1. society
2. work
3. unemployment

THE WEEKLY BOTTOM LINE
TD Economics
January 9, 2015
HIGHLIGHTS OF THE WEEK
United States
• It was a choppy week for global markets. Oil continued its slide alongside equities before stabilizing
midweek, as deflation across the euro zone heightened expectations for ECB sovereign bond buying. A
patient Fed and a bullish EIA report also supported sentiment.
• Equities rallied strongly on Thursday, but the party was short lived as doubts over the ECB’s QE resolve
resurfaced.
• A rally on a relatively constructive U.S. employment report failed to be sustained. The U.S. labor market
added 252 thousand jobs, with revisions adding another 50 thousand. The jobless rate fell to 5.6% aided
by a labor force decline. Wage growth turned negative for the month, with the weakness in the figures
keeping the Fed patient.
Canada
• Falling energy prices contributed to a notable decline in exports in November. And the sharp drop in export values is only the beginning of weaker revenues to come. This will soften incomes markedly, putting
renewed strain on the government coffers of energy-rich provinces and the federal government.
• Housing starts also showed pronounced weakness in December, rounding out the weakest Q4 print since
2009. Leading the descent in Q4 were the Prairie Provinces, notably Alberta.
• In contrast, the December employment data was weak but full of good news stories. However, employment
growth in the resource sector of Alberta and Newfoundland and Labrador has shown significant strain in
the latter half of 2014.
THIS WEEK IN THE MARKETS
Week 52-Week 52-Week
Current*
Ago
High
Low
Stock Market Indexes
S&P500
2,062 2,058 2,091 1,742
S&P/TSXComp.
14,458 14,754 15,658 13,486
DAX
9,827 9,765 10,087 8,572
FTSE100
6,546 6,548 6,878 6,183
Nikkei
17,198 17,451 17,936 13,910
Fixed Income Yields
U.S.10-yrTreasury
2.01
2.11
2.97
1.94
Canada10-yrBond
1.70
1.74
2.69
1.64
Germany10-yrBund
0.52
0.50
1.92
0.45
UK10-yrGilt
1.64
1.72
2.98
1.56
Japan10-yrBond
0.28
0.33
0.70
0.28
Foreign Exchange Cross Rates
C$(USDperCAD)
0.84
0.85
0.94
0.84
Euro(USDperEUR)
1.18
1.20
1.39
1.18
Pound(USDperGBP)
1.51
1.53
1.72
1.51
Yen(JPYperUSD)
119.5
120.5
121.5
101.0
Commodity Spot Prices**
CrudeOil($US/bbl)
48.8
52.7
107.6
47.9
NaturalGas($US/MMBtu)
2.91
2.99
7.92
2.75
Copper($US/met.tonne)
6175.8
6321.0
7403.5
6175.8
Gold($US/troyoz.)
1213.7
1189.2
1383.1
1140.7
*asof9:10amonFriday**Oil-WTI,Cushing,Nat.Gas-HenryHub,
LA(Thursdaycloseprice),Copper-LMEGradeA,Gold-LondonGold
Bullion;Source:Bloomberg.
www.td.com/economics
WEEKLY MOVES
Weekly % change except (*) which denotes change in index
S&P 500
Dax
FT 100
Nikkei 225
US 10Y T-Note
USD:EUR
USD:JPY
USD:GBP
USD:CAD
USD:MXN
Gold
WTI
Brent
VIX*
-12.0
-7.0
-2.0
3.0
Note: Data as of Jan. 9, 12:30 PM ET. Change from end of business on Jan. 2.
Sources: Bloomberg, TD Economics
GLOBAL OFFICIAL POLICY RATE TARGETS
CurrentTarget
0-0.25%
FederalReserve(FedFundsRate)
1.00%
BankofCanada(OvernightRate)
0.05%
EuropeanCentralBank(RefiRate)
0.50%
BankofEngland(RepoRate)
0.10%
BankofJapan(OvernightRate)
Source:CentralBanks,HaverAnalytics
@CraigA_TD
TD Economics | www.td.com/economics
U.S. – ECB GETS A “D” IN PRICE STABILITY, WHILE FED LOOKING PATIENT
The first full week of 2015 has been a choppy one for
global markets. The slump in oil continued, after stabilizing
midweek on a bullish inventory report in the U.S. Semblance
of stability in the oil market helped arrest a slide in equity
markets, with additional support from increased likelihood
of ECB sovereign bond buying and a patient Fed. Equity
indices were on a tear on Thursday but the mood soured on
Friday, despite a relatively constructive U.S. employment
report, as doubts over the ECB’s resolve resurfaced.
While the D-word was not a surprise, reports that
deflation has reared its ugly head across the euro zone in
December grabbed headlines. The fact that the decline was
larger than expected, with prices down 0.2% year-over-year,
coupled with below consensus PMI reports increased the
pressure on the ECB to act aggressively to try to reflate the
economy. The negative reading was largely caused by the
precipitous decline in oil during the month, with core CPI
gauge ticking up from 0.7% to 0.8% in December. But, this is
unlikely to provide much comfort at the ECB, with inflation
clearly too low given its target of just below 2%. The fear
of a persistent deflationary trend, which could become selfsustaining if prices continue to fall for a prolonged period,
looks likely to spur the ECB to act as early as January 22nd.
According to unofficial reports, the ECB Governing Council
was on Wednesday briefed on a study by staff outlining,
among other options, a scenario to buy €500 billion worth
of sovereign bonds. Markets were underwhelmed by the
figure, with European bourses giving up some earlier gains.
External risks and a subdued inflationary environment
are also top of mind for the FOMC as they contemplate when
to begin raising rates. In particular, the Committee is trying
to assess the potential impact from sluggish global growth,
falling oil prices, and a lofty dollar on an otherwise buoyant
U.S. economy. According to the minutes from their December meeting round, Fed officials remain concerned about
global growth, but are tacitly expecting that the relevant
authorities will move to shore up growth. Moreover, they
generally believe that more aggressive stimulative monetary
policies abroad, which are resulting in a higher dollar and
pressuring exports and inflation, should be offset as global
growth improves. Lastly, the FOMC generally continued to
see slowing domestic inflation as transitory, arguing that the
slump at the pump should be a big boost for the economy,
with strong domestic demand supporting prices.
So far the data appears to be corroborating these viewpoints. Results of ISM surveys pointed to a slowdown at
January 9, 2015
WAGES FALL SHARPLY IN DECEMBER, BUT
DECLINE LIKELY TRANSITORY
1.0
Avg. hourly earnings, prod. & nonsupervisory emp. (m/m % chng.)
0.5
0.0
-0.5
Total private
Retail trade
-1.0
-1.5
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Source: Bureau of Labor Statistics
year end. But, much of the decline was related to prices, and
in the case of manufacturing, export orders. Still, activity
continued to expand at a solid pace, with forward looking indicators remaining healthy. U.S. vehicle sales also remained
healthy, nearing 17 million in December. Last, but certainly
not least, payroll employment expanded by a consensus
beating 252 thousand in December, and together with a 50
thousand upward revision, capped the best year of growth
since 1999. Unemployment dropped according to most
measures of underutilization, with the headline rate down
0.2 percentage points to 5.6%. However, the improvement
was largely related to more people leaving the labor force.
Further souring the report was the notable lack of wage
growth. Average hourly wages actually declined 0.2% during the month, falling 0.3% for nonsupervisory employees
(largest decline since August 1983), while November’s 0.4%
gain was halved following the revisions.
While disappointing, we are willing to apply the adage that a month does not a trend make. December pay
figures can be highly skewed by seasonal hiring in retail
and e-commerce distribution. The mining sector also saw
large declines as it finds itself under pressure to cut costs.
But, given the increasingly tightening labor market and
the breadth of employment gains, it is hard to imagine
that wages will fail to increase in the coming months. As
it stands, we still expect the Fed to move later this year,
however, the notable lack of wage and inflation pressures
should make the FOMC increasingly more patient with the
timing and speed of any rate hikes.
Michael Dolega, Senior Economist 416-983-0500
2
TD Economics | www.td.com/economics
CANADA - THE ENERGY RICH AND THE REST OF US
Falling oil prices continue to dominate the headlines.
The price of a barrel of West Texas Intermediate (WTI)
has now closed below US$50 per barrel for 3 consecutive
days and hovered around US$48 at the time of writing.
Beyond the per barrel price of oil, the commentary on the
economic impacts of lower oil prices is ubiquitous. However, this week provided our first glimpse into how falling
oil prices are spilling over into the real economy, and the
picture isn’t pretty.
First, exports fell off a cliff in November (-3.5%), suffering the largest dollar decline since the Japanese earthquake
and tsunami of February 2011 grounded global trade to a
halt. Driving this were plummeting energy exports (-7.8%)
– the sixth consecutive monthly decline. Falling crude oil
and bitumen exports were the primary culprit (-9.9%). As
export prices fell even more steeply than volumes, this is
expected to weigh on both personal and corporate incomes
in Canada in Q4.
Weaker income growth will be particularly relevant to
the energy-producing provinces in 2015 (Chart 1). As a
result, government revenues can also be expected to come
in lower than was anticipated in the most recent official
fiscal forecasts, although many levels of government have
communicated their recognition that the wave is coming. At
the federal level, we expect the fiscal planning environment
to remain challenging in 2015, with the $1.6 billion surplus
projected for fiscal 2015-16 at significant risk.
December housing starts (181K) also had their weakest
showing since last winter’s deep freeze kept construction
activity to a minimum. For the quarter as a whole (188K),
CHART 1: WEAKER NOMINAL GDP GROWTH
EXPECTED IN 2015 DUE TO LOWER OIL PRICES
%growth,nominalGDP,2015
6
5
4
3
2
1
0
-1
-2
December2014Forecast
-3
September2014Forecast
-4
-5
CAN
NL
PE
NS
NB
QC
Sources:TDEconomics, StatisticsCanada.
January 9, 2015
ON
MB
SK
AB
BC
CHART 2: EMPLOYMENT GROWTH SOFTENING
IN THE RESOURCE SECTOR OF ENERGY
PRODUCERS
Y/Y%Chg.
40
Alberta
NewfoundlandandLabrador
30
20
10
0
-10
-20
Jan2013 Apr2013 Jul2013 Oct2013 Jan2014 Apr2014 Jul2014 Oct2014
Source:StatisticsCanada.
the last quarter of 2014 was the weakest Q4 print since
2009. Looking regionally, the trend is clearly tilted toward
a softening in the Prairie Provinces (Alberta, Saskatchewan,
and Manitoba), where housing starts fell 4.1K to 39K in Q4.
Meanwhile, employment pulled back for the second consecutive month in December (-4.3K), although the release
was chalked full of silver linings. First, the economy created
53.5K full-time jobs in December, for the fourth consecutive monthly increase. Further, the rise in the number of
employees (+11K) was only modestly offset by the decline
in the number of self-employed (-15K). Additionally, the
goods-producing sector expanded for the fifth consecutive
month (+22K). Lastly, while the overall participation rate
continues to decline (falling 0.1 percentage points to 65.9%),
the youth participation rate (65.2%) is 2 percentage points
above its post-recession trough reached in February 2014
(see Young and Restless: A Look at the State of Youth Employment in Canada).
However, even in the labour market there appear to be
some dark clouds on the horizon for energy-producing provinces. Looking at Alberta and Newfoundland and Labrador,
the two provinces where the energy sector makes up the
largest share of their economies (between 20% and 25%
of total output), year-over-year employment growth in the
resource sector has been negative for much of the second
half of 2014 (Chart 2). Going forward, soft employment
growth is expected in energy-producing provinces in 2015
(see December 2014 Provincial Economic Forecast).
Randall Bartlett, CFA, Senior Economist
416-944-5729
3
TD Economics | www.td.com/economics
U.S.: UPCOMING KEY ECONOMIC RELEASES
U.S. Retail Sales - December*
Release Date: January 14, 2015
November Result: Total 0.7% M/M; Ex-autos 0.5% M/M
TD Forecast: Total 0.1% M/M; Ex-autos 0.1% M/M
Consensus: Total 0.1% M/M; Ex-autos 0.1% M/M
Retail sales activity is expected to post its third consecutive monthly advance in December, with spending posting
a relatively modest 0.1% m/m gain. Strong auto and electronics sales during the busy holiday season are expected
to more than compensate for the huge slip in gasoline sales
– which we expect to post a 2% m/m decline. Core spending
activity (which excludes spending on autos, gas and building material, and is a useful gauge on the tone of real sales
activity) should also improve; posting a 0.4% m/m advance
following the 0.6% m/m rise the month before. Higher
spending on food/beverage, general merchandise and other
discretionary items are likely to be key sources of the gain in
this month. Overall, we expect the tone of this report to be
broadly encouraging, pointing to further upside momentum
U.S. RETAIL AND FOOD SERVICES SALES
2.0
M/M%Chg.
Total
1.0
0.5
0.0
-0.5
-1.0
Dec-13
Headline consumer prices are expected to post its
second consecutive monthly fall in December, reflecting
the continued decline in energy prices. During the month,
we expect the headline index to post a 0.2% m/m decline,
with the annual pace of inflation decelerating further to
0.8% y/y from 1.3% y/y the month before. Core consumer
prices, however, should remain firm, posting a 0.1% m/m
(0.113% at 3 decimal places) advance. Despite the increase,
the annual pace of core inflation should remain unchanged
at 1.7% m/m. The 3-month and 6-month annualized pace of
inflation should slip further, underscoring the weakening in
inflationary momentum. In the coming months, we expect
the current disinflationary impulse to persist, with the annual
inflation rate falling to a trough of 0.0% y/y by mid-2015.
Feb-14
Apr-14
Jun-14
Aug-14
Oct-14
Source:U.S.DepartmentofCommerce/HaverAnalytics
in household spending. In the coming months, we expect
the positive thrust in spending to be sustained, providing a
crucial underpinning for the US economic recovery.
U.S. CPI - December*
Release Date: January 16, 2015
November Result: Core 0.1% m/m, all-items -0.3% m/m
TD Forecast: Core 0.1 m/m, all-items -0.2% m/m
Consensus: Core 0.1% m/m, all-items -0.3%% m/m
Excl.AutomotiveDealers
1.5
U.S. CONSUMER PRICE INDEX (CPI)
3.0
Y/Y%Chg.
AllItems
2.5
AllItemsEx.FoodandEnergy
2.0
1.5
1.0
0.5
0.0
Oct-13
Dec-13
Feb-14
Apr-14
Jun-14
Aug-14
Oct-14
Source:BureauofLaborStatistics/HaverAnalytics
*Forecast by Rates and FX Strategy Group. For further information, contact TDRates&FXResearch@tdsecurities.com.
January 9, 2015
4
TD Economics | www.td.com/economics
CANADA: UPCOMING KEY ECONOMIC RELEASES
Canada Business Outlook Survey (Q4) –
Future Sales*
Release Date: January 12, 2015
Q3 Result: 35
TD Forecast: 23
Consensus: N/A
The balance of opinion for future sales in the Bank of
Canada’s Business Outlook Survey (BOS) is expected to
fall to +23 in Q4 from a robust +35 reading last quarter. The
origin of the anticipated dent to business confidence can be
traced to the collapse in the price of oil. However, an equally
pronounced decline in the value of the Canadian dollar
and a strengthening US economy is expected to buttress
sentiment in other industries and prevent a more outsized
collapse in this indicator (though admittedly, the risk to our
forecast is for firms to generally express more pessimism
heading into the end of the year). Other pockets of interest
from the survey will include investment intentions related
to the commodity sector and relative measures of capacity.
The evolution of inflation expectations are also quite topical
and are expected to have ratcheted lower in tandem with
the price of oil.
BUSINESS OUTLOOK: FUTURE SALES SURVEY
40
Index
35
30
25
20
15
10
5
0
-5
-10
Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14
Source:BankofCanada
*Forecast by Rates and FX Strategy Group. For further information, contact TDRates&FXResearch@tdsecurities.com.
January 9, 2015
5
TD Economics | www.td.com/economics
RECENT KEY ECONOMIC INDICATORS: JANUARY 5-9, 2015
Release
Date
Economic Indicator/Event
Jan05
Jan05
Jan05
Jan06
Jan06
Jan07
Jan07
Jan07
Jan08
Jan08
Jan08
Jan08
Jan08
Jan09
Jan09
Jan09
Jan09
Jan09
Jan09
Jan09
Jan09
Jan09
DomesticVehicleSales
TotalVehicleSales
ISMNewYork
FactoryOrders
ISMNon-ManufacturingComposite
MBAMortgageApplications
ADPEmploymentChange
TradeBalance
ChallengerJobCuts
InitialJoblessClaims
ContinuingClaims
BloombergConsumerComfort
ConsumerCredit
ChangeinNonfarmPayrolls
ChangeinPrivatePayrolls
ChangeinManufact.Payrolls
UnemploymentRate
AverageHourlyEarnings
UnderemploymentRate
LaborForceParticipationRate
WholesaleInventories
WholesaleTradeSales
Jan05
Jan06
Jan06
Jan07
Jan07
Jan08
Jan09
Jan09
Jan09
Jan09
Jan09
Jan09
Jan09
BloombergNanosConfidence
IndustrialProductPrice
RawMaterialsPriceIndex
InternationalMerchandiseTrade
IveyPurchasingManagersIndexSA
NewHousingPriceIndex
HousingStarts
BuildingPermits
UnemploymentRate
NetChangeinEmployment
FullTimeEmploymentChange
PartTimeEmploymentChange
ParticipationRate
Jan05
JN
VehicleSales
Jan05
GE
ConsumberPriceIndex
Jan07
GE
UnemploymentRate
Jan07
EC
UnemploymentRate
Jan07
EC
CPIEstimate
Jan07
EC
CPICore
Jan08
EC
ProducerPriceIndex
Jan08
EC
EconomicConfidence
Jan08
UK
BOEAssetPurchaseTarget
Jan08
UK
BankofEnglandBankRate
Jan09
JN
LeadingIndexCI
Jan09
GE
TradeBalance
Jan09
GE
CurrentAccountBalance
Jan09
FR
TradeBalance
Jan09
UK
TradeBalance
Source:Bloomberg,TDEconomics.
January 9, 2015
United States
Canada
International
Data for
Period
Units
Current
Prior
Dec
Dec
Dec
Nov
Dec
Jan02
Dec
Nov
Dec
Jan03
Dec27
Jan04
Nov
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Nov
USD,Mlns
USD,Mlns
Index
M/M%Chg.
Index
W/W%Chg.
Thsd
USD,Blns
Y/Y%Chg.
Thsd
Thsd
Index
USD,Blns
Thsd
Thsd
Thsd
%
M/M%Chg.
%
%
M/M%Chg.
M/M%Chg.
13.46
16.80
70.8
-0.7
56.2
11.1
241
-39.0
6.6
294.0
2452
43.6
14.081
252.0
240
17.0
5.6
-0.2
11.2
62.7
0.8
-0.3
13.78
17.08
62.4
-0.7
59.3
-18.2
227
-42.2
-20.7
298.0
2351
42.7
15.969
353.0
345.0
29.0
5.8
0.2
11.4
62.9
0.6
0.0
Jan02
Nov
Nov
Nov
Dec
Nov
Dec
Nov
Dec
Dec
Dec
Dec
Dec
Index
M/M%Chg.
M/M%Chg.
CAD,Blns
Index
M/M%Chg.
Thsd
M/M%Chg.
%
Thsd
Thsd
Thsd
%
55.8
-0.4
-5.8
-0.64
55.4
0.1
180.6
-13.8
6.6
-4.3
53.5
-57.7
65.9
55.1
-0.6
-4.2
-0.33
56.9
0.1
193.2
2.1
6.6
-10.7
5.5
-16.3
66.0
Dec
DecP
Dec
Nov
Dec
DecA
Nov
Dec
Jan
Jan08
NovP
Nov
Nov
Nov
Nov
Y/Y%Chg.
Y/Y%Chg.
%
%
Y/Y%Chg.
Y/Y%Chg.
Y/Y%Chg.
Index
GBP,Blns
%
Index
EUR,Blns
EUR,Blns
EUR,Mlns
GBP,Mlns
-8.8
0.2
6.5
11.5
-0.2
0.8
-1.6
100.7
375.0
0.5
103.8
17.9
18.6
-3236
-1406
-13.5
0.6
6.6
11.5
0.3
0.7
-1.3
100.7
375.0
0.5
104.5
22.1
22.5
-4268
-2246
R5
R5
R6
R5
R5
R5
R5
R6
R5
R6
R6
R5
R6
R6
R5
R6
R5
R6
R5
R6
6
TD Economics | www.td.com/economics
UPCOMING ECONOMIC RELEASES AND EVENTS: JANUARY 12-16, 2015
Release
Date
Time*
Jan12
Jan13
Jan13
Jan13
Jan13
Jan13
Jan14
Jan14
Jan14
Jan14
Jan14
Jan14
Jan14
Jan15
Jan15
Jan15
Jan15
Jan15
Jan15
Jan15
Jan16
Jan16
Jan16
Jan16
Jan16
Jan16
Jan16
Jan16
12:40
7:30
10:00
10:00
17:00
14:00
7:00
8:00
8:30
8:30
8:30
8:30
10:00
8:30
8:30
8:30
8:30
8:30
9:45
10:00
8:30
8:30
8:30
9:15
9:15
9:15
10:00
16:00
Fed's Lockhart Speaks on U.S. Economic Outlook in Atlanta
NFIBSmallBusinessOptimism
Dec
IBD/TIPPEconomicOptimism
Jan
JOLTSJobOpenings
Nov
Fed's Kocherlakota Speaks on Economic Outlook in New York
MonthlyBudgetStatement
Dec
MBAMortgageApplications
Jan09
Fed's Plosser Speaks on the Economy in Philadelphia
RetailSalesAdvance
Dec
RetailSalesExAuto
Dec
RetailSalesExAutoandGas
Dec
ImportPriceIndex
Dec
BusinessInventories
Nov
EmpireManufacturing
Jan
PPIFinalDemand
Dec
PPIExFoodandEnergy
Dec
InitialJoblessClaims
Jan10
ContinuingClaims
Jan03
BloombergConsumerComfort
Jan11
PhiladelphiaFedBusinessOutlook
Jan
ConsumerPriceIndex
Dec
CPIExFoodandEnergy
Dec
CPICoreIndexSA
Dec
CapacityUtilization
Dec
IndustrialProduction
Dec
Manufacturing(SIC)Production
Dec
UniversityofMichiganConfidence
JanP
TotalNetTICFlows
Nov
Jan12
Jan12
Jan12
Jan14
Jan14
Jan14
10:00
10:30
10:30
8:30
8:30
8:30
BloombergNanosConfidence
BusinessOutlookFutureSales
BoCSeniorLoanOfficerSurvey
Teranet/NationalBankHPI
Teranet/NationalBankHPIndex
Teranet/NationalBankHPI
Economic Indicator/Event
United States
Jan12
18:50 JN BoPCurrentAccountBalance
Jan12
18:50 JN TradeBalanceBoPBasis
Jan13
4:30 UK ConsumerPriceIndex
Jan13
4:30 UK CPICore
Jan13
4:30 UK RetailPriceIndex
Jan14
2:45 FR CurrentAccountBalance
Jan14
2:45 FR ConsumerPriceIndex
Jan14
18:50 JN ProducerPriceIndex
Jan14
19:30 AU UnemploymentRate
Jan15
3:00 GE GrossDomesticProductNSA
Jan15
5:00 EC TradeBalanceSA
Jan16
5:00 EC ConsumerPriceIndex
*EasternStandardTime;Source:Bloomberg,TDEconomics.
January 9, 2015
Canada
International
Units
Consensus
Forecast
Last Period
Index
Index
Thsd
97.8
48.2
-
98.1
48.4
4834
USD,Blns
W/W%Chg.
24.0
-
11.10
M/M%Chg.
M/M%Chg.
M/M%Chg.
M/M%Chg.
M/M%Chg.
Index
M/M%Chg.
M/M%Chg.
Thsd
Thsd
Index
Index
M/M%Chg.
M/M%Chg.
Index
%
M/M%Chg.
M/M%Chg.
Index
USD,Blns
0.1
0.1
0.3
-2.9
0.2
5.0
-0.4
0.1
298.0
20.0
-0.3
0.1
80.0
0.0
0.2
94.1
-
0.7
0.5
0.6
-1.5
0.2
-3.6
-0.2
0.0
294.0
2452
43.6
24.3
-0.3
0.1
239.3
80.1
1.3
1.1
93.6
178.4
Jan09
Q4
Q4
Dec
Dec
Dec
Index
Index
Index
M/M%Chg.
Index
Y/Y%Chg.
-
55.8
35.0
-10.3
-0.3
167.5
5.2
Nov
Nov
Dec
Dec
Dec
Nov
Dec
Dec
Dec
2014
Nov
Dec
Yen,Blns
Yen,Blns
Y/Y%Chg.
Y/Y%Chg.
Y/Y%Chg.
EUR,Mlns
Y/Y%Chg.
Y/Y%Chg.
%
Y/Y%Chg.
EUR,Blns
M/M%Chg.
139.5
-734.0
0.7
1.3
1.6
0.0
2.1
6.3
1.5
20.0
-0.1
833.4
-766.6
1.0
1.2
2.0
-0.9
0.3
2.7
6.3
0.1
19.4
-0.2
Data for
Period
7
TD Economics | www.td.com/economics
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January 9, 2015
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