Independent Accountants' Investment Counsel Inc.

(source: Bloomberg, MSCI and ARG Inc. analysis)


What happened last week?

  • The week ended with Canada’s jobs report for August beating expectations by adding 90,000 in the month. The unemployment rate fell to 7.1% from 7.5%. The Canadian economy is 200,000 jobs below February 2020 levels, with the hospitality sector making up much of the lost ground as reopening continues.

  • To continue to bolster our economy the Bank of Canada left its supportive monetary policy actions unchanged. The Bank Rate is ½%, and the overnight rate and the deposit rate have been held steady at ¼%. The bond buying program also remains unchanged. (Source)

  • A lingering condition that has been influencing economic growth is supply-chain disruptions. As businesses reopen and attempt to return to full production, the availability of raw materials and component parts has not been universal. For example, the backlog of vehicles is large as the shortage of computer chips prevents the delivery of fully finished cars and trucks to new buyers. Recently automakers have announced plant closures and layoffs until the supply chain issues are resolved. Similar situations are found across the economy, and until it is resolved, the return to full production will be difficult.

  • As a result, equity markets have reflected the current and looming issues as the major North American indices lost value last week. As noted in previous Market Updates, volatility is expected to increase while these issues work themselves out.

What’s ahead for this week?

  • In Canada, manufacturing sales and new orders for July and the Consumer Price Index for August along with the existing home sales, housing-starts and average home prices will be released.

  • In the U.S., inflation for August through the Consumer Price Index is the most significant indicator to be released this coming week. Industrial production will also be announced along with the important retail sales figures.

  • Globally, Japan’s industrial production, machine orders and trade balance, China’s retail sales, industrial production, Eurozone consumer inflation, industrial production and trade surplus will all be released.

For more information contact: [email protected] | Tel (519) 291-2817 | 135 Main Street, East | PO Box 68 | Listowel, ON N4W 3H2


This report is produced by Independent Accountants' Investment Counsel Inc (“IAIC”) in conjunction with ARG Inc.  All graph and chart statistical data contained in this report has been supplied by ARG Inc. The views and opinions expressed in this report are based on market statistics.  No guarantee of outcome is implied, and opinions may change without notice.  Investors should not base any of their investment decisions solely on this report nor should any opinions expressed within this report be construed as a solicitation or offer to buy or sell any securities mentioned herein.  Although the information contained in this report has been obtained from sources that IAIC believes to be reliable, we do not guarantee its accuracy, and as such, the information may be incomplete or condensed. All opinions, estimates and other information included in this report constitute our judgment as of the date hereof and are subject to change without notice.

Please contact your IAIC representative if you have any questions regarding this report. 


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