Friday started better for the TSX after Thursday ended down 248.11 points; the largest drop in 18 months. However major economic data has kept the market subdued with losses in the labour market and the trade surplus for November was far lower than forecast.
New figures from Statistics Canada showed that 10,700 jobs were lost in November with unemployment edging up 0.1 per cent to 6.6 per cent. The jobs were lost from the private sector with 45,600 cuts with trade and natural resources shedding the most. The public sector picked up 22,600 of the slack and there are 12,300 new self employed people in Canada. Ontario and Saskatchewan lost the most jobs with Quebec and Newfoundland and Labrador adding the most.
For an economy that Jim Oliver says should be driven by exports the latest trade figures are disappointing. The $99 million surplus falls very short of the forecast $200 million for October as exports were weaker than imports with both showing lower volume although prices rose slightly. September’s surplus was also revised downwards to $307 million; less than half of the original figure. The energy sector was inevitably one of the worst hit by lower exports.
The S&P TSX Composite Index closed up 3.75 points (0.03 per cent)
The NYSE closed higher
Oil is trending lower
Gold is trending higher
The loonie is up against the US dollar