By Ketki Saxena
Investing.com It’s set to be a busy week ahead in Canadian economics, with a full roster of economic releases planned. The week will include, arguably, the three most important economic data points lined up: Employment, GDP, and the Consumer Price Index.
These three data points are also the ones the Bank of Canada will be looking at most closely to determine its rate-hike path moving forward: CPI as the main metric it needs to bring back to target, GDP to calibrate strength or slowdown in the economy, and employment, part of its defacto dual mandate, and another key metric the BoC is trying to bring down from record highs in order to drain excess demand from the economy.
We’ll also see a couple of more key indices that help benchmark inflation: the Teranet/National Bank HPI and New Housing Price Index, both of which measure the rice in Canadian home prices, as well as the Industrial Product and Raw Materials Price Indices.
The IPPI reflects the prices that producers in Canada receive as goods leave the factory. The RMPI meanwhile reflects the prices paid by Canadian manufacturers for key raw materials, with many of those prices, such as for commodities, set on global markets.
Other key Canadian data will include Retail Sales and Monthly Credit Aggregates. The only major TSX earnings due this week will be from Blackberry (TSX:BB).
Here’s a calendar for the week ahead:
Monday, December 19
In Canadian Economics: Teranet/National Bank HPI, Industrial Product and Raw Materials Price Indices
In the US: NAHB Housing Index
Tuesday, December 20
In Canadian Economics: Retail Sales, New Housing Price Index, Monthly Credit Aggregates
TSX Earnings: Blackberry
In the US: Housing Starts, Building Permits
US Earnings:: General Mills (NYSE:GIS), Nike (NYSE:NKE), FedEx (NYSE:FDX)
Wednesday, December 21
In Canadian Economics: Consumer Price Index
In the US: Existing Home Sales, Conference Board Consumer Confidence Index
US earnings: Rite Aid, Carnival (NYSE:CCL), Micron
Thursday, December 22
In Canadian Economics: Survey of Employment, Payrolls and Hours
In the US: Initial Jobless Claims, GDP
Friday, December 23
In Canadian Economics: Monthly Real GDP
In the US: Personal Income & Consumption, Durable Goods Orders, New Home Sales, University of Michigan Consumer Sentiment Index