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The economic dashboard the Bank of Canada is watching Add to ...

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U.S. orders for durable goods surged by the most on record in July. The increase was exaggerated by an outsized gain in airplanes and airplane parts that won’t be sustained. Still, the report was very good news for Canada. The details matter more than the headline.

Central banks have unofficial “dashboards” of indicators that influence their policy decisions. These dashboards have grown rather complex as central bankers attempt to make sense of a confusing landscape. Fed chair Janet Yellen is watching about half a dozen granular labour-market indicators. The Bank of Canada is getting into the weeds on exports.

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