WINNIPEG, July 3 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.
– The Canadian economy reported a trade surplus in the month of May, marking only the fourth monthly surplus since 2014. According to recent data from Statistics Canada, exports in May increased by four per cent, compared to just 1.1 per cent during the previous month. The surplus of C$762 million ($582 million) was largely due to exports to the U.S. rising 3.7 per cent to C$39.3 billion. According to Bloomberg, this data “suggests the trade sector is poised to make a major contribution to growth in the second quarter.”
– According to a recent report from ADP Research Institute, U.S. private payrolls increased by 102,000 in May, falling below economists’ expectations. 140,000 jobs were expected to be added. The United States Department of Labor will release June employment numbers on Friday, which is expected to show payroll growth of 164,000. “Job growth started to show signs of a slowdown,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, to Yahoo Finance. “While large businesses continue to do well, small businesses are struggling as they compete with the ongoing tight labor market.
– After a week of losses, oil prices have recovered thanks to recent data that U.S. inventories fell by almost 5 million barrels last week. The Organization of Petroleum Exporting Countries and its allies recently announced that production cuts will continue into 2020, seeking to reduce global stockpiles in the wake of flagging demand trends.