Canadian Economy: Fall 2017

Canadian Economy: Fall 2017

Employment

Canadian full time employment for core-age workers (25-54) strengthened through the first half of 2017 and is continuing into the third quarter although at a slower pace.  Annual Canadian employment growth strengthened to above 2% during the summer months lowering the national unemployment rate.

Total employment rose by 186,000 (+1.0%) during the first half of 2017, led by gains in full-time work and among core-age individuals (aged 25 to 54). Gains in professional, scientific and technical services and in health care and social assistance, accounted for over two-thirds of the overall increase with manufacturing leading the goods sector growth.

BC Led Employment Growth

British Columbia led employment growth among the provinces during the first six months of the year; overall full-time employment in British Columbia rose by 78,000.

National Real GDP

Real gross domestic product (GDP) increased in a number of goods and services industries from November 2016 to June 2017, with increases occurring in mining, quarrying, oil and gas extraction, manufacturing, construction wholesale trade, retail trade, and finance industries.  Overall, real GDP growth, measured year-over-year, increased steadily from January, before rising above 4% in May and June.  Over the past four quarters, economic growth in Canada has outpaced growth in the United States

Despite this robust economic growth, the consumer price inflation decelerated from 2.1% in January 2017 to 1.0% in June.  This reduced inflationary pressure appears to influence consumer spending supported by higher outlays on automobiles, clothing, footwear and housing-related expenditures.

 

Retrieved and adapted October 19, 2017 from http://www.statcan.gc.ca/pub/11-626-x/11-626-x2017075-eng.htm

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