July 30, 2010

ECONOMIC INDICATORS
• Economic Indicators Review REVIEW
by Yanick Desnoyers
• Things to watch
Economic calendar and significant Canada – In May, real GDP in Canada grew 0.1%.
earnings announcements of the week Goods production posted a solid performance, advancing
ahead (p. 3) 0.6% on the back of mining and oil and gas extraction.
Service production retreated 0.1%, but losses were
• Economic tables (p. 4) concentrated in wholesale trade (-1.8%). So far in Q2, real
GDP is up 2.2% at an annual rate. Given the strong job
creation in June and the sharp increase in hours worked in
Q2, we expect activity to fair better in June, which should
translate into quarterly growth on the order of 3%. As this
is in line with projections in its latest Monetary Policy
Report, the Bank of Canada should continue to normalize
interest rates as planned.

Total hours worked breed optimism

Real GDP at basic prices and total hours worked (q/q, annualized)
8 % (q/q, ann.) Total hours worked

-2
GDP so far
in quarter
-4

-6

-8

-10

-12
1998 2000 2002 2004 2006 2008 2010

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
United States – In Q2, real GDP in the United States U.S. domestic demand accelerates in Q2
progressed 2.4%, down from a revised 3.7% in Q1. U.S. real GDP and domestic demand growth (q/q, annualized)
% (q/q)
Consumption rose 1.6% and business investment in 9
8
machinery and equipment soared 21.9%, contributing 1.2 7
6 Domestic demand
and 1.4 percentage points, respectively, to GDP growth. 5
GDP
4
International trade shaved 2.8 p.p. from growth, while 3
2
business inventories added 1.1 p.p. The composition of 1
GDP growth improved compared with Q1 thanks to an 0
-1
acceleration of domestic demand growth from 1.3% to -2
-3
4.1%. -4
-5
-6
In Q3, we expect activity to expand in the vicinity of 3%. -7
00 01 02 03 04 05 06 07 08 09 10
Investment in machinery and equipment should register
double-digit growth once again. As confirmed in the June U.S.: no double dip in sight for business investment
report on new durable goods orders, new orders of non- Shipments and new orders Unfilled orders
of non-defence capital goods excluding aircraft of non-defence capital goods excluding aircraft
defence capital goods excluding aircraft are going into Q3 Already up 6.2%
30 % (q/q, ann.) 7 % (q/q) annualized in Q2
25.1%
up 8%. Given that unfilled orders began increasing after 25 6
20 5
15.8%
only three quarters this recovery, shipments should record 15 4
10 3
strong growth from July to September. Going forward, it 5 2 3
0 1
will be of critical importance for the U.S. economy to -5 0
5
-10 -1
create jobs in order to sustain consumption growth. -15 -2
-20 -3
-25 Hand-off to Q3 for new -4
orders of non-defence -5
-30
capital goods excluding Cumulative -2.9%
-35 -6
aircraft: +7.7% Cumulative -18% this time around
-40 -7 post recession

-45 -8
99 00 01 02 03 04 05 06 07 08 09
00 01 02 03 04 05 06 07 08 09 10

NBFG Economy and Strategy Group (census data via Global Insight)

2
July 30, 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

10:00 US ISM Manufacturing JUL 56.2 54.2 55.0 Humana Inc 6:00 Q2 2010 1.63
Principal Financial 16:00 Q2 2010 0.66
VeriSign Inc 16:05 Q2 2010 0.24
DaVita Inc Aft-mkt Q2 2010 1.07
Vulcan Materials Co Aft-mkt Q2 2010 0.24
Monday Allergan Inc/U.S. Q2 2010 0.81
Loews Corp Q2 2010 0.34
Aug 2

8:30 US Personal Spending JUN 0.20% 0.10% Red Back Mining Inc Bef-mkt Q2 2010 0.17
8:30 US PCE Core (MoM) JUN 0.20% 0.20% Saputo Inc Q1 2011 0.50
8:30 US PCE Core (YoY) JUN 1.30% 1.30% Emerson Electric Co Bef-mkt Q3 2010 0.68
17:00 US Total Vehicle Sales JUL 11.08M 11.60M 11.50M Cognizant Technology Bef-mkt Q2 2010 0.54
Dow Chemical Co/The 6:30 Q2 2010 0.57
Tuesday American Tower Corp 7:00 Q2 2010 0.19
Duke Energy Corp 7:00 Q2 2010 0.28
Aug 3 Anadarko Petroleum Aft-mkt Q2 2010 0.38
Marathon Oil Corp Q2 2010 0.80
Mastercard Inc Q2 2010 3.34
Procter & Gamble Q4 2010 0.73
Pfizer Inc Q2 2010 0.52

7:00 US MBA Mortgage Applications Jul-30 -4.40% -- DundeeWealth Inc 7:00 Q2 2010 0.11
10:00 US ISM Non-Manf. Composite JUL 53.8 53.0 54.0 Sun Life Financial Inc 17:00 Q2 2010 0.27
Home Capital Group 18:00 Q2 2010 1.24
HudBay Minerals Inc Aft-mkt Q2 2010 0.11
Kinross Gold Corp Aft-mkt Q2 2010 0.16
Wednesday Great-West Lifeco Inc Aft-mkt Q2 2010 0.45
Yamana Gold Inc Aft-mkt Q2 2010 0.15
Aug 4 Cott Corp Aft-mkt Q2 2010 0.27
Minefinders Corp Aft-mkt Q2 2010 0.03
SEMAFO Inc Aft-mkt Q2 2010 0.10
Trican Well Service Ltd Aft-mkt Q2 2010 -0.03
Westport Innovations Aft-mkt Q1 2011 -0.20

8:30 US Initial Jobless Claims Jul-31 457K 455K Manulife Financial Corp Q2 2010 -0.54
8:30 CA Building Permits MoM JUN -10.80% 0.50% Toromont Industries Q2 2010 0.23
Inter Pipeline Fund Q2 2010 0.19
Biovail Corp Q2 2010 0.32
UTS Energy Corp Q2 2010 -0.01
Thursday Dorel Industries Inc Q2 2010 0.98
Stantec Inc Q2 2010 0.49
Aug 5 Extendicare REIT Q2 2010 0.30
Dundee REIT Q2 2010 0.69
Yellow Pages Income Q2 2010 0.23
BCE Inc Q2 2010 0.73
Pembina Pipeline Fund Q2 2010 0.26

7:00 CA Net Change in Employment JUL 93.2K 10.0K -5.0K Silver Standard Res. Bef-mkt Q2 2010 -0.09
7:00 CA Unemployment Rate JUL 7.90% 7.90% 8.00% GMP Capital Inc 6:00 Q2 2010 0.23
8:30 US Change in Nonfarm Payrolls JUL -125K -60K -10K Magna International Inc Q2 2010 1.48
8:30 US Unemployment Rate JUL 9.50% 9.60% 9.60% Brookfield Asset Man. 8:00 Q2 2010 0.20
TELUS Corp 8:00 Q2 2010 0.78
Friday Power Financial Corp Q2 2010 0.59
New Gold Inc Q2 2010 0.06
Aug 6 Labrador Iron Ore Q2 2010 2.42
Power Corp of Canada Q2 2010 0.57
SNC-Lavalin Group Inc Q2 2010 0.50
Manitoba Telecom Ser. Q2 2010 0.54
Quebecor Inc Q2 2010 1.06
Source: Bloomberg

July 30, 2010 3

 WEEKLY ECONOMIC LETTER
ECONOMIC TABLES
TABLE 1 - NORTH AMERICAN FINANCIAL INDICATORS
July 30, 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 * Jun 2010 1723 0.9 0.3 -0.7 1.8 4.4 4.7 6.7 15.2
M2 * Jun 2010 8611 0.4 1.0 -0.3 2.0 1.4 1.8 1.8 9.3
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 3679 -0.6 -0.4 0.2 -3.2 -3.9 -4.7 -3.3 5.3
Business * Jun 2010 1243 -0.1 -0.8 -0.2 -7.5 -16.5 -16.5 -18.7 1.8

CANADA
MONETARY AGGREGATES
M2+ gross May 2010 1327 1.0 0.2 0.0 2.8 1.9 3.6 4.3 13.2
Personal Deposits (Banks) (2) Jun 2010 659 0.7 0.6 0.6 4.6 2.4 3.7 4.3 14.9
CREDIT MEASURES
Consumer May 2010 461 0.3 0.8 0.4 8.0 9.4 9.0 9.3 7.6
Mortgages May 2010 988 1.0 0.4 0.6 7.6 7.0 7.4 7.0 8.4
Short - Term Business Loans Jun 2010 324 0.2 0.4 -0.7 -3.8 -11.3 -11.5 -14.5 3.2
Business (S.T. + L.T.) * Jun 2010 1208 0.1 0.0 0.2 1.6 1.0 0.3 0.0 3.2
Private (Consumer+Business) * May 2010 2656 0.4 0.4 0.3 5.0 4.4 4.4 4.0 5.9
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 * 29 Jul 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25
Prime Rate * 29 Jul 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25
3-month Treasury Bills * 29 Jul 0.15 0.16 0.15 0.14 0.14 0.11 0.17 0.08 0.18
2-year Bonds * 29 Jul 0.56 0.56 0.60 0.70 0.83 0.87 0.96 0.86 1.19
5-year Bonds * 29 Jul 1.63 1.67 1.76 1.95 2.20 2.28 2.45 2.40 2.64
10-year Bonds * 29 Jul 2.99 2.93 2.99 3.18 3.47 3.48 3.73 3.64 3.64
30-year Bonds * 29 Jul 4.08 3.95 3.98 4.12 4.39 4.38 4.59 4.55 4.45
Corporate High-yield (Lehman) * 29 Jul 8.34 8.51 8.69 8.96 8.81 9.41 8.06 8.96 11.65
Corporate Invest. Grade (Lehman) * 29 Jul 3.97 4.06 4.15 4.36 4.39 4.53 4.27 4.42 5.49
SPREADS
Corp. High-yield - Treas. 10y. * 29 Jul 5.35 5.58 5.70 5.78 5.35 5.92 4.33 5.32 8.01
Corp. Invest. grade - Treas. 10y. * 29 Jul 0.98 1.13 1.16 1.17 0.92 1.05 0.54 0.78 1.85
Treasuries 30y. - 3-m. T.B. * 29 Jul 3.93 3.79 3.83 3.98 4.25 4.26 4.42 4.47 4.27
EXCHANGE RATE
Major currencies, traded-weighted * 23 Jul 76.36 76.28 76.71 78.37 77.18 75.63 76.53 75.25 75.68

CANADA
INTEREST RATES
Prime Rate * 29 Jul 2.75 2.75 2.50 2.46 2.36 2.30 2.25 2.25 2.25
Target overnight rate * 29 Jul 0.75 0.75 0.50 0.46 0.36 0.30 0.25 0.25 0.25
30-day commercial paper * 29 Jul 0.85 0.88 0.83 0.63 0.51 0.43 0.44 0.35 0.33
3-month Treasury Bills * 29 Jul 0.66 0.62 0.57 0.51 0.38 0.29 0.40 0.16 0.24
1-year Treasury Bills * 29 Jul 1.17 1.12 1.18 1.13 0.99 0.78 1.29 0.56 0.59
5-year Bonds * 29 Jul 2.36 2.41 2.50 2.59 2.70 2.66 3.09 2.46 2.66
10-year Bonds * 29 Jul 3.18 3.21 3.24 3.31 3.42 3.43 3.66 3.35 3.53
30-year Bonds * 29 Jul 3.76 3.77 3.77 3.77 3.92 3.94 4.04 3.96 4.05
SPREADS
Prime - 30d. Commercial paper * 29 Jul 1.90 1.87 1.67 1.84 1.85 1.87 1.81 1.90 1.92
Long Term - Short Term * 29 Jul 3.10 3.15 3.20 3.26 3.54 3.64 3.64 3.80 3.81
CANADA UNITED STATES SPREADS
3-month T-Bills * 29 Jul 0.51 0.46 0.42 0.37 0.23 0.18 0.23 0.08 0.06
Long Term Bonds * 29 Jul -0.32 -0.17 -0.21 -0.36 -0.48 -0.44 -0.55 -0.59 -0.40
EXCHANGE RATE
US$ /CDN$ (GTIS) * 29 Jul 0.9654 0.9640 0.9632 0.9599 0.9675 0.9539 0.9940 0.9376 0.9231
Trade-weighted (1990=100) G-10 * 29 Jul 109.8 109.4 109.1 109.6 110.1 108.1 113.5 106.4 104.7

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.) * 29 Jul 10467.2 6.0 -2.6 -9.2 -6.3 4.0 15.4 -0.7 6.9
S&P 500 (U.S.) * 29 Jul 1101.5 5.8 -4.4 -9.7 -8.7 2.6 13.0 -2.2 12.2
NASDAQ (U.S.) * 29 Jul 2251.7 5.5 -5.4 -10.1 -10.4 4.9 14.4 -1.6 30.3
S&P/TSX (Can.) * 29 Jul 11728.6 4.1 -3.5 -4.3 -3.9 5.7 12.2 0.2 21.0

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

July 30, 2010 4

 WEEKLY ECONOMIC LETTER
ECONOMIC TABLES
TABLE 2 - UNITED STATES ECONOMIC INDICATORS
July 30, 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 Jun 2010 -0.2 0.5 -0.1 5.1 8.9 7.0 8.4 9.8 -3.3
Consumer Confidence Index (1985=100) * Jul 2010 50.4 54.3 62.7 55.8 54.0 53.4 47.4 54.3 40.3
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 Jun 2010 -0.5 -1.1 0.3 4.1 7.0 1.6 4.8 6.2 -9.7
- Motor vehicle Jun 2010 -2.3 -0.6 0.5 11.4 7.1 3.7 6.8 9.3 -20.8
- Other Jun 2010 -0.1 -1.2 0.3 2.7 7.0 1.2 4.4 5.6 -6.4
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 * Jun 2010 0.6 4.6 -2.8 25.1 17.1 -0.1 15.8 16.0 -25.8
Unfilled Orders * May 2010 0.0 0.3 0.4 2.7 -2.0 -8.5 -2.2 -5.3 -6.2
Business Inventories May 2010 0.1 0.4 0.7 5.9 1.2 -9.4 -1.5 -4.8 -6.4
Inventories / Shipments Businesses May 2010 1.24 1.23 1.23 1.23 1.25 1.28 1.41 1.24 1.44
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) Jun 2010 549 578 679 602 610 592 583 610 533
New Home Sales * Jun 2010 23.6 -36.7 9.9 -20.7 -18.4 -5.2 -16.7 -3.0 -34.1
Existing Home Sales Jun 2010 -5.6 -1.6 7.7 42.5 -9.3 13.3 8.5 12.2 -3.7

PRODUCTION
Industrial Production Jun 2010 0.1 1.3 0.3 6.6 6.9 -0.9 8.2 4.9 -12.2
- Consumer Goods Jun 2010 -0.6 1.9 -0.9 1.0 4.7 1.0 6.8 4.9 -8.8
- Hitech goods Jun 2010 1.2 1.4 1.5 18.6 15.5 6.7 19.8 19.2 -19.1

EXTERNAL AND FISCAL BALANCES

Exports May 2010 2.4 -0.7 3.8 18.5 22.1 -0.9 21.0 17.7 -18.5
Imports May 2010 2.9 -0.4 2.9 23.1 26.7 -5.5 29.1 21.4 -28.3
Merch. Trade Balance ($ billions) May 2010 -42.3 -40.3 -40.0 -40.9 -39.2 -35.8 -24.9 -39.6 -28.7
Real merchandise trade balance May 2010 -46.0 -44.2 -44.1 -44.8 -43.3 -41.4 -36.3 -43.4 -41.4
Federal budget balance last 12 months (2) Jun 2010 -1333.5 -1359.4 -1413.1 -1255.2 -616.0 -753.8

INFLATION AND COSTS

Consumer Prices Jun 2010 -0.1 -0.2 -0.1 -0.7 1.2 1.0 1.1 2.1 -0.6
- Excluding Food and Energy Jun 2010 0.2 0.1 0.0 0.9 0.6 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 Jun 2010 -0.5 -0.3 -0.1 -0.3 5.7 1.3 2.7 4.8 -3.1
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 Jun 2010 74.1 74.1 73.1 73.8 73.1 71.8 68.2 73.1 69.5
Median Price, Single-Family Homes (5) Jun 2010 5.6 1.2 1.8 30.3 -3.3 -4.2 1.3 0.4 -15.2

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 Q2 2010 Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q2 2009 2009 2008 2007
GDP Chained 2005 dollars * 2.4 3.7 5.0 1.6 -0.7 -4.9 -2.6 0.0 1.9
Consumption * 1.6 1.9 0.9 2.0 -1.6 -0.5 -1.2 -0.3 2.4
Residential Construction * 27.8 -12.3 -0.8 10.6 -19.7 -36.2 -22.9 -24.0 -18.7
Business Investment * 17.0 7.8 -1.4 -1.7 -7.5 -35.2 -17.1 0.3 6.7
- Machinery and Equipment * 21.9 20.5 14.6 4.2 0.2 -31.6 -15.3 -2.4 3.7
Government Spending * 4.4 -1.6 -1.4 1.6 6.2 -3.0 1.6 2.8 1.3
Exports * 10.4 11.4 24.4 12.2 -1.0 -27.8 -9.5 6.0 9.3
Imports * 28.8 11.2 4.9 21.9 -10.6 -35.3 -13.8 -2.6 2.7
Change in Inventories (1) (2) * 75.7 44.1 -36.7 -128.2 -161.8 -125.8 -113.1 -37.6 27.7
GDP Deflator * 1.8 1.1 -0.3 0.7 0.3 1.0 0.9 2.2 2.9
Personal Disposable Income * 4.4 1.7 0.0 -4.4 5.9 0.4 0.6 1.7 2.3
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 -2.8 -2.4 -2.7 -4.2 -2.7 -4.7 -5.1
Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008 2009 2008 2007
Corporate Profits (8) * 48.9 42.7 47.2 14.7 71.2 -70.6 -0.4 -16.4 -6.1
as a % of GDP 10.8 9.9 9.2 8.4 8.1 7.0 8.9 8.8 8.9

* 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 30, 2010 5

 WEEKLY ECONOMIC LETTER
ECONOMIC TABLES
TABLE 3 - CANADIAN ECONOMIC INDICATORS
July 30, 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.) Jun 2010 1.0 1.1 1.1 13.5 13.3 3.1 13.3 9.2 -5.3

DOMESTIC DEMAND
New motor vehicle sales (000) May 2010 126.5 126.2 131.6 128.1 129.9 128.5 1541.9 650.5 593.3
Retail Sales ($ current) May 2010 -0.2 -2.2 2.3 5.9 5.9 2.0 5.2 6.7 -5.3
- Motor vehicle and parts dealers May 2010 -0.5 -5.0 4.4 6.9 3.4 4.0 5.4 10.0 -14.1
- Other May 2010 -0.1 -1.4 1.8 5.7 6.6 1.5 5.2 5.9 -2.1
Retail Sales ($ constant) May 2010 0.4 -2.1 2.4 6.8 4.3 2.2 4.5 5.2 -3.7

Manufacturer's Shipments ($ current) May 2010 0.4 0.4 1.4 9.3 12.5 -6.5 16.5 10.2 -19.2
New Orders May 2010 2.5 0.6 -1.1 4.0 21.2 -6.7 33.8 17.1 -25.0
- Durables May 2010 6.7 0.1 -2.5 3.6 33.0 -10.0 68.7 26.1 -33.9
Unfilled Orders May 2010 1.3 -0.4 -0.5 2.7 -7.0 -18.8 -9.0 -17.9 6.2
Manufacturer's Inventories May 2010 -0.7 0.1 -0.9 -3.9 -5.6 -9.7 -6.8 -9.0 -0.7
Inventories / Shipments Ratio May 2010 1.30 1.32 1.32 1.31 1.34 1.40 1.63 1.33 1.61
Manufacturer's Shipments ($ constant) May 2010 0.4 0.1 1.6 10.3 12.4 -4.0 14.6 9.3 -19.3

Housing Starts (000) (1) Jun 2010 192.8 198.9 206.3 199.3 198.8 183.3 143.4 198.8 129.9
Number of existing homes sold (MLS) Jun 2010 -8.2 -10.8 -3.9 -43.4 -14.2 26.4 -18.0 18.8 -14.1
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 * May 2010 0.1 0.0 0.6 4.1 5.0 -0.4 3.8 2.7 -3.2
- Manufacturing * May 2010 0.1 -0.3 1.7 11.8 11.5 -5.0 8.6 5.0 -13.2
- Construction * May 2010 -1.6 -0.2 0.8 1.4 7.9 -3.1 4.1 3.6 -6.8
Services * May 2010 -0.1 -0.1 0.3 1.7 3.4 1.6 2.7 2.9 -0.7

EXTERNAL, FISCAL AND EXCHANGE BALANCES

Exports May 2010 5.2 -1.3 -0.4 5.4 19.9 -13.8 21.3 8.1 -23.3
Imports May 2010 5.7 -1.4 2.7 18.5 15.2 -8.8 17.4 6.8 -12.3
- Capital Goods May 2010 6.6 0.1 1.5 26.1 1.2 -13.6 4.8 -7.2 -2.7
Merch. Trade Balance ($ millions) May 2010 -503 -330 -356 -396 88 -225 -1,373 71 -303
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) May 2010 -43.9 -45.4 -47.0 -15.5 -4.4 -7.5

INFLATION AND COSTS

Consumer Prices Jun 2010 -0.1 0.3 0.3 2.6 1.8 0.7 1.0 1.5 0.6
- Excluding Food and Energy Jun 2010 -0.1 0.3 0.4 2.3 1.0 1.0 0.9 1.1 1.3
- Core inflation (4) Jun 2010 -0.1 0.3 0.3 2.3 1.9 1.7 1.7 1.8 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) Jun 2010 -2.5 -1.3 0.7 -3.6 2.9 14.4 4.9 14.0 -5.0
Industrial Prices (1992=100) * Jun 2010 -0.9 0.4 0.3 0.7 2.0 -2.6 0.2 -0.1 -1.7

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 30, 2010 6

 WEEKLY ECONOMIC LETTER
ECONOMIC TABLES
Economic and Strategy Team
TABLE 4 - PROVINCIAL ECONOMIC INDICATORS
July 30, 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 May 2010 -1.8 -3.5 3.1 4.2 6.8 3.3 4.4 7.6 -3.2
Manufacturing Shipments May 2010 -0.8 1.1 0.1 -1.2 6.5 -6.1 12.2 5.4 -14.9
Housing Starts (000) (2) Jun 2010 54.2 50.7 52.9 52.6 52.6 49.9 38.2 52.6 40.7
Number of existing homes sold (MLS) Jun 2010 -4.0 -7.1 -8.7 -46.5 -2.4 17.9 -9.8 17.3 -10.4
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) May 2010 -2.3 -3.2 13.4 18.9 11.0 -14.6 4.4 -2.8 -14.0
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) Jun 2010 -0.1 0.1 0.3 2.1 1.1 1.1 0.4 1.5 0.4
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) Jun 2010 -3.3 -0.5 3.6 2.6 6.4 8.7 6.4 9.7 1.0
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 May 2010 0.1 -1.4 3.4 11.7 5.2 1.9 5.8 6.1 -4.6
Manufacturing Shipments May 2010 1.5 -0.1 1.1 10.4 15.2 -5.0 22.5 14.8 -21.9
Housing Starts (000) (2) Jun 2010 56.2 66.7 65.4 62.8 63.4 59.1 49.4 63.4 45.3
Number of existing homes sold (MLS) Jun 2010 -10.3 -13.0 -6.3 -47.5 -4.8 28.5 -17.3 24.2 -12.5
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) May 2010 5.5 -11.3 20.1 89.2 19.5 -10.0 31.9 12.8 -24.6
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) Jun 2010 -0.2 0.4 0.3 3.5 2.6 0.8 1.6 1.8 0.9
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) Jun 2010 -3.2 -0.1 -2.5 -9.9 9.9 14.0 5.6 15.5 -2.6
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 May 2010 -1.7 -3.8 3.3 6.4 4.0 4.2 2.1 6.6 0.4
Manufacturing Shipments May 2010 0.6 41.8 49.0 177.3 -22.6 -13.1 74.0 11.3 -42.8
Housing Starts (000) (2) Jun 2010 4.6 4.5 5.4 4.8 5.3 4.3 3.2 5.3 3.2
Number of existing homes sold (MLS) Jun 2010 -3.8 -3.6 -5.5 -27.2 17.2 8.2 6.4 18.6 -10.7
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) May 2010 17.8 33.1 0.8 66.8 -27.5 -35.3 -6.0 -4.1 -33.7
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) Jun 2010 0.0 0.2 -0.1 1.7 3.1 1.2 1.2 2.4 0.6
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) Jun 2010 -1.7 0.3 1.0 6.7 21.4 12.8 9.1 14.9 20.4
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 May 2010 -2.2 -1.7 2.8 5.8 8.8 2.8 5.5 7.7 -2.3
Manufacturing Shipments May 2010 -7.7 -2.7 7.1 0.3 -13.3 -9.1 -15.4 -12.9 -0.2
Housing Starts (000) (2) Jun 2010 1.1 1.5 1.1 1.2 0.8 0.9 1.3 0.8 0.7
Number of existing homes sold (MLS) Jun 2010 6.8 -4.3 0.7 40.9 31.3 3.0 21.4 11.7 4.3
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) May 2010 39.3 -18.8 37.3 79.2 -41.7 -10.5 4.1 -17.6 5.3
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) Jun 2010 0.0 0.1 -0.2 0.8 1.2 1.2 0.6 2.3 -0.3
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) Jun 2010 -7.2 -21.4 23.6 6.9 5.0 5.9 -7.5 4.7 4.9
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 30, 2010 7

 WEEKLY ECONOMIC LETTER
ECONOMIC TABLES

Economic and Strategy Team

TABLE 4 - PROVINCIAL ECONOMIC INDICATORS (Continues from page A4)
July 30, 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 May 2010 -1.7 -2.0 2.2 8.2 5.7 4.4 4.2 7.9 -2.6
Manufacturing Shipments May 2010 2.9 1.1 5.1 23.0 3.5 -7.8 4.7 4.3 -15.5
Housing Starts (000) (2) Jun 2010 3.2 6.1 4.0 4.4 4.4 4.3 2.9 4.4 2.8
Number of existing homes sold (MLS) Jun 2010 3.4 -8.3 -5.0 -16.1 -2.3 8.0 -5.2 11.6 -18.7
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) May 2010 9.8 0.3 13.3 31.4 -3.2 -18.2 7.8 -4.4 -23.0
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) Jun 2010 -0.4 -0.1 0.2 1.7 1.5 1.2 0.7 2.2 -0.4
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) Jun 2010 0.0 -2.1 -0.2 -16.0 7.8 7.3 6.0 9.3 0.9
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 May 2010 1.2 -2.9 0.6 -0.2 4.7 4.1 5.5 7.4 -0.8
Manufacturing Shipments May 2010 -5.3 11.3 1.5 18.6 45.9 0.0 23.2 26.7 -27.5
Housing Starts (000) (2) Jun 2010 4.7 4.5 6.2 5.1 4.6 4.1 3.8 4.6 3.3
Number of existing homes sold (MLS) Jun 2010 10.8 -14.6 -10.3 -50.0 -6.1 2.0 -6.2 4.7 -13.8
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) May 2010 23.8 1.3 -1.2 14.3 64.1 1.8 45.2 39.9 -28.2
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) Jun 2010 0.0 -0.1 0.0 0.5 2.3 1.7 1.0 2.6 -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) Jun 2010 0.4 0.5 1.4 10.5 0.6 6.0 2.8 3.8 4.2
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 May 2010 0.6 -2.2 1.0 2.1 5.5 4.0 6.3 7.3 -3.3
Manufacturing Shipments May 2010 -0.5 -3.8 5.5 6.1 -4.9 -12.4 -7.7 -8.1 -5.0
Housing Starts (000) (2) Jun 2010 8.2 5.0 7.4 6.9 5.8 5.2 5.0 5.8 3.6
Number of existing homes sold (MLS) Jun 2010 -4.6 -6.8 5.8 4.8 -2.8 4.6 -2.9 5.5 -9.7
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) May 2010 3.1 -6.6 29.3 116.4 3.1 -19.2 -3.4 -10.6 -11.1
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) Jun 2010 -0.1 0.2 0.1 1.3 0.3 0.6 -0.2 1.0 1.1
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) Jun 2010 2.7 -0.5 -0.7 -1.7 11.5 10.3 13.4 11.4 2.5
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 May 2010 -0.3 -2.1 1.6 0.5 -0.2 1.6 1.4 3.4 -1.6
Manufacturing Shipments May 2010 -1.7 2.4 4.8 28.9 13.8 -5.2 5.6 8.3 -7.0
Housing Starts (000) (2) Jun 2010 6.3 4.4 5.7 5.5 5.4 5.1 5.5 5.4 2.8
Number of existing homes sold (MLS) Jun 2010 -4.7 -0.5 -9.1 -28.5 -22.6 21.2 -8.5 8.1 -17.4
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) May 2010 0.6 -11.2 8.4 -21.4 11.5 -18.3 4.6 4.7 -20.8
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) Jun 2010 0.0 0.1 0.5 3.0 1.0 1.0 0.3 1.2 1.5
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) Jun 2010 2.8 -4.9 4.2 3.3 1.8 4.2 5.6 4.6 2.8
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 30, 2010 8

 WEEKLY ECONOMIC LETTER
ECONOMIC TABLES

Economic and Strategy Team

TABLE 4 - PROVINCIAL ECONOMIC INDICATORS (Continues from page A5)
July 30, 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 May 2010 0.0 -2.3 0.5 0.5 7.3 -1.9 4.4 5.4 -10.5
Manufacturing Shipments May 2010 0.3 -1.9 0.4 10.0 19.4 -12.2 12.1 7.2 -18.9
Housing Starts (000) (2) Jun 2010 27.2 29.7 29.7 28.9 29.0 27.2 20.3 29.0 14.6
Number of existing homes sold (MLS) Jun 2010 -11.9 -9.1 -0.7 -36.9 -30.0 12.3 -34.2 2.3 -14.1
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) May 2010 2.0 -1.8 6.3 13.3 28.4 -18.9 50.1 21.8 -37.3
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) Jun 2010 0.0 0.3 0.2 0.7 1.0 0.3 0.6 1.2 0.2
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) Jun 2010 -3.3 -1.2 0.6 3.3 -0.4 4.3 3.7 7.0 -8.5
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 May 2010 1.5 -1.4 1.1 2.8 6.9 2.6 7.5 8.6 -8.5
Manufacturing Shipments May 2010 2.1 -3.2 3.6 19.0 10.1 -7.5 12.7 7.5 -19.8
Housing Starts (000) (2) Jun 2010 27.1 25.8 28.5 27.1 27.4 23.2 13.8 27.4 13.0
Number of existing homes sold (MLS) Jun 2010 -9.3 -12.3 6.2 -44.1 -35.6 56.3 -22.5 26.3 -21.3
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) May 2010 9.3 3.5 12.1 89.5 16.0 -15.6 30.8 7.9 -18.2
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) Jun 2010 -0.2 0.4 0.5 2.6 1.2 0.0 0.5 0.8 0.6
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) Jun 2010 1.5 -1.8 1.0 6.2 4.7 14.0 10.1 14.7 -8.2
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 30, 2010 9

 WEEKLY ECONOMIC LETTER
ECONOMIC TABLES

Economic and Strategy Team

TABLE 5 - INTERNATIONAL ECONOMIC INDICATORS
July 30, 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) Jun 2010 43.5 42.8 42.0 42.8 41.3 40.5 37.6 41.3 31.3
Retail Sales (1) * Jun 2010 -0.5 -3.0 -7.3 -4.1 -0.6 1.2 3.2 3.7 -3.4
Industrial Production, Volume Index * Jun 2010 -1.5 0.1 1.3 5.8 22.8 3.0 16.9 23.9 -29.6
Exports * Jun 2010 -1.8 -1.7 1.5 -4.2 40.0 1.6 26.3 37.6 -42.5
Imports * Jun 2010 -4.4 1.6 4.9 11.1 42.0 -9.3 27.8 24.0 -37.8
Merchandise trade bal. (Billions of ¥) * Jun 2010 456 320 504 427 526 501 407 3,156 -181
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) * Jun 2010 0.0 -0.1 -0.3 -0.9 -0.2 -1.6 -0.7 -1.0 -0.6
Job offers to applicants ratio * Jun 2010 0.52 0.50 0.48 0.50 0.49 0.46 0.45 0.49 0.53
Unemployment Rate * Jun 2010 5.3 5.2 5.1 5.2 5.1 5.2 5.3 5.1 4.8
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 0.4 -1.0 0.8 0.4 0.8 -1.1 0.5 0.2 -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 May 2010 1.6 -3.1 8.2 40.5 23.1 -4.5 21.1 14.6 -21.1
Imports May 2010 4.2 -3.0 10.2 55.8 27.4 -7.2 26.8 14.3 -21.7
Merch. Trade Bal. (Millions of euros) May 2010 -2,968 150 326 -831 961 1,320 2,152 1,144 -388
Inflation (CPI) * Jul 2010 -0.4 0.0 0.1 2.5 2.2 0.9 1.7 1.4 0.4
Unemployment Rate * Jun 2010 10.0 10.0 10.0 10.0 10.0 9.9 9.5 10.0 9.1
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) * Jul 2010 -17 -11 -10 -13 -9 -9 -16 -8 -24
Retail Sales Jun 2010 0.7 0.8 -0.2 6.9 -3.0 1.7 1.3 0.7 0.0
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) Jun 2010 0.2 0.2 0.6 5.3 3.6 2.6 3.2 3.3 2.6
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 Apr 2010 7.8 7.9 8.0 7.9 7.9 7.9 7.6 7.9 7.2

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

Gross Domestic Product (Constant £) 4.5 1.3 1.7 -1.0 -2.8 -1.0 -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 * 29-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 * 29-Jul-10 0.11 0.11 0.12 0.11 0.11 0.13 0.12 0.12 0.15
- Spread with U.S. * 29-Jul-10 -0.04 -0.05 -0.04 -0.03 -0.03 0.01 -0.06 0.04 -0.03
Yield on 10-year Gov't Bonds * 29-Jul-10 1.07 1.06 1.08 1.18 1.26 1.29 1.28 1.31 1.39
- Spread with U.S. * 29-Jul-10 -1.91 -1.88 -1.91 -2.01 -2.21 -2.20 -2.44 -2.33 -2.25
Exchange Rate (¥/U.S.$) * 29-Jul-10 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1.0

Euro Zone
3-month Treasury Bills * 29-Jul-10 0.83 0.82 0.78 0.70 0.64 0.67 0.60 0.61 0.87
- Spread with U.S. * 29-Jul-10 0.68 0.66 0.63 0.55 0.50 0.56 0.43 0.53 0.69
Yield on 10-year Gov't Bonds * 29-Jul-10 2.77 2.64 2.64 2.68 2.91 3.09 3.08 3.20 3.43
- Spread with U.S. * 29-Jul-10 -0.22 -0.29 -0.35 -0.51 -0.56 -0.40 -0.65 -0.44 -0.21
Exchange Rate (U.S.$/Euro) * 29-Jul-10 1.31 1.29 1.29 1.25 1.30 1.38 1.32 1.40 1.41
(Yen/Euro) * 29-Jul-10 113.64 111.57 113.11 112.54 118.16 125.53 124.76 126.36 133.89
(Euro / £ ) * 29-Jul-10 1.20 1.19 1.20 1.19 1.16 1.14 1.15 1.16 1.17

UNITED KINGDOM
Prime Rate * 29-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) * 29-Jul-10 0.51 0.50 0.49 0.49 0.50 0.47 0.51 0.49 0.42
- Spread with U.S. * 29-Jul-10 0.36 0.34 0.34 0.35 0.36 0.35 0.34 0.41 0.24
Yield on 30-year Gov't Bonds * 29-Jul-10 4.37 4.25 4.18 4.27 4.42 4.34 4.54 4.42 4.60
- Spread with U.S. * 29-Jul-10 0.29 0.30 0.20 0.15 0.03 -0.04 -0.05 -0.13 0.15
Exchange Rate (U.S.$ / £ ) * 29-Jul-10 1.56 1.53 1.55 1.49 1.51 1.57 1.53 1.61 1.65

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 186 -0.6 9.1 -16.6 -9.6 -8.6 3.8 -8.9 12.8

July 30, 2010 10

 WEEKLY ECONOMIC LETTER
ECONOMIC TABLES

TABLE 6 - COMMODITY PRICES

July 30, 2010
Spot Price Weekly Growth (%) Annualized Growth (%)
Last Prev. Week For the Last Last
Jul 29 Jul 22 Week Week Before 13 W. 26 W. 52 W. Year

CRB Index
Total 491.9 483.0 1.8 0.2 2.0 13.2 9.8 20.1 409.7

Energy 630.2 623.8 1.0 2.1 1.3 -1.6 7.6 11.8 563.9
Grain 338.5 331.0 2.3 -1.4 4.8 52.6 26.6 10.9 305.3
Industrials 457.8 444.0 3.1 2.8 -0.5 -13.2 14.5 26.5 362.1
Livestock & Meat 323.7 322.5 0.4 1.0 0.7 -7.0 17.2 25.7 257.5
Precious Metals 918.3 927.5 -1.0 -0.9 1.6 -18.6 14.7 28.9 712.1

PRECIOUS METALS
Gold ($/ounce) 1166.00 1187.00 -1.8 -2.0 0.9 -1.4 14.1 25.1 932.00
(AM fixing London)
Platinum ($/ounce) 1545.0 1518.0 1.8 -0.7 0.2 -35.0 3.7 31.8 1172.0
(AM fixing London)
Silver ($/ounce) 17.6 18.1 -3.2 -1.2 3.1 -15.8 15.6 30.2 13.5
(Handy & Harman)
Palladium ($/ounce troy) 488.0 453.0 7.7 -3.6 5.1 -34.3 31.2 91.4 255.0

OTHER METALS (LME)

Aluminum ($/tonne) 2,076 2,022 2.7 1.1 1.6 -16.0 0.1 12.0 1,855
Copper ($/tonne) 7,208 6,993 3.1 5.0 1.0 -5.9 9.9 28.6 5,605
Zinc ($/tonne) 1,963 1,922 2.1 7.8 -2.4 -40.5 -15.7 16.4 1,686
Nickel ($/tonne) 20,606 20,182 2.1 4.4 0.0 -56.3 27.1 20.1 17,164
Lead ($/tonne) 2,028 1,920 5.6 7.9 -1.5 -28.4 -0.5 12.7 1,800
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 78.37 78.83 -0.6 3.0 1.1 -28.5 12.5 16.7 67.18
(West Texas Intermediate)
Corn (¢/bushel) 350.5 348.5 0.6 -4.3 2.7 7.2 11.5 7.0 327.5
(Illinois #2)
Soy beans (¢/bushel) 1029.0 1023.5 0.5 -0.6 3.4 28.5 28.3 -2.3 1053.0
(Illinois #1)
Pork (¢/lb) 135.0 121.0 11.6 5.2 4.5 60.2 130.1 60.7 84.0
Beef (Cattle feeder index) 112.6 111.9 0.6 -0.7 -1.1 -3.1 34.1 10.9 101.6
(CME)
Woodpulp NBSK 1020 1020 0.0 0.0 0.0 57.8 51.0 52.2 670
Metric ton delivered in U.S.
Natural Gas (mmbtu) 4.80 4.69 2.2 4.9 -1.1 85.3 -17.5 43.6 3.34
Henry Hub future NYMEX
Lumber 2X4 218 217 0.5 0.5 0.0 -78.5 -24.0 25.3 174

All prices are in US dollars

July 30, 2010 11