While this is only a forecast based on available data, it could signal the potential for a recession in the US starting in the first half of 2025. The overall state of the US economy may come into better focus when the US Bureau of Labor Statistics releases its February consumer price index data on Wednesday (March 12) and the Federal Reserve hosts its Federal Open Markets Committee meeting the following week on March 18 and 19.
In Canada, Statistics Canada reported on Thursday (March 6) that the trade surplus with the US had reached a record C$14.4 billion in January, up 6.3 percent from the C$12.3 billion recorded in December. The agency said the rise coincided with the increasing tariff threat from the US as more manufacturers south of the border began to stockpile Canadian imports.
StatsCan also released its February labor force survey on Friday (March 7). The data showed that job growth had stalled during the month, with the national labor force adding a net total of 1,100 new positions.
The figures were well below estimates, as economists had expected 15,000 new jobs to be added to the Canadian economy. The country added 76,000 jobs the prior month.
The biggest gains in February came from wholesale and retail trade, which added 51,000 new workers, while the biggest contraction came from 33,000 fewer jobs in professional, scientific and technical services.
Markets and commodities react
US equity markets were broadly down again this week.
The S&P 500 (INDEXSP:INX) lost 3.32 percent to close the week at 5,770.16, and the Nasdaq-100 (INDEXNASDAQ:NDX) fell 4.09 percent to 20,158.31. The Dow Jones Industrial Average (INDEXDJX:.DJI) lost 2.5 percent to 42,801.73.
In Canada, markets were also in decline. The S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 0.63 percent to close at 614.30 on Friday, the S&P/TSX Composite Index (INDEXTSI:OSPTX) posted a 2.57 percent loss to 24,758.76 and the CSE Composite Index (CSE:CSECOMP) dropped 2.77 percent to 126.72.
Gold continued to trade in all-time high territory this week, gaining 1.8 percent over the week to US$2,908.07 per ounce at 4:00 p.m. EST Friday. The silver price saw a more significant rise, adding 4.32 percent during the period to US$32.48.
In base metals, the copper price was up 2.61 percent on the week, closing out Friday at US$4.72 per pound on the COMEX. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) shed 0.44 percent to close at 551.16.
Top Canadian mining stocks this week
So how did mining stocks perform against this backdrop?
We break down this week’s five best-performing Canadian mining stocks below.
Data for this article was retrieved at 4:00 p.m. EST on Friday using TradingView’s stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals…
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