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Commentary
Canso May 2006 Corporate Bond Newsletter

The recent strength in the U.S. economy is pervasive. Unemployment fell to 4.7% in March in the United States which is a five year low. Wage increases are running in excess of inflation and show no signs of slowing with the growth in manufacturing. Canada’s economy is strong as well. In March of 2006, the Canadian unemployment rate dropped to a 32 year low of 6.3%. This is the lowest level since 1974, another period of rising commodity and oil prices. Wage gains are running at 3.5% in Canada, well above the inflation rate of 2.2%.

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Canso May 2006 Corporate Bond Newsletter