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Dear R. Hunter,

Attached you will find our latest report on the outlook for the Canadian
economy during the year ahead. Key conclusions to the report include:

Canadian growth should rebound during the rest of the year following a
weather-induced downturn during the first quarter

Despite weak growth in full-time employment during the past year,
Canadian household balance sheets are healthier than they have been in
years

The Canadian housing market is set to experience a soft landing instead
of a hard crash based on recent data

The appreciation of the Canadian dollar in recent years has contributed
to the weakness of manufacturing production and exports, especially in
autos

Bank of Canada Governor Stephen Poloz is unlikely to raise interest
rates in the near future because of the subdued growth and moderate
inflation outlooks

Additionally, we will be releasing a new report tomorrow that examines
how the poor quality of job creation during this recovery has negatively
affected wage and output growth this cycle, and what this could mean for
the outlooks for GDP growth, inflation, and interest rates going forward
if these trends are not reversed. Our next global forecast will be
released next week.

As always, we welcome any questions or comments.

With all best wishes,

David Hale

Chairman

David Hale Global Economics, Inc.

546 Lincoln Avenue, 2 nd Floor

Winnetka, Illinois 60093 USA

847-386-6009 (tel)

847-386-6011 (fax)

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