The Weekly Bottom Line - February 4, 2011

The Weekly Bottom Line TD Economicswww.td.com/economics

February 4, 2011

HIGHLIGHTS OF THE WEEK

United States• Itwasanotherbusyweekbothathomeandabroad,withpoliticalturmoilintheMiddle-Eastinfluencingfood

andenergyprices,whileastringofmixeddatareportsshowedmixedsignalsabouttheU.S.recovery.• Onthedatafront,thetwoISMsurveysshowedaclearaccelerationinthepaceofU.S.economicgrowth.

However,Friday’smuchanticipatednon-farmpayrollsreleaseof36Kwasacleardisappointment.• Regardless,stocksseemtohavetakenthesluggishjobnumbersinstride,andtheS&P500iswellpoised

toendtheweekinpositiveterritory.• Therewasalsoplentyofactioninbondmarketsthisweek,asUSyieldscreptupacrossthecurve.Canada• WithrealGDPadvancingbyasolid0.4%M/MinNovember,economicgrowthinQ4/2010isontracktohit

theTDEconomicsandBankofCanadaforecastof2.3%(Q/Qannualized).Ifanything,thereisupsiderisktothatforecast,yetnotlargeenoughtowarrantadeparturefromtheBankofCanada’sdovishtone.

• Employmentsurgedattheonsetof2011,with69KnetnewjobscreatedinJanuary.However,anevenlargersurgeof106Kinthelabourforceincreasedtheunemploymentrateby0.2percentagepointsto7.8%.Thecompositionofjobgainsacrossindustries,private/publicsectors,full-time/part-timetenures,andregionswaswellbalanced.Meanwhile,wagegrowthremainedmodestbutnotchedupslightlyto2.3%Y/Yforpermanentemployees.Inthenear-term,wagegrowthisunlikelytodipbackdowntothe1.9%Y/YtroughrecordedinOctober2010.

Current* WeekAgo

52-WeekHigh

52-WeekLow

Stock Market IndexesS&P 500 1308 1276 1308 1023S&P/TSX Comp. 13841 13438 13841 11093DAX 7201 7103 7201 5434FTSE 100 6001 5881 6056 4806Nikkei 10544 10360 11339 8824Fixed Income YieldsU.S. 10-yr Treasury 3.62 3.32 3.99 2.38Canada 10-yr Bond 3.46 3.25 3.72 2.69Germany 10-yr Bund 3.25 3.15 3.29 2.12UK 10-yr Gilt 3.81 3.65 4.23 2.83Japan 10-yr Bond 1.29 1.22 1.41 0.85Foreign Exchange Cross RatesC$ (USD per CAD) 1.01 1.00 1.01 0.93Euro (USD per EUR) 1.36 1.36 1.42 1.19Pound (USD per GBP) 1.61 1.59 1.63 1.43Yen (JPY per USD) 81.8 82.1 94.6 80.4Commodity Spot Prices**Crude Oil ($US/bbl) 91.4 89.3 92.2 66.0Natural Gas ($US/MMBtu) 4.70 4.29 5.73 3.18Copper ($US/met. tonne) 9943.8 9544.5 9970.0 6067.8Gold ($US/troy oz.) 1356.6 1336.8 1423.8 1062.9

THISWEEKINTHEMARKETS

*as of 10 am on Friday, **Oil-WTI, Cushing, Nat. Gas-Henry Hub, LA (Thursday close price), Copper-LME Grade A, Gold-London Gold Bullion; Source: Bloomberg

Federal Reserve (Fed Funds Rate)Bank of Canada (Overnight Rate)European Central Bank (Refi Rate)Bank of England (Repo Rate)Bank of Japan (Overnight Rate)Source: Central Banks, Haver Analytics

0.00%0.50%

0 - 0.25%1.00%1.00%

GLOBALOFFICIALPOLICYRATETARGETSCurrent Target

U.S.NONFARMPAYROLLEMPLOYMENT

-900

-700

-500

-300

-100

100

300

500

Jan-09 Jan-10 Jan-11

Total

PrivateSector

Monthly change, thousands

Source: Bureau of Labor Statistics / Haver Analytics.

The Weekly Bottom LineFebruary 4, 2011

TD Economicswww.td.com/economics

2

UNITEDSTATES-ANOTHERBUSYWEEKFORTHEU.S.MARKET

There has been no shortage of market action this week both at home and abroad. Internationally, democracy appears to have scored a big victory, as a rising tide of protestors has all but forced Egypt’s authoritarian President Mubarak to resign. In the long-run, this could have any number of repercussions for the region. But, its most immediate affect has been to sustain upward pressure on global food and oil prices, as markets fear the turmoil could spread throughout the region. Foreign developments also led to some volatility in the USD-EUR exchange rate, as surprisingly buoyant infla-tion numbers out of Europe sparked concerns that an ECB hike could come sooner than previously expected.

On the domestic front, this week furnished a useful – albeit somewhat conflicted – update on the state of the economic recovery, with the release of two large PMI surveys and the highly anticipated non-farm payrolls. There was a definite bullish undertone to the week’s early PMI releases, as both the ISM Manufacturing and Non-manufacturing surveys smashed through previous highs achieved earlier on in the recovery.

Unfortunately, any upward momentum generated by these surveys quickly reversed course on Friday, when January’s U.S. employment report offered up a measly 36K new jobs. Without a doubt, this result has left us scratching our heads. Leading employment indicators – including some of the PMI sub-indices and the Consumer Confidence survey – were all pointing towards a robust January payrolls number, but such a result clearly failed to materialize.

Against this ongoing backdrop of disappointing job num-bers, there has also been a large drop in the unemployment rate of late. Back in November, unemployment stood at 9.8%, and now only two months latter has fallen to 9.0%. Much of

this improvement reflects a change in the labor force from a 2011 population benchmarking adjustment, as well as some “catch-up,” with household survey employment outperform-ing payrolls in recent months. Thus, it would seem that the unemployment rate may never have been as high as 9.8% in the first place. However, in spite of these measurement issues, for the unemployment to move down in a sustainable way as we move forward, overall employment growth needs to surpass 150K jobs per month on a consistent basis. Despite indications that the economy is accelerating, this trend has so far remained elusive.

On a more positive note, stock markets seemed to take the combination of political upheaval in the Middle-East and volatile economic data in stride. As of 11:00 am on Friday, the S&P 500 was poised to rise 2.3% on the week, and had more than reclaimed the losses incurred when the Egypt protests started last week. This development is encouraging, as it signals that investors are maintaining their appetites for risk. However, at least some of this buoyancy should also be ascribed to the Fed’s ongoing quantitative easing program and stronger economic growth reports, which have provided investors with an incentive to favor stocks over bonds.

As equities ended the week up, there was also some notable action in the bond market. Yields across the curve shot up, with 5 and 10 year yields reaching fresh highs in the post QE-2 environment. While some may be worried that this could undermine the effectiveness of the Fed’s purchase program, the increase would appear to stem from a healthy improvement in growth expectations, which caused real long-term interest rates to rise.

Alistair Bentley, Economist 416-307-5968

TREASURYINTERESTRATES

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Jun-10 Jul-10 Aug-10 Sep-10 Nov-10 Dec-10 Jan-11

10-yr 2-yr 5-yr

Yield (%)

Source: Bloomberg

USDOLLAR&OIL

1.25

1.27

1.29

1.31

1.33

1.35

1.37

1.39

01-Dec 10-Dec 21-Dec 31-Dec 11-Jan 21-Jan 01-Feb80

82

84

86

88

90

92

94

EUR/USD (left axis)

Oil* (right axis)

Source: Bloomberg. * West Texas Intermediate.

EUR/USD (inverted axis) US $



3

CANADA–HEADEDTOWARDACOMFORTZONE

This week served a good dose of top-tier economic data for Canada. Two crucial pieces were in the spotlight: November GDP and January employment. Each individual data release represented a sizeable step forward. Together, they boost confidence that private-sector activity has enough stamina to carry the economic recovery as the fiscal stimulus crutch starts to give.

Real GDP grew by a solid 0.4% M/M in November, the most in 8 months. Economic growth for Q4 as a whole is on track near the 2.3% forecast put forth by TD Economics and the Bank of Canada (BoC). The November industry performances were not surprising. Mining and oil & gas extraction ramped up along with wholesale and retail trade, while manufacturing and construction suffered setbacks. Another pocket of strength was finance, insurance, and real estate activity, consistent with the solid performance of the housing market in late 2010.

On the real estate front, it would be hard to fault Ca-nadians from being thoroughly confused with the “news” they may have come upon of late. Is Canadian housing in a bubble? Is it crashing or headed for a severe correction? Neither. “Piano Piano” (“slowly”), as Italians would say. After a 3-year stint of high volatility, the existing home market is stabilizing. Over the next couple of years, two opposing forces will vie for its attention. The main tailwind to housing will be a slowly improving economy generating modest income and job gains, and higher household head-ship rates along with it. The main headwind, in the form of rising interest rates, will come from the bond market and monetary policy reactions to that same improved economy. In other words, these two forces go hand-in-hand, partially

offsetting each other. Historical evidence suggests that bor-rowing costs carry more weight during a recovery, implying a downdraft in residential real estate. Having said that, with interest rates still low and unlikely to surge, Canadian hous-ing isn’t being led to slaughter. Nor did Canada’s mortgage market spark a financial crisis or initiate a recession, which is precisely when downdrafts can become hurricanes. The domestic housing sector’s clout over financial and economic outcomes is also somewhat diminished compared to its amplified influence during the boom and recession.

As a good steward of economic and financial stability, no doubt the BoC will justifiably continue to highlight medium-term risks associated with high household indebtedness. Yet, with housing stabilizing and an economic recovery on firmer footing, the BoC can more calmly chart a path for monetary policy using its traditional dashboard of indicators. On the labour market front, job creation recorded a strong uptick in January. 69K jobs were created, widely distributed across industries and regions. The rub was that an even larger surge in the labour force raised the jobless rate from 7.6% to 7.8%. Further reflecting the remaining slack in the labour market, ‘cost-push’ wage inflation remained subdued. Even with this week’s data under its belt, a multitude of lingering risks will prevent the BoC from resting easy. Paralysis is no policy, however. Each passing positive economic data point puts the BoC closer to a ‘comfort zone’ where it could be at ease raising its overnight rate. It isn’t there yet, but should be by this summer.

Pascal Gauthier, Senior Economist416-944-5730

CANADIANEMPLOYMENT

-100

-80

-60

-40

-20

0

20

40

60

80

100

Jan-09 Jan-10 Jan-11

Total

Privatesector

3-monthaveragechange,thousands

Source: Statistics Canada / Haver Analytics.

Chart1

CANADIANREALGDP

-1.2

-1.0

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

Nov-08 Nov-09 Nov-10

By industry, monthly % chg

Source: Statistics Canada / Haver Analytics.

3-month trend



4

U.S.:UPCOMINGKEYECONOMICRELEASES

*Forecast by Rates and FX Strategy Group. For further information, contact TDRates&[email protected].

The US economy is expected to continue benefit-ing from the weak US dollar and positive momentum in global economic activity, with the trade deficit set to ease modestly to $38.0B in December from $38.3B the month before. Rising exports should be the key catalyst for this improvement in the deficit, with export demand expected to advance at a respectable 1.3% M/M pace, while imports should rise at a slightly more modest 1.0% M/M pace. The trade deficit with China is also expected to improve on the month, though this will be partially offset by an increase in the petroleum trade deficit, on account of higher crude oil prices. In real terms, trade is likely to be a source of sup-port for economic activity during the month. In the coming months, the performance of the US trade deficit is likely to be somewhat mixed, as the positive impact from the weak U.S. dollar is likely to be partially offset by rising energy prices and increase import demand.

U.S. International Trade - December* Release Date: February 11, 2011November Result: -$38.3B TD Forecast: -$38.0BConsensus: -$40.0B

U.S.INTERNATIONALTRADEBALANCE

-55

-50

-45

-40

-35

-30

-25

Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10

Source: Census Bureau / Haver Analytics

US$, Billions

mailto:TDRates&[email protected]



5

CANADA:UPCOMINGKEYECONOMICRELEASES

*Forecast by Rates and FX Strategy Group. For further information, contact TDRates&[email protected].

Housing starts are expected to have begun the New Year frozen at an annualized level of 168K. After spending De-cember unwinding a large gain in November, multiple unit starts appear to be at a comfortable level of 81K. Housing starts for single unit homes, meanwhile, are carving out a base in the neighbourhood of 64K annualized units. This forecast is consistent with residential mortgage rates, which were unchanged in the month, and weather that was broadly in line with historical seasonal patterns. In assessing the risk to this forecast, it would be to the downside, given the weakness we have observed in residential building permits in recent months. Looking further into 2011, the recent changes in the regulation of residential mortgages could

pull some activity forward into the first quarter, but the overarching theme of a soft landing in the housing market remains our base case assumption.

After shocking the market by narrowing so dramatically in November, the merchandise trade deficit is expected to widen once again to -0.4B in December. This forecast is based on continued growth in exports outpaced by a re-bound in imports. Exports, which are forecast to advance by 2.0%, will be driven by a recovery in US auto production. It is also expected that continued weakness in exports of machinery and equipment will balance out a portion of this strength. On the other side of the net export ledger, imports are forecast to rise by 2.6% following the outsized 3.2% drop in November. We expect both the energy sector and machinery and equipment to lead the rebound in imports. When the impact of changing prices is taken into account, the outlook for trade deteriorates further, as export prices are forecast to have outstripped import prices by a considerable margin. As a result, the drag from trade on real GDP growth will be larger than what the headline nominal number would suggest. Despite a softer December, net exports will still

play a very important role in supporting fourth quarter real GDP growth. We are currently tracking export growth in the neighbourhood of 15% annualized while imports could fall by as much as 5%. Though a portion of the contribution from trade to growth will be offset by lower inventory investment and slower business investment, it will help the Canadian economy achieve a better balance heading into 2011.

Canadian Housing Starts - January* Release Date: February 8, 2011 December Result: 171.5KTD Forecast: 168KConsensus: 174K

Canadian International Trade - December* Release Date: February 11, 2011November Result: -$0.1B TD Forecast: -$0.4BConsensus: -$0.3B

CANADIANHOUSINGSTARTS

150

175

200

225

Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-1050

60

70

80

90

100

110

Source: CMHC / Haver Analytics

Thousands Thousands

TotalStarts(leftscale)

UrbanMultiples

(rightscale)

CANADIANINTERNATIONALMERCHANDISETRADE

26

28

30

32

34

36

38

40

42

Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10

ExportsImports

Dollars, Billions

Source: Statistics Canada / Haver Analytics

mailto:TDRates&[email protected]



6

RECENTKEYECONOMICINDICATORS:JANUARY31-FEBRUARY4

Jan 31 Personal Income Dec M/M % Chg. 0.4 0.4 RJan 31 Personal Spending Dec M/M % Chg. 0.7 0.3 RJan 31 PCE Core Dec M/M % Chg. 0.0 0.1Jan 31 PCE Deflator Dec Y/Y % Chg. 1.2 1.1 RJan 31 Chicago Purchasing Manager Jan Index 68.8 66.8Jan 31 NAPM-Milwaukee Jan Index 57.0 62.0Jan 31 Dallas Fed Manf. Activity Jan Index 10.9 15.8 RFeb 01 Construction Spending Dec M/M % Chg. -2.5 -0.2 RFeb 01 ISM Manufacturing Jan Index 60.8 57.0Feb 01 ISM Prices Paid Jan Index 81.5 72.5Feb 01 ABC Consumer Confidence 30-Jan Index -41 -44Feb 01 Domestic Vehicle Sales Jan Millions 9.59 9.46Feb 01 Total Vehicle Sales Jan Millions 12.53 12.53Feb 02 MBA Mortgage Applications 28-Jan W/W % Chg. 11.3 -12.9Feb 02 Challenger Job Cuts Jan Y/Y % Chg. -46.1 -29.0Feb 02 ADP Employment Change Jan Thousands 187 247 RFeb 03 ICSC Chain Store Sales Jan Y/Y % Chg. 4.8 3.1Feb 03 Unit Labor Costs 4Q P Q/Q % Chg. -0.6 -0.1Feb 03 Initial Jobless Claims 29-Jan Thousands 415 457 RFeb 03 Continuing Claims 22-Jan Thousands 3925 4009 RFeb 03 Nonfarm Productivity 4Q P Q/Q % Chg. 2.6 2.4 RFeb 03 ISM Non-Manf. Composite Jan Index 59.4 57.1Feb 03 Factory Orders Dec M/M % Chg. 0.2 1.3 RFeb 04 Change in Nonfarm Payrolls Jan Thousands 36 121 RFeb 04 Change in Private Payrolls Jan Thousands 50 139 RFeb 04 Change in Manufact. Payrolls Jan Thousands 49 14 RFeb 04 Unemployment Rate Jan % 9.0 9.4Feb 04 Avg Hourly Earning Jan Y/Y % Chg. 1.9 1.7 RFeb 04 Avg Weekly Hours All Employees Jan Hours 34.2 34.3

CanadaJan 31 Gross Domestic Product Nov M/M % Chg. 0.4 0.2Jan 31 Industrial Product Price Dec M/M % Chg. 0.7 0.6 RJan 31 Raw Materials Price Index Dec M/M % Chg. 4.2 3.6 RFeb 04 Net Change in Employment Jan Thousands 69.2 22.0Feb 04 Full Time Employment Change Jan Thousands 31.1 40.5 RFeb 04 Participation Rate Jan % 67.0 66.7 RFeb 04 Part Time Employment Change Jan Thousands 38.0 -9.9 RFeb 04 Unemployment Rate Jan % 7.8 7.6Feb 04 Ivey Purchasing Managers Index Jan Index -- 50.0

Jan 30 AU TD Securities Inflation Jan Y/Y % Chg. 3.4 3.8Jan 30 JN Industrial Production Dec P Y/Y % Chg. 4.6 5.8Jan 31 EC Euro-Zone CPI Estimate Jan Y/Y % Chg. 2.4 2.2Jan 31 AU RBA CASH TARGET -- % 4.75 4.75Feb 01 UK Nat'wide House Prices nsa Jan Y/Y % Chg. -1.1 0.4Feb 01 GE Unemployment Change Jan Thousands -13 1 RFeb 01 GE Unemployment Rate Jan % 7.4 7.5Feb 02 NZ Unemployment Rate 4Q % 6.8 6.4Feb 02 NZ Employment Change 4Q Y/Y % Chg. 1.3 1.8Feb 02 AU Trade Balance Dec AUD, Millions 1981 2078 RFeb 03 EC Euro-Zone Retail Sales Dec Y/Y % Chg. -0.9 0.8 RFeb 03 EC ECB Announces Interest Rates -- % 1.00 1.00

Source: Bloomberg, TD Economics

International

Prior

United States

ReleaseDate EconomicIndicators Datafor

Period Units Current



7

UPCOMINGECONOMICRELEASESANDEVENTS:FEBRUARY7-11,2011Release

Date Time* EconomicIndicator/Event DataforPeriod Units Consensus

Forecast LastPeriod

United StatesFeb 07 15:00 Consumer Credit Dec US$, Billions 2.500 1.346Feb 08 7:30 NFIB Small Business Optimism Jan Index 94.0 92.6Feb 08 8:45 Fed's Lacker Speaks on Economy in Newark, DelawareFeb 08 10:00 IBD/TIPP Economic Optimism Feb Index - - 51.9Feb 08 10:00 JOLTs Job Openings Dec Thousands - - 3248Feb 08 13:00 Fed's Lockhart Speaks in Fort McClellan, AlabamaFeb 08 13:30 Fed's Fisher Speaks in Dallas on U.S. EconomyFeb 08 17:00 ABC Consumer Confidence 06-Feb Index - - -41Feb 09 7:00 MBA Mortgage Applications 04-Feb W/W % Chg. - - 11.3Feb 09 10:00 Bernanke Testifies at House Budget CommitteeFeb 09 17:45 NY Fed's Sack to Speak about QE2 in PhiladelphiaFeb 09 18:45 Fed's Lockhart Speaks on U.S. Outlook in AtlantaFeb 10 8:30 Initial Jobless Claims 05-Feb Thousands 410 415Feb 10 8:30 Continuing Claims 29-Jan Thousands 3900 3925Feb 10 10:00 Wholesale Inventories Dec % 0.8 0.2Feb 10 12:45 Fed's Lockhart Speaks on Panel on Debt, Fiscal PolicyFeb 10 14:00 Monthly Budget Statement Jan US$, Billions -60.5 - -Feb 11 8:30 Trade Balance Dec US$, Billions -40.0 -38.3Feb 11 9:55 U. of Michigan Confidence Feb P Index 75.0 74.2

CanadaFeb 07 8:30 Building Permits Dec M/M % Chg. 3.5 -11.2Feb 08 8:15 Housing Starts Jan Thousands 174.0 171.5Feb 10 8:30 New Housing Price Index Dec M/M % Chg. 0.2 0.3Feb 10 13:30 Deputy Gov. John Murray Speaks in Regina, SKFeb 11 8:30 Int'l Merchandise Trade Dec C$, Billions -0.3 -0.1

InternationalFeb 07 6:00 GE Factory Orders Dec Y/Y % Chg. 21.3 20.6Feb 07 18:50 JN Adjusted Current Account Total Dec Yen, Billions 1530.8 1145.1Feb 07 18:50 JN Trade Balance - BOP Basis Dec Yen, Billions 779.7 259.7Feb 08 2:30 FR Bank of France Bus. Sentiment Jan Index - - 108Feb 08 2:45 FR Trade Balance Dec Euros, Billions -4.2 -3.9Feb 08 6:00 GE Industrial Prod. Dec Y/Y % Chg. 11.5 11.1Feb 08 18:00 NZ QV House Prices Jan Y/Y % Chg. - - -0.9Feb 08 18:30 AU Westpac Consumer Confidence Index Feb Index - - 104.6Feb 08 -- JN Eco Watchers Survey: Current Jan Index 45.5 45.1Feb 08 -- JN Eco Watchers Survey: Outlook Jan Index - - 43.9Feb 09 0:00 JN Consumer Confidence Jan Index - - 40.2Feb 09 2:00 GE Current Account Dec Euros, Billions 14.0 12.0Feb 09 2:00 GE Trade Balance Dec Euros, Billions 12.0 12.9Feb 09 4:30 UK Total Trade Balance Dec GBP, Millions -4000 -4123Feb 09 18:50 JN Machine Orders Dec Y/Y % Chg. 2.2 11.6Feb 09 19:30 AU Employment Change Jan Thousands 20.0 2.3Feb 09 19:30 AU Unemployment Rate Jan % 5.0 5.0Feb 10 2:45 FR Industrial Production Dec Y/Y % Chg. 5.7 6.0Feb 10 2:45 FR Manufacturing Production Dec Y/Y % Chg. 6.0 5.1Feb 10 4:00 EC ECB Publishes Feb. Monthly Report 0.0Feb 10 4:30 UK Industrial Production Dec Y/Y % Chg. 3.7 3.3Feb 10 4:30 UK Manufacturing Production Dec Y/Y % Chg. 5.4 5.6Feb 10 7:00 UK BOE Asset Purchase Target Feb GBP, Billions 200 200Feb 10 7:00 UK BOE Announces Rates % 0.50 0.50Feb 10 -- UK NIESR GDP Estimate Jan % - - 0.5Feb 11 2:45 FR Current Account Dec Euros, Billions - - -4.2Feb 11 2:45 FR Non-Farm Payrolls 4Q P Q/Q % Chg. - - 0.1Feb 11 2:45 FR Wages 4Q P Q/Q % Chg. 0.3 0.3Feb 11 4:30 UK PPI Output n.s.a. Jan Y/Y % Chg. 4.4 4.2

* Eastern Standard Time; Source: Bloomberg, TD Economics



8

This report is provided by TD Economics for customers of TD Bank Group. It is for information purposes only and may not be appropriate for other purposes. The report does not provide material information about the business and affairs of TD Bank Group and the members of TD Economics are not spokespersons for TD Bank Group with respect to its business and affairs. The information contained in this report has been drawn from sources believed to be reliable, but is not guaranteed to be accurate or complete. The report contains economic analysis and views, including about future economic and financial markets performance. These are based on certain assumptions and other factors, and are subject to inherent risks and uncertainties. The actual outcome may be materially different. The Toronto-Dominion Bank and its affiliates and related entities that comprise TD Bank Group are not liable for any errors or omissions in the information, analysis or views contained in this report, or for any loss or damage suffered.

CONTACTSATTDECONOMICS

CraigAlexanderSeniorVicePresidentand

ChiefEconomist mailto:[email protected]

TOREACHUS MailingAddress 55 King Street West 21st Floor, TD Tower Toronto, Ontario M5K 1A2 Fax: (416) 944-5536 mailto:[email protected]

CANADIANECONOMICANALYSISDerekBurleton,VicePresidentand DeputyChiefEconomist mailto:[email protected] PascalGauthier SeniorEconomist mailto:[email protected]

DianaPetramala Economist,Macro mailto:[email protected]

FrancisFong Economist,SpecialStudies mailto:[email protected]

DinaCover Economist,Industry mailto:[email protected]

ShahrzadMobasherFard Economist,Industry mailto:[email protected]

SonyaGulati Economist,RegionalandGovernment Finances mailto:[email protected]

U.S.&INTERNATIONALECONOMICANALYSISBeataCaranci,AssociateVicePresidentand DeputyChiefEconomist mailto:[email protected] JamesMarple SeniorEconomist mailto:[email protected]

MartinSchwerdtfeger Economist,International mailto: [email protected]

ChristosShiamptanis Economist mailto: [email protected]

AlistairBentley Economist mailto: [email protected]

Documents

The Weekly Bottom Line - February 4, 2011