Economists Avery Shenfeld and Andrew Grantham earn highest accuracy rating of any monthly forecast in last 10 years
TORONTO, Oct. 19, 2015 /CNW/ - CIBC (TSX: CM) (NYSE: CM) MarketWatch has named CIBC as the top forecaster of the US economy in September with the highest accuracy rating of any monthly forecast in the last 10 years.
Compared against 47 other forecasters, CIBC's Chief Economist Avery Shenfeld and Economist Andrew Grantham had the most accurate forecasts on U.S. non-farm payrolls, the consumer price index, retail sales, durable-goods orders, the trade deficit and industrial production. In addition, their forecast for new-home sales was the second most accurate, according to MarketWatch.
This is the second time this year that CIBC has topped MarketWatch's monthly forecasting rankings.
"This recognition underscores the strength of CIBC's economists and the valuable insight they provide to clients in navigating global markets," says Harry Culham, Senior Executive Vice-President and Group Head, CIBC Capital Markets. "We're proud of our Economics team and congratulate Avery and Andrew on this recognition."
CIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients and three major business units - Retail and Business Banking, Wealth Management and Capital Markets. CIBC Capital Markets business provides integrated credit and capital markets products, investment banking advisory services and top-ranked research to corporate, government and institutional clients around the world. Visit www.cibcwm.com for CIBC Capital Markets news releases and information. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.
Tom Wallis, Communications & Public Affairs at 416-980-4048 or firstname.lastname@example.org