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Expect soft consumer spending ahead, TD says

Lofty post-pandemic outlays can't last, given higher debt servicing costs

  • By: IE Staff
  • August 30, 2023 August 30, 2023
  • 15:38
African businessman holding letter reading bad bank news about debt

Canadians turn to credit cards as many face payment shock

Total household debt reached $2.3 trillion in Q2, up 4.2% from last year

jobless puzzle pieces

Job vacancies, quits plunge in stark sign of cooling trend in U.S. labour market

The Federal Reserve will likely welcome Tuesday's data

Retail sales

U.S. consumer confidence wanes with prices still high and signs of a cooling job market

The downturn in spending showed up in the earnings reports of many high-profile retailers

Man and woman sitting in cafeteria discussing finance for the month. Stressed couple looking at bills sitting in restaurant wearing uniform apron. Cafe staff sitting together looking at expenses and bills. (Man and woman sitting in cafeteria discussi

Business optimism declined from the previous quarter

Majority of Canadian businesses still see rising inflation as obstacle, according to a StatsCan survey

Frankfurt, Germany - November 09, 2020: European Central Bank ECB, EZB headquarters at Eastend Frankfurt, Germany. The European Central Bank (ECB) is the central bank of the Eurozone. Close-up of the logo in front of the building.

ECB’s Lagarde says interest rates to stay high as long as needed to defeat inflation

Her address followed a speech earlier Friday in Jackson Hole by Federal Reserve Chair Jerome Powell

Federal government posts $3.62 billion surplus for April to June

Revenues for the period totalled $110.58 billion, up from $107.88 billion a year earlier

China currency

Don’t give up on China, portfolio managers say

Targeted stimulus and consumer spending seen as keys to jump-starting economy

Bond market suggests “soft landing” for U.S.

Narrowing bond spreads signal confidence in borrowers, economy

Federal Reserve building

Powell at Jackson Hole: Economy’s solid growth could dictate additional rate hikes

Reiterates the central bank's determination to keep its benchmark rate elevated until inflation falls to 2% target

China flag

China faces uncertain, slower growth future

Traditional economic drivers have peaked, and headwinds are building, Moody's says

arrow direction pointing up

Global monetary policy going separate ways: Fitch

Emerging markets begin to cut rates as developed markets stuck in hike mode

Map of BRICS countries

BRICS leaders locked in discussions over expansion of their economic bloc

All five leaders are said to back the principle of letting in new members, but decision still uncertain

Central bankers deciding economy

With U.S. economy still humming, are we facing higher-for-longer interest rates?

As central bankers gather at Jackson Hole conference this week, speeches will be scrutinized for hints

Retail sales

Retail sales edge up 0.1% in June: StatsCan

Consumer spending “continued to sputter” as economic growth weakened

Vancouver skyline

Report says detached home prices in Toronto, Vancouver and Fraser Valley down

A drop in prices in the first quarter triggered a surge in home-buying activity in the second

House for sale

U.S. home sales slumped in July as rising mortgage rates and prices discouraged buyers

The shortage of homes for sale has kept the market competitive

S&P downgrades handful of U.S. banks

Five regional banks face rating cut, outlooks downgraded for two others

Direction of stock market.opportunity time.buy and sell.change for chance.positive thinking

Mutual fund redemptions climb, ETF sales slow

Fund assets rose in July, with ETFs climbing faster than mutual funds

Inflation causing price rising up, overvalued stock or funds, consumer purchasing power reducing concept, air balloon tied with product price tag flying high rising up in the sky.

Wages, productivity pose threat to inflation fight

Rising labour costs could mean a harder economic hit to curb inflation, Scotia report says

Business Council warns about debt costs as federal cabinet meets

Lobby group pointed to U.S. downgrade as a warning

Low angle view of Skyscrapers in downtown Toronto during the day

Five things to watch for in the Canadian business world this week

Retail sales and bank earnings top this week's releases

Mortgage signing

Home prices post second biggest monthly jump since 2006

Recent rises in home price index erased some of the earlier correction, Teranet–National Bank report said

Personal finances

Household debt growth modest in June

HELOC balances decline, cooling credit card and mortgage growth

Arrow up

Input prices resume rise in July: StatsCan

Energy price increases drove raw materials, industrial prices up