July 9, 2010

ECONOMIC INDICATORS
• Economic Indicators Review REVIEW
by Marco Lettieri
• Things to watch Canada – In June, total employment increased 93.0K
Economic calendar and significant
after rising 24.7K in May. Since July 2009, the Canadian
earnings announcements of the week
economy has added 403K jobs, over half of which were
ahead (p. 3) created in the past three months. Significant gains were
observed on the month in both full-time (+48.9K) and part-
• Economic tables (p. 4) time (+44.2K) employment. The private sector accounted
for the majority of these (51.9K), with the public sector and
the self-employed contributing 15.7K and 25.6K,
respectively. This labour force survey will force the
Canadian central bank to focus more on domestic
developments than on international ones in setting its
monetary policy going forward. Markets are now pricing in
a more than 95% chance of a July 20 increase in rates.

Canada: labour market firing on all cylinders

3-month change in Canadian employment

3-month change (thousands)

240
200
160
120
80
40
0
-40
-80 +226.6K jobs
-120 created in past
three months
-160
-200
-240 Shaded for Canadian recessions
-280
1975 1980 1985 1990 1995 2000 2005 2010

NBFG Economy and Strategy Group (data via Global Insight)

ECONOMY AND STRATEGY GROUP– 514.879.2529

Stéfane Marion, Chief Economist and Strategist
General: National Bank Financial (NBF) is an indirect wholly owned subsidiary of National Bank of Canada. National Bank of Canada is a public company listed on Canadian stock exchanges. ♦ The particulars contained herein were obtained from
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National Bank Financial.
 WEEKLY ECONOMIC LETTER
Home-building activity in Canada is showing signs of Canadian housing starts decline 3.1% in June
Canadian housing starts and 6-month moving average, annual rate
slowing. In May, residential building permits were down for
both single- and multiple-family dwellings (-6.5% and - Units (‘000)
300
2.4%, respectively). Moreover, in June, housing starts
280
dropped 3.1% to 189.3K units from an upwardly revised
260
195.3K one month earlier. Singles climbed 1.4% to 77.8K
240
while multiples fell 5.8% to 89.2K. With interest rates likely
220
to mount in Canada over 2010, activity should moderate in
200
the residential real-estate market in the second half of the
180
year.
160

Still, the new-home price index rose 0.3% in May, in line 140

with expectations. This marked an eleventh consecutive 120

monthly advance. The new-home price index has bounced 100

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
back 3.1% since bottoming in June 2009 and is now only NBFG Economy and Strategy Group (data via Global Insight)

0.4% from its 2008 peak level.

Finally, in June, the Ivey Purchasing Managers Index
slipped to 58.9 from 62.7 the month before.

United States – In May, the ISM non-manufacturing

U.S.: business activity remains in expansion territory
Purchasing Managers Index slid 1.6 points to 55.4. The ISM Non-Manufacturing Business Activity Index
new orders and business activity indexes retreated but
68 Index
nevertheless remained in expansion territory (-2.7 to 54.4
64
and -3.0 to 58.1, respectively). The results indicate that
the non-manufacturing sector continues to grow, albeit at 60

a slower pace. 56

52
Chain-store sales jumped 3.0% year over year, with the
48
strongest performance turned in by department stores
(+5.9%). Drug stores registered the weakest growth, up 44

only 0.8% over the past 12 months. 40

36
Shaded for U.S. recessions
Again in May, wholesale sales dipped 0.3% after rising
32
0.9% the previous month. Sales of durable goods sprang 98 99 00 01 02 03 04 05 06 07 08 09

0.5% while those of non-durable goods sagged 1.0%. NBFG Economy and Strategy Group (data via Global Insight)

Inventories grew 0.5% after expanding 0.2% in April.

2
July 9, 2010
 WEEKLY ECONOMIC LETTER
THINGS TO WATCH – Canada & US
Economic releases & events Earnings announcements
Time Country Release Period Previous Consensus NBF Company Time Qtr Cons.
Estimate Estimate EPS

Novellus Systems Inc 16:30 Q2 2010 0.60

CSX Corp Aft-mkt Q2 2010 0.97
Alcoa Inc Aft-mkt Q2 2010 0.11

Monday
Jul 12

8:30 US Trade Balance MAY -$40.3B -$39.0B -39.0B Aliment. Couche Tard Q4 2010 0.26
8:30 CA Int'l Merchandise Trade MAY 0.2B -0.2B -0.1B Fastenal Co 8:00 Q2 2010 0.44
Yum! Brands Inc Aft-mkt Q2 2010 0.54
Intel Corp Q2 2010 0.43

Tuesday
Jul 13

7:00 US MBA Mortgage Applications Jul-09 6.70% -- Corus Entertainment Q3 2010 0.40
8:30 US Advance Retail Sales JUN -1.20% -0.30% -0.20% Novagold Resources Q2 2010 0.00
8:30 US Retail Sales Less Autos JUN -1.10% 0.00% 0.00% Marriott International Aft-mkt Q2 2010 0.28

Wednesday
Jul 14

8:30 US Producer Price Index (MoM) JUN -0.30% -0.10% -0.10% Nexen Inc Q2 2010 0.36
8:30 US PPI Ex Food & Energy (MoM) JUN 0.20% 0.10% 0.10% Astral Media Inc Q3 2010 0.86
8:30 US Producer Price Index (YoY) JUN 5.30% 3.10% 3.10% PPG Industries Inc Bef-mkt Q2 2010 1.42
8:30 US PPI Ex Food & Energy (YoY) JUN 1.30% 1.10% 1.10% JPMorgan Chase & Co 6:30 Q2 2010 0.72
8:30 US Initial Jobless Claims Jul-10 454K 449K WW Grainger Inc 8:00 Q2 2010 1.50
Thursday 8:30 US Empire Manufacturing JUL 19.6 18.0 People's United Fin. 16:00 Q2 2010 0.09
8:30 CA New Motor Vehicle Sales MoM MAY -4.70% 0.00% Google Inc Q2 2010 6.53
Jul 15 8:30 CA Manufacturing Sales MoM MAY 0.20% -0.50% 0.20% Advanced Micro Device Q2 2010 0.07
9:15 US Industrial Production JUN 1.20% 0.00% 0.30% Cintas Corp Q4 2010 0.33
9:15 US Capacity Utilization JUN 74.70% 74.20% 74.20%
10:00 US Philadelphia Fed. JUL 8.0 10.0

8:30 US Consumer Price Index (MoM) JUN -0.20% -0.10% 0.10% First Horizon National Bef-mkt Q2 2010 -0.09
8:30 US CPI Ex Food & Energy (MoM) JUN 0.10% 0.10% 0.10% Charles Schwab Bef-mkt Q2 2010 0.15
8:30 US Consumer Price Index (YoY) JUN 2.00% 1.20% 1.30% Gannett Co Inc Bef-mkt Q2 2010 0.54
8:30 US CPI Ex Food & Energy (YoY) JUN 0.90% 0.90% 1.00% Mattel Inc 6:00 Q2 2010 0.15
8:30 CA Leading Indicators MoM JUN 0.90% 0.70% Rockwell Collins Inc 7:30 Q3 2010 0.89
Friday 9:00 US Total Net TIC Flows MAY $15.0B -- Citigroup Inc 8:00 Q2 2010 0.05
9:55 US U. of Michigan Confidence JUL P 76.0 74.0 76.0 General Electric Co Q2 2010 0.27
Jul 16 Genuine Parts Co Q2 2010 0.71
Bank of America Corp Q2 2010 0.22

Source: Bloomberg

July 9, 2010 3
 WEEKLY ECONOMIC LETTER
ECONOMIC TABLES
TABLE 1 - NORTH AMERICAN FINANCIAL INDICATORS
July 9, 2010
Monthly Growth (%) Annualized Growth Cumulated since
Growth Rates Unless Reference Past Prev. Month Average of the last Since beginning of year
Otherwise Indicated Period Level Month Month Before 3 Mos. 6 Mos. 12 Mos. ref. prec.

UNITED STATES
MONETARY AGGREGATES ($Billions)
M1 * May 2010 1707 0.3 -0.7 -0.1 2.3 5.0 6.1 7.1 14.7
M2 * May 2010 8580 1.0 -0.3 -0.3 0.3 1.5 1.7 1.8 9.4
CREDIT MEASURES
Consumer Credit * May 2010 2415 -0.4 -0.6 -0.2 -3.6 -4.0 -3.9 -4.0 -0.5
Mortgage (Banks) * Jun 2010 3678 -0.6 -0.4 0.2 -3.3 -3.9 -4.7 -3.3 5.3
Business * Jun 2010 1245 0.0 -0.8 -0.2 -7.3 -16.4 -16.4 -18.7 1.8

CANADA
MONETARY AGGREGATES
M2+ gross Apr 2010 1315 0.2 0.0 0.4 1.5 2.2 3.3 4.5 13.3
Personal Deposits (Banks) (2) May 2010 654 0.6 0.6 -0.1 1.9 2.4 3.2 4.4 15.1
CREDIT MEASURES
Consumer Apr 2010 460 0.8 0.4 1.0 9.3 9.8 9.5 9.4 7.6
Mortgages Apr 2010 978 0.4 0.6 0.6 7.1 7.0 6.8 6.9 8.7
Short - Term Business Loans May 2010 323 0.4 -0.7 -0.6 -6.3 -13.7 -12.6 -15.1 4.1
Business (S.T. + L.T.) * May 2010 1204 0.0 0.2 0.1 1.8 0.6 0.5 -0.1 3.2
*
Private (Consumer+Business) Apr 2010 2642 0.4 0.3 0.4 4.9 4.3 4.1 3.9 6.0
Federal Debt * Jun 2010 562 -1.5 1.8 0.2 8.4 6.5 9.0 11.9 26.7
INTEREST AND EXCHANGE RATES
Reference Last 1 week 2 w. Average of last Thursdays 13 w. 26 w. 52 w.
Thursday day ago ago 13 w. 26 w. 52 w. ago ago ago

UNITED STATES
INTEREST RATES
Federal Funds Target Rate * 09 Jul 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25
Prime Rate * 09 Jul 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25
3-month Treasury Bills * 09 Jul 0.16 0.17 0.13 0.15 0.13 0.11 0.16 0.05 0.18
2-year Bonds * 09 Jul 0.63 0.62 0.62 0.78 0.84 0.90 1.06 0.98 0.89
5-year Bonds * 09 Jul 1.83 1.81 1.87 2.11 2.26 2.33 2.63 2.59 2.21
10-year Bonds * 09 Jul 3.05 2.98 3.11 3.34 3.53 3.52 3.88 3.83 3.30
30-year Bonds * 09 Jul 4.04 3.94 4.07 4.25 4.44 4.40 4.74 4.71 4.20
Corporate High-yield (Lehman) * 09 Jul 8.92 9.17 9.06 8.89 8.86 9.60 8.31 8.60 12.59
Corporate Invest. Grade (Lehman) * 09 Jul 4.29 4.32 4.41 4.38 4.41 4.61 4.45 4.46 5.69
SPREADS
Corp. High-yield - Treas. 10y. * 09 Jul 5.87 6.19 5.95 5.55 5.33 6.09 4.43 4.77 9.29
Corp. Invest. grade - Treas. 10y. * 09 Jul 1.24 1.34 1.30 1.04 0.88 1.10 0.57 0.63 2.39
Treasuries 30y. - 3-m. T.B. * 09 Jul 3.88 3.77 3.94 4.10 4.30 4.28 4.58 4.66 4.02
EXCHANGE RATE
Major currencies, traded-weighted * 02 Jul 77.99 78.21 78.82 78.30 76.99 75.65 75.87 74.40 77.57

CANADA
INTEREST RATES
Prime Rate * 09 Jul 2.50 2.50 2.50 2.37 2.31 2.28 2.25 2.25 2.25
Target overnight rate * 09 Jul 0.50 0.50 0.50 0.37 0.31 0.28 0.25 0.25 0.25
30-day commercial paper * 09 Jul 0.65 0.61 0.62 0.54 0.46 0.40 0.47 0.34 0.34
3-month Treasury Bills * 09 Jul 0.51 0.51 0.54 0.44 0.32 0.27 0.28 0.18 0.24
1-year Treasury Bills * 09 Jul 1.15 1.02 1.12 1.15 0.92 0.75 0.98 0.65 0.55
5-year Bonds * 09 Jul 2.54 2.36 2.48 2.75 2.71 2.67 2.98 2.74 2.39
10-year Bonds * 09 Jul 3.23 3.10 3.20 3.42 3.45 3.44 3.62 3.62 3.27
30-year Bonds * 09 Jul 3.75 3.65 3.69 3.84 3.95 3.95 4.07 4.14 3.84
SPREADS
Prime - 30d. Commercial paper * 09 Jul 1.85 1.89 1.88 1.83 1.85 1.88 1.78 1.91 1.91
Long Term - Short Term * 09 Jul 3.24 3.14 3.15 3.40 3.63 3.68 3.79 3.96 3.60
CANADA UNITED STATES SPREADS
3-month T-Bills * 09 Jul 0.35 0.34 0.41 0.30 0.19 0.16 0.12 0.13 0.06
Long Term Bonds * 09 Jul -0.28 -0.29 -0.38 -0.41 -0.49 -0.45 -0.67 -0.57 -0.36
EXCHANGE RATE
US$ /CDN$ (GTIS) * 09 Jul 0.9679 0.9410 0.9656 0.9655 0.9653 0.9500 0.9972 0.9707 0.8592
Trade-weighted (1990=100) G-10 * 09 Jul 110.5 107.1 109.9 110.3 109.9 107.7 113.2 109.3 97.4

STOCK INDICES Monthly Growth (%) Growth Over (%) Since

Reference Past Prev. Month beginning of year
Thursday Level Month Month Before 3 Months 6 Months 1 Year ref. prec.
Dow Jones (U.S.) * 09 Jul 10198.0 3.0 -4.6 -5.6 -7.3 -4.0 24.6 -1.3 -5.8
S&P 500 (U.S.) * 09 Jul 1078.0 2.1 -5.0 -7.0 -9.7 -5.9 22.1 -1.6 -0.7
NASDAQ (U.S.) * 09 Jul 2196.5 1.7 -4.7 -7.7 -10.5 -5.2 25.3 0.6 13.3
S&P/TSX (Can.) * 09 Jul 11570.5 1.0 -2.1 -4.0 -5.0 -3.2 18.4 1.7 16.4

* Update (1) Commercial Banks (2) Not seasonnally adjusted

July 9, 2010 4
 WEEKLY ECONOMIC LETTER
ECONOMIC TABLES
TABLE 2 - UNITED STATES ECONOMIC INDICATORS
July 9, 2010
Monthly Growth (%) Annualized Growth (%) Cumulated since
Growth Rates Unless Reference Past Prev. Month Average of the last Since beginning of year
Otherwise Indicated Period Month Month Before 3 Mos. 6 Mos. 12 Mos. 12 Mos. ref. prec.

Index of 12 Leading Indicators May 2010 0.4 0.0 1.4 8.0 9.9 6.2 9.2 10.0 -3.7
Consumer Confidence Index (1985=100) Jun 2010 52.9 62.7 57.7 57.8 54.8 53.1 49.3 54.8 39.1
I.S.M. Manufacturing Index (level) Jun 2010 56.2 59.7 60.4 58.8 58.5 55.7 45.3 58.5 39.4
- Non-manufacturing (level) * Jun 2010 58.1 61.1 60.3 59.8 57.8 54.5 48.8 57.8 44.7

DOMESTIC DEMAND
Sales new autos & light trucks (000,000) Jun 2010 11.1 11.6 11.2 11.3 11.1 11.2 9.7 11.1 9.6
Retail Sales May 2010 -1.2 0.6 2.1 10.8 7.7 0.4 6.9 6.6 -9.8
- Motor vehicle May 2010 -1.7 0.6 6.6 19.7 8.5 1.6 11.2 9.5 -22.0
- Other May 2010 -1.1 0.6 1.2 9.1 7.5 0.2 6.1 6.0 -6.8
Consumer Spending: Total ($ current) May 2010 0.2 0.0 0.6 4.2 4.3 1.8 4.6 4.0 -1.4
Total ($ constant) May 2010 0.3 0.0 0.4 3.4 2.5 0.9 2.6 2.0 -1.6
Personal Income May 2010 0.4 0.5 0.4 4.4 3.3 -0.3 1.6 2.0 -1.6
Personal Savings Rate (3) May 2010 4.0 3.8 3.3 3.7 3.7 3.8 6.4 3.7 4.5
New Orders May 2010 -1.4 1.0 1.7 13.3 17.0 -2.5 14.4 15.2 -24.1
- Non-Defence Capital Goods exc. Aircraft May 2010 3.9 -2.8 6.7 31.4 15.8 -3.7 19.2 15.9 -26.3
Unfilled Orders May 2010 0.2 0.4 -0.1 2.6 -3.5 -9.2 -3.2 -5.9 -5.3
Business Inventories Apr 2010 0.4 0.7 0.6 5.2 -0.5 -10.0 -2.8 -5.6 -5.6
Inventories / Shipments Businesses Apr 2010 1.23 1.23 1.26 1.24 1.25 1.30 1.43 1.24 1.45
Manufacturers' Shipments May 2010 -1.3 0.6 2.6 10.3 14.2 -3.6 12.5 10.8 -20.0
Manufacturers' Inventories May 2010 -0.4 0.6 0.5 6.3 2.3 -8.9 -0.9 -3.7 -6.9
Inventories / Shipments Manuf. May 2010 1.25 1.24 1.24 1.24 1.25 1.28 1.42 1.25 1.43
Housing Starts (000) (1) May 2010 593 659 634 629 613 595 550 621 523
New Home Sales May 2010 -32.7 14.7 12.1 35.5 -14.4 -4.4 -18.3 3.6 -36.8
Existing Home Sales May 2010 -1.6 7.7 7.8 40.0 -6.2 12.6 17.5 13.0 -4.5

PRODUCTION
Industrial Production May 2010 1.2 0.7 0.3 6.1 7.7 -3.3 7.6 3.9 -12.0
- Consumer Goods May 2010 1.4 -0.1 0.1 1.1 5.8 -0.4 6.8 4.4 -8.7
- Hitech goods May 2010 3.0 1.8 1.7 23.8 16.8 3.5 22.2 19.6 -19.3

EXTERNAL AND FISCAL BALANCES

Exports Apr 2010 -0.7 3.8 -0.1 16.0 22.5 -4.3 19.9 16.9 -17.9
Imports Apr 2010 -0.4 2.9 2.8 23.7 28.2 -10.2 23.9 19.6 -27.5
Merch. Trade Balance ($ billions) Apr 2010 -40.3 -40.0 -40.1 -40.2 -38.0 -34.3 -28.4 -38.9 -29.7
Real merchandise trade balance Apr 2010 -44.3 -44.1 -43.2 -43.9 -42.4 -40.6 -41.0 -42.8 -42.6
Federal budget balance last 12 months (2) May 2010 -1359.4 -1413.1 -1351.3 -1127.4 -547.5 -659.5

INFLATION AND COSTS

Consumer Prices May 2010 -0.2 -0.1 0.1 0.1 1.7 0.8 2.0 2.3 -0.4
- Excluding Food and Energy May 2010 0.1 0.0 0.0 0.4 0.7 1.4 0.9 1.2 1.8
PCE Deflator exc. Food and Energy May 2010 0.2 0.1 0.1 1.0 1.2 1.4 1.3 1.3 1.7
Industrial Prices, Finished Goods May 2010 -0.3 -0.1 0.7 2.9 6.2 0.8 5.1 5.2 -2.9
Average Hourly Earnings (4) Jun 2010 0.0 0.3 0.3 1.6 2.2 2.5 2.3 2.3 3.4
Industrial Capacity Utilization Rate May 2010 74.1 73.1 72.7 73.3 72.7 71.3 68.3 72.9 69.8
Median Price, Single-Family Homes (5) May 2010 4.0 1.8 3.4 20.8 -7.3 -5.5 2.7 0.8 -15.3

LABOUR MARKET
New Jobs (000) (6) Jun 2010 -125 433 313 207 147 -14 -170 882 -3688
- Manufacturing (000) Jun 2010 9 32 38 26 23 -9 -112 136 -1040
- Services (000) Jun 2010 -117 420 246 183 135 30 356 811 -1897
Average weekly hours (6) Jun 2010 0.1 0.0 0.5 3.3 1.6 -3.9 1.0 -1.1 -6.9
Civilian Unemployment Rate (7) Jun 2010 9.5 9.7 9.9 9.7 9.7 9.8 9.5 9.7 8.7

NATIONAL ACCOUNTS AND OTHER Annualized Growth Rates

QUARTERLY INDICATORS Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q1 2009 2009 2008 2007
GDP Chained 2005 dollars 2.7 5.6 2.2 -0.7 -6.4 -5.4 -2.4 0.4 2.1
Consumption 3.0 1.6 2.8 -0.9 0.6 -3.1 -0.6 -0.2 2.6
Residential Construction -10.3 3.7 18.9 -23.2 -38.2 -23.2 -20.5 -22.9 -18.5
Business Investment 2.2 5.3 -5.9 -9.6 -39.2 -19.4 -17.7 1.6 6.2
- Machinery and Equipment 11.4 19.0 1.5 -4.9 -36.4 -25.9 -16.6 -2.6 2.6
Government Spending -1.9 -1.3 2.7 6.7 -2.6 1.2 1.8 3.1 1.7
Exports 11.3 22.8 17.8 -4.1 -29.9 -19.5 -9.6 5.4 8.7
Imports 14.8 15.8 21.3 -14.7 -36.4 -16.7 -13.9 -3.2 2.0
Change in Inventories (1) (2) 41.2 -19.7 -139.2 -160.2 -113.9 -37.4 -108.2 -25.9 19.5
GDP Deflator 1.1 0.5 0.4 0.0 1.9 0.0 1.2 2.1 2.9
Personal Disposable Income 2.1 0.0 -3.6 6.2 0.2 3.4 0.8 0.5 2.2
Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008 2009 2008 2007
Labour Productivity (4) 2.8 6.3 7.8 7.6 0.9 2.2 3.7 2.0 1.8
Unit Labor Costs (4) -1.3 -7.8 -7.6 0.1 -5.0 2.2 -1.9 1.0 2.4
Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008 2009 2008 2007
Current Account (current $) -436.0 -403.6 -390.0 -337.8 -382.3 -590.6 -378.4 -668.9 -718.1
as a % of GDP -3.0 -2.8 -2.7 -2.4 -2.7 -4.1 -2.7 -4.6 -5.1
Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008 2009 2008 2007
Corporate Profits (8) 35.9 36.0 50.7 15.7 22.8 -64.4 -3.8 -11.8 -4.1
as a % of GDP 10.9 10.2 9.5 8.7 8.3 7.8 9.2 9.1 9.3

* Update
(1) Annual Rate (5) Existing Homes Sold
(2) $ Billions (6) Non-Farm Payroll Survey
(3) Personal Savings as a % of Personal Disposable Income (7) Household Survey
(4) Nonfarm Business (8) Current $ and before taxes

July 9, 2010 5
 WEEKLY ECONOMIC LETTER
ECONOMIC TABLES
TABLE 3 - CANADIAN ECONOMIC INDICATORS
July 9, 2010
Monthly Growth (%) Annualized Growth (%) Cumulated since
Growth Rates Unless Reference Past Prev. Month Average of the last Since beginning of year
Otherwise Indicated Period Month Month Before 3 Mos. 6 Mos. 12 Mos. 12 Mos. ref. prec.

Index of Leading Indicators (Stat. Can.) May 2010 0.9 0.9 1.2 12.5 13.4 1.4 11.9 8.3 -5.0

DOMESTIC DEMAND
New motor vehicle sales (000) Apr 2010 125.8 131.9 138.7 132.1 129.7 128.1 1537.1 524.4 472.1
Retail Sales ($ current) Apr 2010 -2.0 2.2 0.6 8.8 6.6 1.2 6.6 7.1 -5.5
- Motor vehicle and parts dealers Apr 2010 -4.8 4.3 3.3 8.7 6.8 2.8 9.3 11.3 -15.4
- Other Apr 2010 -1.2 1.7 -0.1 8.8 6.6 0.8 5.9 6.0 -2.4
Retail Sales ($ constant) Apr 2010 -1.9 2.3 0.7 8.1 4.3 1.6 4.7 5.4 -3.9

Manufacturer's Shipments ($ current) Apr 2010 0.2 1.4 -0.1 9.3 14.2 -9.8 10.5 8.5 -17.6
New Orders Apr 2010 0.3 -0.9 2.0 11.4 25.4 -11.9 22.2 13.4 -22.2
- Durables Apr 2010 -0.4 -2.2 3.5 14.7 39.9 -17.6 32.0 18.0 -29.4
Unfilled Orders Apr 2010 -0.2 -0.3 1.7 8.2 -12.0 -18.5 -16.1 -19.7 9.6
Manufacturer's Inventories Apr 2010 0.3 -0.7 0.2 -2.6 -6.1 -9.6 -7.5 -9.3 0.5
Inventories / Shipments Ratio Apr 2010 1.33 1.33 1.36 1.34 1.36 1.43 1.59 1.34 1.61
Manufacturer's Shipments ($ constant) Apr 2010 -0.1 1.6 0.2 12.0 13.2 -7.1 8.5 8.0 -18.4

Housing Starts (000) (1) * Jun 2010 189.3 195.3 205.9 196.8 197.3 182.6 143.4 197.3 129.9
Number of existing homes sold (MLS) May 2010 -9.5 -3.9 0.4 -25.5 -3.0 29.7 -2.8 28.6 -18.7
Number of personal bankrupties (2) Mar 2010 8.7 -9.6 -8.7 -67.5 -29.9 21.5 -15.7 -9.8 31.0
Number of commercial bankrupties (2) Mar 2010 -2.3 -3.8 -7.1 -56.1 -28.6 -13.3 -27.2 -23.8 -10.2

PRODUCTION
Real Domestic Product Apr 2010 0.0 0.6 0.2 4.7 4.8 -1.1 3.3 2.4 -3.0
- Manufacturing Apr 2010 -0.3 1.7 1.2 15.1 10.8 -7.0 7.1 4.1 -12.6
- Construction Apr 2010 0.1 0.8 -0.7 5.4 9.1 -4.2 5.5 3.6 -6.2
Services Apr 2010 0.0 0.3 0.2 3.0 3.6 1.3 3.0 3.0 -0.6

EXTERNAL, FISCAL AND EXCHANGE BALANCES

Exports Apr 2010 -1.0 -0.3 1.1 9.8 20.5 -17.8 8.9 5.2 -20.4
Imports Apr 2010 -2.2 2.6 1.7 11.1 12.9 -11.8 6.4 3.8 -10.2
- Capital Goods Apr 2010 -1.2 1.3 4.2 9.1 -3.6 -15.3 -8.0 -10.7 -0.2
Merch. Trade Balance ($ millions) Apr 2010 175 -236 741 227 271 -235 -543 403 -35
Change in Official Reserves May 2010 -816 174 -673 -438 -66 930 11,157 1,670 11,973
Level (US$): 56,027 Fiscal year
Fed. budget balance last 12 months ($ billions) Mar 2010 -47.0 -44.0 -42.3 -5.1 -47.0 -2.2

INFLATION AND COSTS

Consumer Prices May 2010 0.3 0.3 0.0 2.8 1.3 0.6 1.4 1.6 0.8
- Excluding Food and Energy May 2010 0.3 0.4 -0.3 2.0 0.7 1.0 1.0 1.1 1.3
- Core inflation (4) May 2010 0.3 0.3 -0.2 2.5 1.7 1.7 1.8 1.9 1.9
Average Hourly Earnings (2) * Jun 2010 -0.6 -0.4 0.1 -1.8 2.8 2.5 1.7 2.1 4.0
Price of New Housing icluding land * May 2010 0.3 0.3 0.3 2.8 3.7 -0.7 2.9 1.6 -2.2
Avg. Price of Existing Homes Sold (MLS) May 2010 -1.0 0.7 0.4 0.2 7.1 14.3 9.7 15.9 -6.6
Industrial Prices (1992=100) May 2010 0.3 0.4 -0.4 0.9 1.8 -3.1 1.4 -0.1 -0.9

LABOUR MARKET
Labour Force * Jun 2010 0.3 0.2 0.5 3.2 1.4 0.9 1.5 1.1 0.8
Job creation (000) * Jun 2010 93.2 24.7 108.7 75.5 51.4 31.0 372.3 308.4 -252.9
- Manufacturing * Jun 2010 -14.3 2.7 -20.6 -10.7 -4.5 -1.9 -22.6 -27.1 -181.3
- Services * Jun 2010 103.4 32.4 106.6 80.8 48.3 27.8 333.4 289.7 19.9
- Full Time * Jun 2010 49.0 67.2 43.9 53.4 34.6 28.7 345.0 207.5 -336.7
- Part Time * Jun 2010 44.2 -42.5 64.8 22.2 16.8 2.3 27.3 100.9 83.8
Unemployment Rate * Jun 2010 7.9 8.1 8.1 8.0 8.1 8.3 8.6 8.1 8.1

NATIONAL ACCOUNTS AND OTHER Annualized Growth Rates

QUARTERLY INDICATORS Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008 2009 2008 2007
GDP Chained (2002) $ 6.1 4.9 0.9 -2.8 -7.0 -3.1 -2.5 0.5 2.2
Consumption 4.4 3.9 3.8 2.2 -1.1 -2.7 0.4 2.9 4.6
Business Investments 0.9 -9.8 1.1 -22.0 -41.6 -18.7 -19.9 3.4 3.3
-Machinery and Equipment 7.5 -8.1 17.6 -15.9 -41.3 -29.9 -20.3 -0.9 4.2
Residential Construction 23.6 26.3 9.1 5.9 -21.5 -24.5 -8.2 -3.7 2.8
Government Expenditures 1.9 6.9 6.6 1.5 3.1 4.6 3.5 3.9 2.7
Final Domestic Demand 4.7 5.0 5.3 -0.2 -7.6 -4.8 -1.8 2.8 4.0
Exports 12.0 13.8 9.5 -15.9 -31.5 -15.2 -14.2 -4.6 1.2
Imports 14.1 12.4 27.3 -1.9 -38.7 -24.9 -13.9 1.2 5.9
Change in Inventories (1) 8.2 -1.2 -1.6 -1.8 -6.9 5.6 -2.9 9.0 12.2
Real Disposible Income 1.1 0.1 0.7 2.0 -0.2 7.5 1.1 3.7 4.0
Personal savings Rate 2.8 3.5 4.4 5.1 5.2 4.7 4.5 3.6 2.8
GDP Price Deflator 4.4 4.4 3.8 1.0 -6.2 -12.9 -2.1 4.0 3.2
Corporate Profits (nominal) 39.1 36.8 44.5 -32.4 -55.3 -68.7 -32.3 8.0 1.9
as a % of GDP 10.8 10.2 9.6 8.9 9.8 11.5 9.6 13.6 13.1
Indust. Capacity Utilization Rate 74.2 71.3 68.6 68.1 70.2 75.5 69.5 77.9 82.4
Labour Productivity, Business Sector 3.1 4.7 -0.8 0.4 0.0 0.8 0.4 -0.9 0.0
Unit Labour Cost, Business Sector -1.6 -0.3 -0.3 0.6 4.0 4.7 2.3 4.0 3.5
Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008 2009 2008 2007
Current Account (current $) (1) -31.3 -40.8 -55.1 -49.8 -28.4 -30.2 -43.5 6.9 12.8
as a % of GDP -2.0 -2.6 -3.6 -3.3 -1.9 -1.9 -2.8 0.5 0.8

* Update
(1) Annual Rate, $ billions (4) C.P.I. excluding the 8 most volatile components and the effect
(2) Not Seasonally Adjusted of indirect taxes
(3) Current and before taxes

July 9, 2010 6
 WEEKLY ECONOMIC LETTER
ECONOMIC TABLES
Economic and Strategy Team
TABLE 4 - PROVINCIAL ECONOMIC INDICATORS
July 9, 2010
Monthly Growth (%) Annualized Growth (%) Cumulated since
Growth Rates Unless Reference Past Prev. Month Average of the last Since beginning of year
Otherwise Indicated Period Month Month Before 3 Mos. 6 Mos. 12 Mos. 12 Mos. ref. prec.

QUEBEC
DOMESTIC DEMAND AND REVENUE
Retail Sales Apr 2010 -3.9 3.2 0.9 11.1 8.3 2.7 6.9 8.4 -3.2
Manufacturing Shipments Apr 2010 1.2 0.0 -1.8 -4.1 11.0 -8.9 4.3 3.7 -12.7
Housing Starts (000) (2) * Jun 2010 54.2 50.3 54.8 53.1 52.9 50.1 38.2 52.9 40.7
Number of existing homes sold (MLS) May 2010 -5.3 -8.7 -0.5 -28.2 9.1 19.1 -3.1 24.1 -12.6
W ages and Salaries Mar 2010 0.1 -0.6 0.9 1.1 3.8 1.8 3.0 2.9 1.6
Value of merchandise exports (1) Apr 2010 -2.8 13.4 -3.6 -0.3 12.6 -16.7 0.2 -4.4 -11.5
Number of personal bankrupties (1) Mar 2010 11.1 2.2 -15.6 -64.5 -26.1 14.1 -17.2 -12.9 21.7
Number of commercial bankrupties (1) Mar 2010 10.0 -8.4 -14.9 -46.6 -23.8 -18.0 -26.7 -28.7 5.5
PRICES
Consumer Price Index (1) May 2010 0.1 0.3 0.3 2.4 0.8 1.1 1.1 1.7 0.5
Average Hourly Earnings (1) * Jun 2010 -1.7 0.4 -0.3 -1.5 1.9 2.5 1.6 2.0 4.7
Price of New Housing inc. Land (1) * May 2010 0.4 0.0 0.8 4.6 3.3 2.7 3.0 2.7 3.9
Avg. Price of Existing Homes Sold (MLS) May 2010 -0.4 3.6 -1.5 2.5 9.4 8.4 9.0 10.4 0.8
LABOR MARKET
Job creation (000) * Jun 2010 30.4 -5.3 35.0 20.0 13.6 7.4 88.7 81.3 -25.3
Unemployment rate * Jun 2010 7.8 8.0 7.9 7.9 8.0 8.3 8.7 8.0 8.4
Participation rate * Jun 2010 65.7 65.4 65.5 65.5 65.2 65.1 65.6 65.2 65.5

ONTARIO
DOMESTIC DEMAND AND REVENUE
Retail Sales Apr 2010 -1.2 3.2 0.1 10.4 5.1 1.1 6.4 6.2 -4.8
Manufacturing Shipments Apr 2010 -0.3 1.0 0.8 11.8 17.1 -8.9 12.8 12.7 -20.6
Housing Starts (000) (2) * Jun 2010 55.6 66.4 67.9 63.3 63.6 59.2 49.4 63.6 45.3
Number of existing homes sold (MLS) May 2010 -11.6 -6.3 2.3 -15.9 7.8 31.6 1.3 35.2 -16.8
W ages and Salaries Mar 2010 0.5 0.1 0.9 5.1 4.7 -0.3 2.7 2.4 -0.7
Value of merchandise exports (1) Apr 2010 -10.7 19.7 6.9 59.9 21.7 -14.8 10.9 8.4 -22.4
Number of personal bankrupties (1) Mar 2010 10.3 -24.5 -4.6 -75.0 -35.1 20.8 -20.8 -14.0 33.7
Number of commercial bankrupties (1) Mar 2010 -9.1 -3.4 0.7 -70.0 -26.8 -7.0 -22.6 -17.9 -22.0
PRICES
Consumer Price Index (1) May 2010 0.4 0.3 0.2 4.1 2.1 0.7 1.9 1.8 1.1
Average Hourly Earnings (1) * Jun 2010 -0.3 -1.1 0.7 -2.7 2.8 1.9 0.8 1.7 3.2
Price of New Housing inc. Land (1) * May 2010 0.5 0.2 0.2 1.7 3.7 0.7 3.0 1.9 0.4
Avg. Price of Existing Homes Sold (MLS) May 2010 -0.3 -2.5 0.5 1.8 13.6 13.7 10.6 17.5 -3.6
LABOR MARKET
Job creation (000) * Jun 2010 60.3 17.7 40.5 39.5 27.7 16.7 200.4 166.2 -155.0
Unemployment rate * Jun 2010 8.3 8.9 8.8 8.7 8.9 9.0 9.4 8.9 8.9
Participation rate * Jun 2010 67.6 67.5 67.3 67.4 67.3 67.2 67.3 67.3 67.4

NEWFOUNDLAND & LABRADOR

DOMESTIC DEMAND AND REVENUE
Retail Sales Apr 2010 -3.1 2.9 1.2 13.7 5.1 4.3 6.0 7.9 -0.4
Manufacturing Shipments Apr 2010 42.6 46.3 -36.6 -37.1 -24.6 -22.3 108.3 -1.9 -38.3
Housing Starts (000) (2) * Jun 2010 4.3 4.1 3.3 3.9 5.0 4.1 3.2 5.0 3.2
Number of existing homes sold (MLS) May 2010 -2.2 -5.5 5.3 -6.1 27.4 7.4 14.7 21.5 -12.0
W ages and Salaries Mar 2010 -0.2 1.2 0.6 4.9 3.3 4.0 -1.6 2.7 6.3
Value of merchandise exports (1) Apr 2010 32.2 1.0 -14.0 -24.8 -39.5 -36.5 17.2 -1.0 -34.0
Number of personal bankrupties (1) Mar 2010 1.6 23.0 -19.1 -53.0 -33.7 17.9 -16.3 5.5 -1.6
Number of commercial bankrupties (1) Mar 2010 #DIV/0! -100.0 100.0 -87.0 -21.0 21.4 100.0 -33.3 -47.1
PRICES
Consumer Price Index (1) May 2010 0.2 -0.1 0.7 3.8 2.3 1.1 1.7 2.6 0.7
Average Hourly Earnings (1) * Jun 2010 1.2 -1.7 -1.7 -4.6 8.6 4.9 7.5 6.0 3.9
Price of New Housing inc. Land (1) * May 2010 0.2 1.1 0.0 5.7 7.2 6.3 6.2 5.6 18.9
Avg. Price of Existing Homes Sold (MLS) May 2010 1.6 1.0 2.5 15.1 22.6 14.0 17.7 16.5 20.1
LABOR MARKET
Job creation (000) * Jun 2010 -8.1 7.6 0.6 0.0 0.3 0.4 4.4 1.6 -2.1
Unemployment * Jun 2010 14.7 13.8 15.0 14.5 14.8 15.4 15.6 14.8 15.1
Participation rate * Jun 2010 59.4 61.0 59.8 60.1 59.9 59.8 59.3 59.9 59.0

PRINCE EDWARD ISLAND

DOMESTIC DEMAND AND REVENUE
Retail Sales Apr 2010 -1.1 2.8 0.1 12.4 10.5 2.2 7.4 8.5 -2.2
Manufacturing Shipments Apr 2010 -3.5 9.3 0.9 -3.0 -11.5 -7.7 -11.9 -12.1 -0.5
Housing Starts (000) (2) * Jun 2010 1.1 1.4 0.4 1.0 0.7 0.9 1.3 0.7 0.7
Number of existing homes sold (MLS) May 2010 -5.0 0.7 15.0 50.9 29.8 1.0 13.8 9.6 5.9
W ages and Salaries Mar 2010 0.4 0.6 0.4 2.1 -0.2 4.0 1.1 2.4 4.6
Value of merchandise exports (1) Apr 2010 -18.8 37.3 -11.5 -46.9 -39.9 -11.8 -24.0 -23.0 10.8
Number of personal bankrupties (1) Mar 2010 -23.7 -25.5 21.4 -45.0 -0.8 15.6 -34.1 5.4 34.9
Number of commercial bankrupties (1) Mar 2010 100.0 0.0 -66.7 -93.8 -36.0 92.9 0.0 0.0 33.3
PRICES
Consumer Price Index (1) May 2010 0.1 -0.2 0.4 2.3 0.7 1.1 1.4 2.7 -0.1
Average Hourly Earnings (1) * Jun 2010 -2.7 -1.7 0.1 -3.7 13.2 2.3 4.6 2.6 6.9
Price of New Housing inc. Land (1) * May 2010 0.3 -0.3 -0.5 -3.7 -2.2 0.3 -1.6 -1.0 0.6
Avg. Price of Existing Homes Sold (MLS) May 2010 -20.5 23.6 -1.4 47.2 0.4 6.4 0.1 7.4 6.4
LABOR MARKET
Job creation (000) * Jun 2010 0.3 -1.9 0.6 -0.3 0.0 0.1 1.6 -0.2 0.5
Unemployment * Jun 2010 12.3 10.7 9.5 10.8 10.6 11.2 12.2 10.6 12.3
Participation rate * Jun 2010 69.1 67.8 68.7 68.5 68.6 68.5 68.0 68.6 67.8

July 9, 2010 7
 WEEKLY ECONOMIC LETTER
ECONOMIC TABLES

Economic and Strategy Team

TABLE 4 - PROVINCIAL ECONOMIC INDICATORS (Continues from page A4)
July 9, 2010
Monthly Growth (%) Annualized Growth (%) Cumulated since
Growth Rates Unless Reference Past Prev. Month Average of the last Since beginning of year
Otherwise Indicated Period Month Month Before 3 Mos. 6 Mos. 12 Mos. 12 Mos. ref. prec.

NOVA SCOTIA
DOMESTIC DEMAND AND REVENUE
Retail Sales Apr 2010 -1.4 1.7 2.3 13.8 6.7 4.0 7.6 8.8 -3.1
Manufacturing Shipments Apr 2010 0.0 4.8 -4.3 3.1 0.3 -9.4 10.4 3.8 -15.8
Housing Starts (000) (2) * Jun 2010 3.1 5.5 4.1 4.2 4.3 4.2 2.9 4.3 2.8
Number of existing homes sold (MLS) May 2010 -8.0 -5.0 9.7 3.7 -0.3 7.8 -1.1 15.6 -21.1
W ages and Salaries Mar 2010 0.7 1.3 0.1 6.9 3.6 2.1 3.8 3.4 2.0
Value of merchandise exports (1) Apr 2010 0.3 13.5 3.1 -27.4 -11.8 -22.6 12.8 -11.8 -19.6
Number of personal bankrupties (1) Mar 2010 10.5 -4.1 -7.8 -62.5 -18.9 15.1 7.7 5.0 17.5
Number of commercial bankrupties (1) Mar 2010 -25.0 -33.3 -29.4 -35.4 -58.1 -7.3 -45.5 -10.3 -34.1
PRICES
Consumer Price Index (1) May 2010 -0.1 0.2 0.7 3.8 1.2 1.0 1.7 2.5 -0.3
Average Hourly Earnings (1) * Jun 2010 -0.6 -1.2 -0.7 -2.9 8.0 4.0 3.6 4.1 6.0
Price of New Housing inc. Land (1) * May 2010 0.1 0.0 0.1 0.9 1.0 0.6 0.8 0.7 2.0
Avg. Price of Existing Homes Sold (MLS) May 2010 -1.7 -0.2 -5.4 -16.0 14.1 7.1 6.0 10.0 0.6
LABOR MARKET
Job creation (000) * Jun 2010 0.4 3.5 1.1 1.7 0.9 0.5 5.5 5.7 -1.0
Unemployment * Jun 2010 8.8 8.7 8.6 8.7 9.0 9.2 9.3 9.0 9.0
Participation rate * Jun 2010 64.7 64.6 64.1 64.5 64.2 64.4 64.5 64.2 64.5

NEW BRUNSWICK
DOMESTIC DEMAND AND REVENUE
Retail Sales Apr 2010 -3.1 0.4 1.7 3.6 5.6 3.6 6.1 7.7 -0.9
Manufacturing Shipments Apr 2010 11.1 1.4 -6.9 24.7 38.1 -5.5 31.8 27.4 -25.5
Housing Starts (000) (2) * Jun 2010 5.3 4.9 3.5 4.6 4.4 4.0 3.8 4.4 3.3
Number of existing homes sold (MLS) May 2010 -14.8 -10.3 7.6 -36.9 2.4 1.0 -19.9 7.0 -13.3
W ages and Salaries Mar 2010 0.8 0.8 0.0 4.4 3.8 2.6 3.4 3.3 2.6
Value of merchandise exports (1) Apr 2010 -2.4 2.8 -16.5 22.6 36.8 -5.6 28.1 39.8 -25.1
Number of personal bankrupties (1) Mar 2010 0.0 -0.5 -8.3 -66.0 -28.9 23.7 5.8 7.5 22.2
Number of commercial bankrupties (1) Mar 2010 -25.0 166.7 -72.7 -91.0 -14.8 -42.2 50.0 -37.0 -42.6
PRICES
Consumer Price Index (1) May 2010 -0.1 0.0 0.2 2.1 1.9 1.6 1.8 3.0 -0.1
Average Hourly Earnings (1) * Jun 2010 0.2 -1.4 -0.4 -6.7 1.6 3.4 0.8 1.9 4.9
Price of New Housing inc. Land (1) * May 2010 0.6 0.0 0.0 1.0 0.8 1.9 1.0 0.7 4.0
Avg. Price of Existing Homes Sold (MLS) May 2010 1.3 1.4 -0.8 7.7 0.5 6.1 3.1 4.2 4.3
LABOR MARKET
Job creation (000) * Jun 2010 -4.4 -1.3 0.8 -1.6 -0.6 -0.4 -5.1 -3.8 -1.4
Unemployment * Jun 2010 9.3 8.8 8.5 8.9 9.0 8.8 8.9 9.0 9.0
Participation rate * Jun 2010 63.9 64.4 64.4 64.2 64.3 64.5 64.8 64.3 64.7

MANITOBA
DOMESTIC DEMAND AND REVENUE
Retail Sales Apr 2010 -1.8 0.9 1.2 6.1 7.0 3.2 7.0 7.6 -3.5
Manufacturing Shipments Apr 2010 -4.5 5.4 -1.6 1.8 -8.8 -12.5 -8.2 -8.7 -4.3
Housing Starts (000) (2) * Jun 2010 7.0 4.6 3.8 5.1 4.9 4.7 5.0 4.9 3.6
Number of existing homes sold (MLS) May 2010 -5.8 5.8 2.5 5.2 5.1 4.2 3.5 7.5 -10.0
W ages and Salaries Mar 2010 1.2 0.4 -0.2 3.2 2.7 1.8 2.8 2.1 2.8
Value of merchandise exports (1) Apr 2010 -6.2 22.5 -3.3 60.2 -6.9 -19.8 -10.5 -11.0 -9.5
Number of personal bankrupties (1) Mar 2010 12.1 -23.5 1.7 -49.4 -38.9 15.8 -15.1 -10.8 19.6
Number of commercial bankrupties (1) Mar 2010 28.6 16.7 20.0 720.2 -19.5 -17.8 350.0 29.4 -37.0
PRICES
Consumer Price Index (1) May 2010 0.2 0.1 0.1 1.6 -0.2 0.6 0.5 1.2 1.2
Average Hourly Earnings (1) * Jun 2010 1.0 0.4 -0.2 -0.5 3.3 2.7 3.7 2.4 3.5
Price of New Housing inc. Land (1) * May 2010 0.2 0.4 0.4 9.2 5.5 2.5 4.8 4.1 4.1
Avg. Price of Existing Homes Sold (MLS) May 2010 -0.5 -0.7 0.5 4.4 10.4 9.2 11.1 11.0 2.9
LABOR MARKET
Job creation (000) * Jun 2010 0.3 1.4 6.8 2.8 2.8 1.1 13.7 16.7 -1.9
Unemployment * Jun 2010 5.3 5.7 4.9 5.3 5.3 5.4 5.2 5.3 4.9
Participation rate * Jun 2010 70.1 70.4 69.8 69.8 69.8 69.6 69.4 69.8 69.3

SASKATCHEWAN
DOMESTIC DEMAND AND REVENUE
Retail Sales Apr 2010 -2.3 1.3 0.7 1.9 1.2 1.3 3.6 4.0 -1.6
Manufacturing Shipments Apr 2010 0.6 3.2 2.7 32.1 7.5 -6.1 12.7 9.3 -7.2
Housing Starts (000) (2) * Jun 2010 6.1 4.4 4.6 5.0 5.2 5.0 5.5 5.2 2.8
Number of existing homes sold (MLS) May 2010 -0.3 -9.1 5.4 -14.2 -16.3 23.7 -3.2 11.9 -22.5
W ages and Salaries Mar 2010 0.7 0.2 0.1 5.4 5.8 3.4 4.3 4.1 5.6
Value of merchandise exports (1) Apr 2010 -10.6 12.4 2.6 9.7 19.9 -20.6 -2.8 6.8 -16.8
Number of personal bankrupties (1) Mar 2010 2.2 7.1 5.9 -35.4 -21.4 21.4 -9.8 5.6 16.0
Number of commercial bankrupties (1) Mar 2010 -25.0 -7.7 85.7 117.4 -60.0 13.5 -35.7 -10.5 -9.5
PRICES
Consumer Price Index (1) May 2010 0.1 0.5 0.2 3.1 0.3 1.0 1.4 1.4 1.6
Average Hourly Earnings (1) * Jun 2010 0.8 0.1 -0.2 -0.9 4.3 5.5 5.9 5.3 6.3
Price of New Housing inc. Land (1) * May 2010 1.6 0.9 0.2 10.0 4.7 -0.3 5.8 2.6 -0.2
Avg. Price of Existing Homes Sold (MLS) May 2010 -5.0 4.2 -1.7 -3.2 4.3 3.5 2.0 4.4 3.9
LABOR MARKET
Job creation (000) * Jun 2010 2.1 -1.8 0.6 0.3 1.0 0.3 3.5 6.0 4.9
Unemployment * Jun 2010 5.5 5.0 5.2 5.2 5.0 4.9 4.6 5.0 4.7
Participation rate * Jun 2010 70.6 70.1 70.6 70.4 70.2 70.0 70.6 70.2 70.4

July 9, 2010 8
 WEEKLY ECONOMIC LETTER
ECONOMIC TABLES

Economic and Strategy Team

TABLE 4 - PROVINCIAL ECONOMIC INDICATORS (Continues from page A5)
July 9, 2010
Monthly Growth (%) Annualized Growth (%) Cumulated since
Growth Rates Unless Reference Past Prev. Month Average of the last Since beginning of year
Otherwise Indicated Period Month Month Before 3 Mos. 6 Mos. 12 Mos. 12 Mos. ref. prec.

ALBERTA
DOMESTIC DEMAND AND REVENUE
Retail Sales Apr 2010 -1.8 0.5 1.2 9.6 7.6 -3.0 5.9 5.9 -10.7
Manufacturing Shipments Apr 2010 -2.7 0.6 4.5 23.7 20.5 -15.1 12.5 6.4 -16.8
Housing Starts (000) (2) * Jun 2010 26.4 28.8 35.6 30.3 29.5 27.5 20.3 29.5 14.6
Number of existing homes sold (MLS) May 2010 -7.1 -0.7 -1.7 -18.6 -26.6 17.8 -16.3 12.9 -19.7
Wages and Salaries Mar 2010 0.9 0.8 1.2 9.8 3.0 -0.3 2.6 1.5 3.4
Value of merchandise exports (1) Apr 2010 -4.3 8.7 -6.4 7.8 33.0 -25.1 27.8 16.1 -33.9
Number of personal bankrupties (1) Mar 2010 -6.9 7.9 -7.6 -64.8 -31.0 49.5 -9.8 -2.6 76.8
Number of commercial bankrupties (1) Mar 2010 11.1 -15.6 0.0 -37.3 -1.0 -17.2 -31.8 -21.2 14.1
PRICES
Consumer Price Index (1) May 2010 0.3 0.2 -0.5 0.2 0.8 0.2 1.1 1.3 0.5
Average Hourly Earnings (1) * Jun 2010 -0.2 0.0 -0.2 -2.1 -0.2 2.5 0.2 1.4 5.0
Price of New Housing inc. Land (1) * May 2010 0.1 0.3 0.1 2.4 2.0 -5.2 1.6 -0.6 -9.8
Avg. Price of Existing Homes Sold (MLS) May 2010 -0.9 0.6 2.8 10.5 3.1 3.5 7.9 7.7 -9.1
LABOR MARKET
Job creation (000) * Jun 2010 5.7 14.7 10.0 10.1 0.8 1.1 13.7 4.5 -29.2
Unemployment * Jun 2010 6.7 6.6 7.4 6.9 7.0 7.0 6.8 7.0 6.1
Participation rate * Jun 2010 73.3 73.2 73.4 73.3 73.2 73.6 74.4 73.2 74.6

BRITISH COLUMBIA
DOMESTIC DEMAND AND REVENUE
Retail Sales Apr 2010 -0.7 1.0 -0.2 2.1 8.7 1.4 8.1 9.1 -9.0
Manufacturing Shipments Apr 2010 -2.5 4.2 1.1 23.6 11.4 -10.2 8.1 6.8 -18.8
Housing Starts (000) (2) * Jun 2010 26.2 24.9 27.9 26.3 27.0 23.0 13.8 27.0 13.0
Number of existing homes sold (MLS) May 2010 -11.3 6.2 -5.5 -52.1 -19.8 64.1 -2.6 40.7 -29.6
Wages and Salaries Mar 2010 0.4 1.0 -0.5 4.3 4.0 -1.0 2.5 1.8 -1.2
Value of merchandise exports (1) Apr 2010 3.3 12.1 4.1 39.2 7.6 -20.4 12.2 2.5 -12.8
Number of personal bankrupties (1) Mar 2010 16.7 -2.7 -10.0 -55.1 -21.5 33.8 -8.9 -5.2 47.2
Number of commercial bankrupties (1) Mar 2010 -35.7 40.0 5.3 -43.1 -54.7 -21.9 -62.5 -42.1 0.9
PRICES
Consumer Price Index (1) May 2010 0.4 0.5 -0.5 2.5 0.4 -0.1 0.6 0.8 0.8
Average Hourly Earnings (1) * Jun 2010 -0.3 0.7 0.1 3.9 4.7 2.9 4.2 2.8 4.0
Price of New Housing inc. Land (1) * May 2010 0.3 0.3 0.5 5.1 6.3 -2.7 4.7 2.5 -6.8
Avg. Price of Existing Homes Sold (MLS) May 2010 -0.6 1.0 3.0 7.6 7.6 13.1 10.6 16.0 -9.6
LABOR MARKET
Job creation (000) * Jun 2010 6.4 -10.1 12.7 3.0 5.1 3.8 46.1 30.4 -42.5
Unemployment * Jun 2010 7.8 7.5 7.3 7.5 7.7 7.8 8.1 7.7 7.4
Participation rate * Jun 2010 66.0 65.8 66.0 65.9 66.1 66.0 66.2 66.1 66.0

July 9, 2010 9
 WEEKLY ECONOMIC LETTER
ECONOMIC TABLES

Economic and Strategy Team

TABLE 5 - INTERNATIONAL ECONOMIC INDICATORS
July 9, 2010
Monthly Growth (%) Annualized Growth (%) Cumulated since
Growth Rates Unless Reference Past Prev. Month Average of the last Since beginning of year
Otherwise Indicated Period Month Month Before 3 Mos. 6 Mos. 12 Mos. 12 Mos. ref. prec.

OECD leading index * May 2010 -0.1 0.1 0.2 2.9 7.8 4.1 8.3 9.5 -10.7

JAPAN
Consumer confidence - percenbtage (1) May 2010 42.8 42.0 40.9 41.9 40.4 40.0 35.7 40.9 30.0
Retail Sales (1) May 2010 -3.1 -7.3 18.2 2.4 13.2 0.6 2.8 3.8 -3.5
Industrial Production, Volume Index May 2010 -0.1 1.3 1.2 12.5 25.4 -0.8 20.2 25.4 -30.6
Exports May 2010 -1.2 2.3 -0.3 11.2 50.1 -4.2 34.6 40.3 -43.3
Imports May 2010 0.4 6.4 -3.1 17.7 48.1 -15.1 33.0 23.0 -36.5
Merchandise trade bal. (Billions of ¥) May 2010 416 508 701 541 571 504 261 2,821 -624
Current account (Billions of ¥) * May 2010 905 1,380 1,785 1,356 1,365 1,345 1,056 6,938 4,086
Inflation (CPI) May 2010 -0.1 -0.3 0.0 0.0 -0.4 -1.7 -0.9 -1.1 -0.3
Job offers to applicants ratio May 2010 0.50 0.48 0.49 0.49 0.47 0.45 0.46 0.48 0.54
Unemployment Rate May 2010 5.2 5.1 5.0 5.1 5.1 5.2 5.1 5.0 4.7
Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008 2009 2008 2007
Gross Domestic Product (Constant Yen) 5.0 4.6 0.4 6.9 -15.8 -9.6 -5.3 -1.2 2.3

Euro-zone
Volume Retail Sales * May 2010 0.2 -0.9 0.7 0.2 0.7 -1.1 0.3 0.1 -3.2
Industrial Production Apr 2010 0.8 1.6 0.7 15.8 11.9 -7.2 9.4 5.5 -18.8
Exports Apr 2010 -2.5 8.0 3.4 40.2 21.4 -7.8 17.4 13.2 -21.0
Imports Apr 2010 -3.6 11.1 2.0 46.8 21.6 -11.2 17.2 10.7 -20.9
Merch. Trade Bal. (Millions of euros) Apr 2010 1,555 240 3,411 1,736 1,818 2,793 2,851 7,009 -3,220
Inflation (CPI) Jun 2010 0.0 0.1 0.5 5.1 1.8 0.7 1.4 1.3 0.6
Unemployment Rate May 2010 10.0 10.0 10.0 10.0 10.0 9.8 9.4 10.0 9.0
Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008 2009 2008 2007
Gross Domestic Product (Constant Euro) * 0.8 0.5 1.6 -0.3 -9.8 -7.4 -4.1 0.5 2.7

UNITED KINGDOM
Consumer Confidence (Diffusion index) Jun 2010 -11 -10 -6 -9 -7 -9 -18 -7 -25
Retail Sales May 2010 0.6 0.0 0.7 4.8 -2.3 2.0 2.2 1.0 -0.5
Industrial Production * May 2010 0.8 -0.7 1.7 8.0 2.9 -5.0 2.5 0.7 -12.1
Exports (1) * May 2010 0.2 -0.2 1.3 19.3 21.1 -0.2 20.3 14.0 -10.8
Imports (1) * May 2010 2.4 -0.2 4.9 21.6 21.3 -1.3 22.2 12.4 -11.0
Merchandise Trade Bal. (Millions of £) * May 2010 -8,062 -7,411 -7,418 -7,630 -7,054 -7,285 -7,170 -37,327 -34,491
Inflation (CPI harmonized) (1) May 2010 0.2 0.6 0.5 5.1 3.5 2.4 3.3 3.4 2.7
Industrial Prices (1) * Jun 2010 -0.3 0.1 1.6 9.3 6.2 3.0 5.1 4.9 1.4
House prices * Jun 2010 -0.6 -0.6 -0.1 -2.3 4.2 1.1 4.9 5.5 -15.9
Unemployment Rate Mar 2010 7.9 8.0 8.0 8.0 7.9 7.9 7.3 8.0 7.1

Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008 2009 2008 2007

Gross Domestic Product (Constant £) * 1.3 1.7 -1.0 -2.8 -9.0 -2.8 -4.9 -0.1 2.7

INTEREST AND EXCHANGE RATES

Reference Current Prev. Week Average of last Thurdays 13 w. 26 w. 52 w.
Thursday Week Week Before 13 W. 26 W. 52 W. ago ago ago

JAPAN
Prime Rate * 09-Jul-10 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30
3-month Financing Bill Rate * 09-Jul-10 0.12 0.12 0.12 0.11 0.12 0.13 0.12 0.13 0.15
- Spread with U.S. * 09-Jul-10 -0.05 -0.06 -0.02 -0.03 -0.02 0.01 -0.04 0.08 -0.03
Yield on 10-year Gov't Bonds * 09-Jul-10 1.15 1.10 1.15 1.24 1.29 1.30 1.38 1.35 1.30
- Spread with U.S. * 09-Jul-10 -1.91 -1.88 -1.96 -2.11 -2.24 -2.21 -2.50 -2.48 -1.99
Exchange Rate (¥/U.S.$) * 09-Jul-10 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9

Euro Zone
3-month Treasury Bills * 09-Jul-10 0.76 0.73 0.67 0.65 0.62 0.68 0.58 0.65 0.98
- Spread with U.S. * 09-Jul-10 0.60 0.56 0.54 0.50 0.49 0.56 0.42 0.60 0.80
Yield on 10-year Gov't Bonds * 09-Jul-10 2.59 2.55 2.69 2.77 2.97 3.12 3.12 3.38 3.28
- Spread with U.S. * 09-Jul-10 -0.46 -0.43 -0.42 -0.57 -0.56 -0.39 -0.76 -0.45 -0.02
Exchange Rate (U.S.$/Euro) * 09-Jul-10 1.26 1.26 1.24 1.26 1.32 1.39 1.35 1.44 1.39
(Yen/Euro) * 09-Jul-10 111.85 109.88 109.99 115.50 120.01 126.66 125.34 133.36 128.21
(Euro / £ ) * 09-Jul-10 1.20 1.21 1.21 1.18 1.15 1.14 1.15 1.12 1.17

UNITED KINGDOM
Prime Rate * 09-Jul-10 6.50 6.50 6.50 6.50 6.50 6.50 6.50 6.50 6.50
3-month Treasury Bills (tender) * 09-Jul-10 0.49 0.49 0.49 0.49 0.50 0.46 0.51 0.49 0.45
- Spread with U.S. * 09-Jul-10 0.33 0.32 0.36 0.35 0.36 0.35 0.35 0.44 0.27
Yield on 30-year Gov't Bonds * 09-Jul-10 4.15 4.12 4.23 4.32 4.43 4.34 4.62 4.50 4.36
- Spread with U.S. * 09-Jul-10 0.12 0.19 0.16 0.08 -0.01 -0.06 -0.12 -0.21 0.16
Exchange Rate (U.S.$ / £ ) * 09-Jul-10 1.51 1.52 1.51 1.49 1.52 1.57 1.54 1.60 1.62

STOCK INDICES Monthly Growth (%) Growth Over (%) Since

Past Prev. Month beginning of year
Reference Level Month Month Before 3 Months 6 Months 1 Year ref. prec.

MSCI Eafe * Jul 2010 178 -1.0 -8.8 -6.5 -15.6 -16.4 6.2 -15.6 14.0

July 9, 2010 10
 WEEKLY ECONOMIC LETTER
ECONOMIC TABLES

TABLE 6 - COMMODITY PRICES

July 9, 2010
Spot Price Weekly Growth (%) Annualized Growth (%)
Last Prev. Week For the Last Last
Jul 9 Jul 2 Week Week Before 13 W. 26 W. 52 W. Year

CRB Index
Total 473.6 467.7 1.3 -2.1 0.8 0.8 -11.7 21.8 388.8

Energy 606.1 594.9 1.9 -6.4 -0.6 -14.3 -20.8 23.3 491.5
Grain 318.8 303.6 5.0 4.9 -2.8 37.5 -13.2 6.9 298.2
Industrials 439.7 431.3 1.9 -5.1 3.0 -33.6 -7.6 28.2 343.1
Livestock & Meat 315.4 312.3 1.0 -1.9 1.6 -15.4 8.3 16.0 271.8
Precious Metals 931.2 918.6 1.4 -5.2 -0.6 -11.6 1.1 37.9 675.3

PRECIOUS METALS
Gold ($/ounce) 1196.25 1210.50 -1.2 -2.6 -0.1 14.7 13.7 31.5 910.00
(AM fixing London)
Platinum ($/ounce) 1525.0 1516.0 0.6 -2.6 -0.9 -38.5 -2.8 37.9 1106.0
(AM fixing London)
Silver ($/ounce) 18.2 17.8 2.1 -6.8 -1.0 -5.3 -2.9 44.0 12.6
(Handy & Harman)
Palladium ($/ounce troy) 454.0 433.0 4.8 -8.1 -2.7 -37.7 11.0 94.0 234.0

OTHER METALS (LME)

Aluminum ($/tonne) 1,984 1,912 3.8 -3.0 2.9 -51.2 -22.3 28.5 1,544
Copper ($/tonne) 6,741 6,380 5.7 -5.4 5.2 -46.8 -17.8 38.8 4,857
Zinc ($/tonne) 1,875 1,749 7.2 -5.0 8.5 -61.5 -43.3 27.6 1,469
Nickel ($/tonne) 19,443 18,735 3.8 -4.8 0.8 -64.2 18.9 35.0 14,407
Lead ($/tonne) 1,825 1,729 5.5 -3.5 4.0 -60.7 -46.9 16.0 1,573
Uranium (Neuxco spot $/lb U308) 0 0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! ####### $$"ER", E

OTHER COMMODITIES
Oil ($/barrel) 1-month future 76.22 72.21 5.6 -8.5 2.1 -34.9 -15.4 27.3 59.88
(West Texas Intermediate)
Corn (¢/bushel) 353.0 341.5 3.4 7.1 -5.6 35.8 -16.6 9.1 323.5
(Illinois #2)
Soy beans (¢/bushel) 1004.5 948.0 6.0 -0.5 -0.9 37.3 2.3 -7.4 1085.0
(Illinois #1)
Pork (¢/lb) 110.0 110.0 0.0 0.0 0.0 133.4 89.1 49.7 73.5
Beef (Cattle feeder index) 113.9 112.3 1.5 0.6 2.9 2.2 45.3 12.9 100.9
(CME)
Woodpulp NBSK 1020 1020 0.0 2.0 0.0 57.8 51.0 52.2 670
Metric ton delivered in U.S.
Natural Gas (mmbtu) 4.42 4.69 -5.8 -3.1 -6.1 64.2 -53.6 36.7 3.23
Henry Hub future NYMEX
Lumber 2X4 216 206 4.9 9.6 0.0 -73.1 -1.8 16.1 186

All prices are in US dollars

July 9, 2010 11