Turning points were readily apparent in 2006 as most commodity prices crested. The Canadian dollar peaked. Inflation pressures re-emerged and reintegrated reenergized. The fiscal economies of both Canada , the U.S.A and the E.U . slowed.
In this uncertain enviornment the Federal Reserve and the Bank of Canada stopped raising interest rates and moved to the sidelines. In late 2006 a decline in manufacturing was led by the auto industry as production cuts and layoffs continued through out the year end of 2006.. Housing activity in the us nosedived all year , while the second half slowdown in residential activity in the U.K. was relatively mild. Despite these drag on the economy , employment and real incomes grew in both countries and shortages were more than evident.
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