- Exports surged and propelled Canada’s Q2 GDP 1.1 percent from the first quarter and 3 ercent from a year ago. Statistics Canada said merchandise exports were up across the board, and diamonds boosted the mining industry.
- Canada’s jobless rate in July declined to 7.2 percent, 0.1 percent less than June, and 0.4 percent below July 2003. Canada Statistics said the employment picture featured more factory and private sector jobs.
- Brazil’s July unemployment rate dropped to 11.2 percent, a 0.5-percent drop from June. July marked the third straight month of decreasing unemployment.
- Brazil’s Central Bank said inflation may rise faster than expected because of higher oil prices and price expectations, pushing the bank closer to hiking interest rates. The bank expected an inflation rate of 5.5percent in 2004 and 4.5 percent in 2005.
- Brazil’s Central Bank announced its July account surplus surged 144 percent to $1.81 billion, compared to$740 million in July 2003. The high prices of iron ore and soymeal exports help push the surplus $110 million beyond the central bank’s June forecast.
Canada’s trade surplus surpassed $8.6 billion, marking a new June high. Exports rose for the fifth straight month, gaining 4.4 percent, while imports fell 3.7 percent compared to May’s record high. Effects of the strong Canadian dollar have been offset by increased global demand and steady rebound in the first half of 2004.
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