Business inventories rose 0.9% in March, as expected in a survey compiled by Bloomberg and following a 0.4% increase in the previous month.
Retail inventories were up 0.6%, revised downward from a 0.7% gain in the advance estimate, while wholesale inventories rose by 1.3% and factory inventories increased by 0.6%.
Business sales rose by 2.1% in March, with retail trade sales were up 1.9% after revision. Wholesale sales increased by 2.8% and factory shipments were up 1.4%.
Prime Minister Mark Carney says the government will give more flexibility to LNG power plants as part of its long-awaited clean electricity strategy, The Canadian Press is reporting Thursday.The strategy, released today, is aimed at doubling electrical capacity by 2050 and lowering energy costs for 70% of Canadian households, it noted.The strategy says construction will cost more than $1 trillion and public dollars will be used to cover some of the cost, the report said.It doesn't say how much the government is willing to spend, although it mentions offering tax credits and bringing back energy-saving retrofits for up to a million households, it added.The government forecasts 130,000 new workers will be needed to double the size of grid, pledging 30,000 new jobs by 2028 and 100,000 more by 2050, according to the report.The strategy commits to building electricity capacity in the North but doesn't say how, other than that Ottawa will work with the territories and Indigenous stakeholders to make it happen, the report noted.(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
US retail sales rose by 0.5% in April, as expected in a survey compiled by Bloomberg as of 7:35 am ET and following the previous month's 1.6% gain.Excluding a 0.4% decrease in motor vehicle sales, retail sales were up 0.7%, also as expected. That followed a 1.9% gain in March.Removing both motor vehicles and a 2.8% gain in gasoline station sales, retail sales were up 0.5% in April after a 0.7% increase in March. Sales at food services and drinking places rose by 0.6% after a 0.1% gain in the previous month.There were also notable sales gains for electronics, groceries, sporting goods, and at nonstore retailers that were offset by declines in sales for furniture and clothing.The monthly retail sales report from the US Commerce Department measures spending on retail products and food, the largest portion of economic growth. The report covers spending on goods, with a services report released later each month.Investors watch the control group that excludes food services, autos, gasoline, and building materials because it feeds directly into the GDP report measuring economic growth.If the data shows a strong US economy, that's generally bullish for stocks and bearish for bonds.