Canada May Be One of the first recovering!

One of our Calgary friends shared this information with us.  We wanted to share it with you:

Bloomberg reports that the U.S. trade deficit unexpectedly narrowed in August as exports climbed to the highest level of the year and oil imports plunged. The gap fell 3.6 percent to $30.7 billion from a revised $31.9 billion in July, the Commerce Department said today in Washington. A rebound in auto making contributed to a jump in exports to Canada, while a drop in the number of barrels of petroleum bought abroad swamped an increase in fuel prices. 

 

Bloomberg reports that Canada posted a record trade deficit in August on plunging exports of aircraft, telecommunications equipment and automotive products. The trade deficit widened to C$1.99 billion ($1.91 billion), compared with a revised C$1.32 billion gap in July, Statistics Canada said today. Exports dropped 5.1 percent to C$29.2 billion, due almost entirely to lower volumes. 

Canada’s dollar climbed to the highest in more than a year after a government report showed employers added more jobs in September than economists forecast, intensifying speculation the nation could be one of the first economies to emerge from recession. 

 

The USD buying rate is 1.0463 at 1020AM.