% annual pace in the second quarter, the largest quarterly decline since the global financial crisis in Q2 2009. In comparison, the U.S. economy grew at a 1.1% annual rate last quarter, more sluggish than expected earlier this year. The…Read More
There has been much hand-wringing about the overheated housing markets in Vancouver and Toronto. Accelerating price gains in the past year are indicative of a buying frenzy, especially in Vancouver, which is clearly unsustainable. New listings are way down, new supply is constrained, and buyer euphoria seems to be suggestive of panic fear of missing…Read More
Another woeful jobs report in Canada for the month of July triggers further pessimism. Following three consecutive months of stagnant employment, payrolls fell by a much-worse-than-expected 31,000 in July as the unemployment rate increased 0.1 percentage point to 6.9 percent. Gloomily, all of the loss was in full-time employment, which fell by 71,000 from June…Read More
On a hot summer Friday morning, Canadian and U.S. data gatherers posted GDP figures. The numbers look pretty bad and both countries, but fortunately, digging deeper, they were not as bad as at first glance. Canadian GDP Data The May figure for Canadian Gross Domestic Product by Industry posted a decline of 0.6 percent, but…Read More
To the surprise of no one, the Fed once again refrained from raising interest rates even though the U.S. economy has posted surprising strength in recent weeks. Following a very weak jobs report in May, the June figures showed a considerable bounce back. Retail sales and housing activity have also surprised on the high side….Read More
In a surprise move, British Columbia introduced a new 15 percent property transfer tax on foreign real estate buyers in Vancouver on Monday, action intended to calm soaring prices. The new tax would apply to buyers who are neither Canadian citizens, nor permanent residents. The definition of foreign buyer appears to include international students and…Read More
The decision by British voters to leave the European Union (EU) has shocked markets and will no doubt lead to continued uncertainty for an extended period. Stock markets around the world are reeling, the British pound has taken an unprecedented nosedive, commodity prices with the exception of gold are plunging and interest rates are falling…Read More
No one expected the Federal Reserve to raise rates today even though they have been criticized by some for lacking credibility. When the target overnight fed funds rate was first hiked late last year, the Federal Open Market Committee (FOMC) forecast four rate hikes this year. Now, most Committee members believe there will be only…Read More
First on the U.S. Jobs Front The May employment report was released this morning in the US and it was shockingly weak–indeed, the weakest number in almost 6 years. Nonfarm payroll employment was up only 38,000, well below the market expectation of 160,000. Not only was May incredibly weak, but the March and April job…Read More
Why Are People Taking So Much Money Out of China? China is experiencing the largest episode of capital flight in history, encouraged by the slowdown in economic activity, the plunge in the stock market and the surprise devaluation of the currency–the Chinese yuan (also called the renminbi) last August. Chinese businesses and consumers are moving money…Read More
In a short but not-so-sweet missive, the Bank of Canada left its target overnight rate unchanged at 1/2 percent as expected. The Bank, however, sharply reduced its forecast for second quarter Canadian growth owing to the devastating wildfires in Alberta. The Bank’s economists estimate that the fire-related damage and shutdown of oil production will reduce…Read More
March saw employment gains of 41,000 (+0.2%), the strongest reading in five months, with Alberta (of all places) enjoying the largest improvement. This lowered the unemployment rate by 0.2 percentage points to 7.1%. So it is not surprising to see job weakness in April report. Indeed, employment was virtually unchanged last month (-2,100 or 0.0%)…Read More
Crude oil prices are poised for their biggest monthly gain in seven years, hitting a new high for 2016, and as day follows night, the Canadian dollar is up sharply–just shy of 80 cents U.S. Today’s February GDP report was not as weak as expected following the blowout number in January, leaving Canada likely to…Read More
To no one’s surprise, the Bank of Canada left its target overnight rate unchanged at 1/2 percent. The Bank, however, reduced its forecast for the global economy and for the U.S. economy as well, suggesting that the outlook for Canadian exports is less favorable than earlier forecast. (Table 1 below shows the Bank’s current global…Read More
Following three months of little job growth, economists expected to see a modest 5,000 increase in employment in March. The jobless rate was forecast to hold steady at 7.3%, matching the highest level in over 3 years. Surprise! March came in like a lion, with employment up 41,000 (+0.2%)–the strongest reading in five months. This…Read More
Sherry Cooper P.H.D
10th May 2016
DeGroote School of Business – Canada in the Global Economy
10th May 2016
Tri-Cities Chamber of Commerce Economic Summit 2.0
31st Mar 2016
Canada’s Oil Future
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Sherry Cooper P.H.D
Dr. Sherry Cooper is a sought-after speaker, writer and advisor renowned for her ability to simplify and de-mystify the complex subjects of economics and finance.
Dr. Cooper is Chief Economist of Dominion Lending Centres. Canada’s leading mortgage and leasing company with more than 2,200 members offering free expert advice across Canada. In this role, Sherry helps Canadians understand the issues surrounding their most important financial decision – buying a home.
An award-winning authority on finance and economics, Sherry is also TMX Industry Professor at DeGroote School of Business, McMaster University.
Named “the megawatt celebrity economist” by Canada’s national newspaper –and repeatedly cited as one of the most influential women in Canada, Sherry served as Chief Economist and Executive Vice-President of BMO Financial Group where she was responsible for global economic and financial forecasting as well as country-risk and industry-risk analysis. She joined BMO Financial Group in 1994 when it acquired Burns Fry, where she had been Chief Economist, Co-Head of Fixed Income and the first female director of a Bay Street investment firm.
Well-known as a media commentator, Sherry’s third book – The New Retirement: How It Will Change Our Future – was a block-buster best-seller.
Dr. Cooper has an M.A. and Ph.D. in Economics from the University of Pittsburgh. She began her career at the Federal Reserve Board in Washington, D.C. where she worked very closely with then-Chairman, Paul Volcker and subsequently joined the Federal National Mortgage Association (Fannie Mae) as Director of Financial Economics.
BOOKS BY DR SHERRY COOPER
The New Retirement
How It Will Change Our Future In The New Retirement, global economic strategist Sherry Cooper explains that the boomer generation will be reaching traditional retirement age very soon and that an enormous wave of boomer retirees will crest in 2025. This phenomenon will profoundly affect the labour markets, the economy, and financial markets for decades….
Ride The Wave
In Ride the Wave, Dr. Sherry Cooper, global economic stregist, regular CNBC guest, and former Fed economist, shows how yesterday’s predictable business cycles have been replaced with a spiraling, unending rollercoaster. Yes, says Cooper, we are in the early stages of an “upwave.” In 20 years, the world will be a far wealthier place. But…
The Cooper Files
Never before in history has change been so rapid or so pervasive. We are in the early stages of a technology revolution that is changing the way we communicate, live, work, play and do business. What is Canada’s role in this transforming economy? How can Canadians prepare and profit from such change? Sherry Cooper provides…