The outlook for manufacturing employment is not as positive as the rest of the economy, affected
by weak export markets, the continuing downturns in steel, oil and gas — and by skills shortages.
These developments, accompanied
by a weak export performance, led to a marked slowing in output growth.
Not exact matches
Aided
by a
weaker dollar, they started breaking
export records, even as domestic consumption continued to languish.
The affluent city - state's economy has been hobbled
by dwindling
exports amid stubbornly
weak global demand, while domestic consumption has also remained anemic with entire floors at some central shopping malls empty.
That would be bad news for the torrid earnings growth being enjoyed
by US companies, since the large multinational corporations with heavy weighting in stock indexes have had
exports boosted
by a
weak currency.
The economy has been hobbled
by a strong dollar and
weak global demand, which have undermined
exports.
Poloz insisted the trend he anticipated in 2013 — a steady increase in non-commodity
exports buttressed
by stronger demand in the U.S. and a
weaker dollar — was now entrenched.
The recent move in the currency has also been welcomed
by Japan's exporters, which have suffered from strength in the yen which they had blamed for
weak exports.
In July, when the Bank of Canada cut its policy to its current setting of 0.5 %, policy makers expressed concern over
weak non-energy
exports and a deep contraction in business investment brought on
by the collapse of commodity prices.
Beijing is more likely to believe that the economic slowdown was caused
by been weakness in domestic real estate and infrastructure construction, and not because
exports are
weak, and the latest trade dataconfirms the relatively strong
export performance.
Normally the contraction impact of much
weaker iron ore
export prices should be partially mitigated
by the expansion impact of a
weaker Australian dollar, as iron - related inflows drop sharply.
Even after a drop in commodities this month, seven of eight tracked
by the Standard & Poor's GSCI Agriculture Index are higher than a year earlier as adverse weather damages crops, rising demand erodes inventories and a
weak dollar boosts demand for U.S.
exports.
If these inflows however are counterbalanced
by rising private inflows from Chinese businesses and wealthy individuals taking money out of China, either because of
weaker domestic growth prospects of because of rising nervousness and uncertainty, asset prices might not fall as much as we would have expected, but Australia will be caught in a vice a little like that of, for example, Spain, in which
export weakness can not be partially counterbalanced
by a
weaker currency.
A closer look at the decomposition of nominal non-energy
exports shows that the sectors that have performed reasonably well are driven
by a
weaker currency while those tied more to the level of foreign demand have struggled to gain traction.
Economic growth in the UK was broadly supported
by consumer confidence and
exports reinforced
by a
weaker pound sterling, with the easing of credit conditions leading to credit growth, loose fiscal policy and global economic growth.
Exports grew
by an unexpectedly
weak 4.7 percent, down from October's 10.6 percent rate.
Otherwise devaluation or exchange rate depreciation is supposed to help a
weak economy dampen unemployment
by lowering real wages or
by stimulating real growth through greater real
exports.
Buoyant conditions in domestically oriented industries, particularly construction, offset
weaker conditions faced
by export - oriented firms, including some parts of manufacturing.
As with rural
exports, proceeds from resource
exports have been
weak over recent quarters, with
export earnings falling
by around 3 per cent in the September quarter and
by around 12 1/2 per cent over the past year.
Without increases in real wages or asset prices to drive consumer spending growth, and business profits damped
by high input prices, the only bright spot I can envisage will be the US
export sector, which benefits from a
weak US dollar.
The report does contain some good news for Ontario, which will see an
export - led revival to 2.3 per cent growth this year — the second - highest rate in the country — after advancing
by a
weak 1.3 per cent the previous two years.
The move followed data showing China's
exports rose
by a
weaker - than - expected 4.7 per cent, down from October's 10.6 per cent.