I think it's quite possible revenues will come in on the high side of expectations simply because we've had very robust corporate profit growth over the last year.
The market is expecting strong first-quarter growth and employment cost numbers, which could signal more rate increases from the Fed down the road than what people are currently expecting.
The deepening slide in manufacturing is notable, although solid gains in other areas continue to pick up the slack. The moderation in wage growth will be welcome by the Bank of Canada.
We have seen a string of numbers that suggest the U.S. economy is losing some momentum, which really is a perfect environment because it's not as if growth is grinding to a halt.
These together will probably increase consumer spending and at the margin . . . it will put a bit of upward pressure on growth and could potentially put that much more pressure on the Bank of Canada to raise interest rates.
As the negatives keep stacking up for the province, we will see growth weaken .Ê.Ê. and begin to dig into the province's revenues.