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North America Weekly

U.S. Trade Deficit Narrows; “Unusual Uncertainty” in Canada’s Monetary Outlook


We kick off our look at North America with the U.S., where improvement in the trade balance in July reversed most of the sharp widening of the deficit in June, although the data still point to a modest negative contribution to growth in Q3. Meanwhile, incoming data on inventory levels amid the cooling demand suggest that the recent uptick in inventory levels was stronger than warranted. This week, we expect a positive print on industrial production, although regional surveys for September should point to continued softening in activity. We expect core retail sales to[...]

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