Economic Insights
Recent Developments in the Canadian Economy: Fall 2018

by Guy Gellatly and Elizabeth Richards,
Analytical Studies Branch

Release date: October 30, 2018

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This article in the Economic Insights series provides users with an integrated summary of recent changes in output, employment, household demand, international trade and prices. Organized as a statistical summary of major indicators, the report is designed to inform about recent developments in the Canadian economy, highlighting major changes in the economic data during the first half of 2018 and into the summer months. Unless otherwise noted, the tabulations presented in this report are based on seasonally adjusted data available on October 19, 2018.

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Overview

Following a modest gain to start the year, economic growth accelerated in the second quarter of 2018 as exports and household spending strengthened. Non-residential business investment contributed to growth in both quarters, and has trended higher since early 2017. Investment in housing was down in the first half of 2018 owing to lower activity in resale markets.

Higher output in construction and oil and gas extraction supported goods production during the first half of 2018. Oil and gas extraction strengthened in the second quarter, contributing to increases in business productivity and capacity utilization as energy exports, supported by higher prices and volumes, continued to expand.  

Employment growth slowed during the first half of 2018 as gains in full-time work were offset by part-time losses. Following sizable gains in the second half of last year, the number of private sector employees declined in the first six months of 2018. Employment among core-age workers was little changed. More recently, employment increased in the third quarter on gains in part-time work and among private-sector employees. 

Consumer price inflation continued to increase in the first half, rising to 2.5% in June before accelerating to 3.0% in July, the largest headline rate since 2011. Higher gas prices contributed substantially to the stronger pace of consumer inflation into mid-year. Consumer price inflation decelerated in August and September.

Overall, the pace of real GDP growth, measured year-over-year, has slowed since mid-2017, edging down to 2.4% in June. Annual employment growth also trended lower, slowing to 1.2% at mid-year. The positive gap between output growth and employment growth has remained relatively stable over 2018 to date (Chart 1).Note 1

Data table for Chart 1

Data table for Chart 1 
Data table for chart 1
Table summary
This table displays the results of Data table for chart 1 Real gross domestic product and Employment, calculated using year-over-year change (percent) units of measure (appearing as column headers).
Real gross domestic product Employment
year-over-year change (percent)
2007
January 1.4 2.5
February 1.7 2.4
March 1.8 2.3
April 1.9 2.1
May 2.3 1.7
June 2.8 2.0
July 2.6 2.3
August 2.8 2.3
September 2.7 2.4
October 2.6 2.6
November 2.5 2.5
December 1.4 2.2
2008
January 2.0 2.0
February 1.3 2.1
March 1.2 1.8
April 1.2 2.0
May 0.8 1.8
June 0.7 1.5
July 1.1 1.1
August 0.7 1.2
September 0.9 1.3
October 0.7 1.1
November -0.4 0.3
December -1.4 0.1
2009
January -2.2 -0.8
February -2.6 -1.3
March -3.5 -1.4
April -4.0 -1.7
May -4.1 -1.9
June -4.2 -1.9
July -4.4 -1.9
August -4.4 -1.9
September -3.7 -2.1
October -3.5 -2.2
November -1.9 -1.1
December -0.3 -1.0
2010
January 0.8 0.0
February 1.9 0.4
March 3.2 0.6
April 3.4 1.3
May 4.0 1.6
June 4.1 2.1
July 4.1 2.0
August 4.5 2.1
September 3.7 1.7
October 4.1 1.8
November 3.9 1.5
December 4.4 1.8
2011
January 4.0 1.9
February 3.3 1.8
March 3.1 1.8
April 3.3 1.6
May 2.6 1.4
June 2.8 1.2
July 3.4 1.4
August 3.6 1.5
September 3.9 1.7
October 3.4 1.4
November 3.1 1.2
December 2.9 1.2
2012
January 2.6 0.7
February 2.5 0.7
March 2.4 1.1
April 2.7 1.5
May 2.9 1.4
June 2.5 1.3
July 2.1 1.0
August 1.3 1.2
September 1.0 1.3
October 1.0 1.5
November 1.2 1.7
December 0.7 1.8
2013
January 1.2 2.0
February 1.8 2.2
March 2.0 1.5
April 2.0 1.1
May 2.3 1.5
June 1.8 1.4
July 2.2 1.5
August 2.8 1.4
September 3.2 1.2
October 3.9 1.2
November 3.7 1.0
December 3.3 0.7
2014
January 2.8 0.7
February 3.0 0.6
March 2.8 0.9
April 3.0 0.7
May 3.2 0.4
June 3.9 0.5
July 3.3 0.7
August 2.6 0.4
September 2.6 0.5
October 2.5 0.8
November 2.2 0.7
December 2.8 0.6
2015
January 2.4 0.7
February 1.8 0.8
March 1.6 0.8
April 1.1 0.8
May 0.4 1.1
June 0.5 1.0
July 0.8 0.9
August 1.4 1.1
September 0.5 0.9
October 0.1 0.7
November 0.5 0.7
December 0.4 0.9
2016
January 1.3 0.7
February 1.3 0.6
March 1.1 0.7
April 1.3 0.8
May 0.7 0.5
June 0.9 0.6
July 1.2 0.4
August 1.1 0.5
September 1.9 0.9
October 1.8 1.0
November 1.8 1.1
December 2.1 1.2
2017
January 2.0 1.5
February 2.3 1.6
March 2.8 1.5
April 3.2 1.6
May 4.4 1.8
June 4.1 2.0
July 3.7 2.2
August 3.5 2.1
September 3.4 1.8
October 3.5 1.7
November 3.5 2.2
December 3.5 2.3
2018
January 2.8 1.6
February 3.0 1.5
March 3.0 1.6
April 2.6 1.5
May 2.7 1.3
June 2.4 1.2
July 2.4 1.3
August Note ...: not applicable 0.9
September Note ...: not applicable 1.2

Economic growth strengthened as exports advanced

Economic growth accelerated in the second quarter of 2018, as output expanded at the fastest pace since the first half of last year. Real GDP rose 0.7% in the second quarter, following a 0.4% gain in the first.

Higher exports were the main contributor to stronger growth in the second quarter of 2018, as export volumes expanded at their fastest pace in four years (Chart 2). Household spending also accelerated, though the pace of spending remained well below levels observed during the first half of last year. Non-residential business investment slowed in the second quarter, after a notable gain to start the year as investment outlays continued to recover from lower levels in 2015 and 2016. Residential structures edged up in the second quarter, after weighing on growth in the first.

In the United States, real GDP rose 1.0% in the second quarter of 2018, up from 0.5% earlier in the year, as household spending and exports strengthened. Economic growth in the United States has outpaced growth in Canada since mid-2017.

Data table for Chart 2

Data table for Chart 2 
Data table for chart 2
Table summary
This table displays the results of Data table for chart 2 Q1 2018 and Q2 2018, calculated using percentage point contribution units of measure (appearing as column headers).
Q1 2018 Q2 2018
percentage point contribution
Gross domestic product at market prices 0.36 0.71
Household spending 0.14 0.37
Residential structures -0.21 0.02
Non-residential business investment 0.26 0.05
Exports 0.18 0.91
Imports -0.35 -0.53

The volume of goods exported from Canada rose 3.6% in the second quarter, after edging up 0.3% in the first. Energy volumes increased by 5.6% in the second, following a similar gain to start the year, as exports of crude oil and crude bitumen, natural gas, and refined petroleum products all advanced. Higher volumes of consumer goods and aircraft also contributed to stronger exports in the second quarter (Chart 3).  

Imports rose 1.6% in the second quarter, following a 1.0% gain in the first. Import volumes have increased for six consecutive quarters. Refined petroleum products led the growth in the second quarter, as imports rose to offset lower volumes at domestic petroleum refineries due to maintenance activities. Imports of basic and industrial chemicals and other transportation equipment and parts also contributed to growth in the second quarter.

Data table for Chart 3

Data table for Chart 3 
Data table for chart 3
Table summary
This table displays the results of Data table for chart 3 Household expenditure, Government current expenditure, Non-residential business investment, Goods exports and Housing, calculated using index (Q1 2007=100) units of measure (appearing as column headers).
Household expenditure Government current expenditure Non-residential business investment Goods exports Housing
index (Q1 2007=100)
2007
Q1 100.0 100.0 100.0 100.0 100.0
Q2 101.5 100.5 100.5 101.6 100.6
Q3 102.4 101.9 100.9 99.7 100.3
Q4 104.3 101.9 102.7 96.9 100.7
2008
Q1 105.1 102.8 106.4 95.5 99.5
Q2 105.2 105.1 106.6 96.3 97.2
Q3 105.3 105.0 106.6 95.2 95.0
Q4 104.0 106.5 101.3 89.9 89.5
2009
Q1 103.7 106.6 85.7 81.4 83.7
Q2 104.5 107.4 82.1 77.3 86.7
Q3 105.7 108.0 82.8 80.1 90.2
Q4 106.4 108.8 85.2 82.1 95.8
2010
Q1 107.6 109.8 89.8 84.0 98.5
Q2 108.5 109.7 94.1 87.3 97.3
Q3 109.4 110.1 97.6 87.1 95.5
Q4 110.4 110.8 102.5 89.5 94.8
2011
Q1 110.6 110.9 105.4 89.8 96.8
Q2 111.1 111.4 108.0 87.7 96.6
Q3 111.5 111.8 108.4 93.3 99.1
Q4 112.2 112.1 111.5 94.5 100.1
2012
Q1 112.9 112.2 114.2 94.1 104.4
Q2 113.0 111.9 117.8 93.9 103.9
Q3 113.7 112.7 118.1 93.2 103.1
Q4 114.3 112.6 120.6 93.1 103.0
2013
Q1 115.0 111.5 122.5 95.2 102.3
Q2 116.0 111.0 123.7 96.8 104.0
Q3 116.9 111.5 124.5 95.9 103.4
Q4 117.7 112.2 126.4 97.4 103.3
2014
Q1 118.0 112.4 127.7 96.2 102.2
Q2 119.2 112.1 128.9 103.1 104.8
Q3 120.1 112.2 130.8 104.6 107.3
Q4 120.9 111.8 133.4 104.1 107.7
2015
Q1 121.0 113.5 121.8 103.2 108.5
Q2 121.6 113.4 117.2 105.4 108.7
Q3 122.4 114.2 112.3 107.2 110.1
Q4 123.2 114.5 110.6 106.3 110.6
2016
Q1 123.7 115.7 106.4 108.4 112.8
Q2 124.4 116.8 104.5 103.6 113.4
Q3 125.3 116.5 106.4 106.0 112.6
Q4 126.4 116.9 101.4 106.2 113.8
2017
Q1 127.6 118.2 104.8 107.0 115.8
Q2 129.0 118.5 106.7 108.7 115.4
Q3 130.0 119.5 108.3 105.2 115.4
Q4 130.6 120.6 110.4 106.1 119.1
2018
Q1 131.0 121.4 113.4 106.4 115.9
Q2 131.8 121.9 113.9 110.2 116.2

Household spending accelerated following slower growth

Household spending rose 0.6% in the second quarter, following a 0.3% gain in the first. Stronger spending in the second followed three consecutive quarters during which the pace of household spending had slowed. Higher outlays on insurance and financial services, household furnishings, and recreation and culture supported growth in the second quarter.   

Business investment advanced at a slower pace

Business spending on non-residential structures and machinery and equipment (M&E) rose 0.5% in the second quarter, following a 2.7% gain in the first. Combined business outlays on structures and machinery and equipment have increased for six consecutive quarters, after trending lower in 2015 and 2016 as oil prices declined. Combined outlays on structures and M&E in the second quarter remain 15% below peak levels at the end of 2014 (Chart 4).

Data table for Chart 4

Data table for Chart 4 
Data table for chart 4
Table summary
This table displays the results of Data table for chart 4 Total business gross fixed capital formation, Residential structures, Non-residential structures, Machinery and equipment and Intellectual property products, calculated using index (Q1 2007=100) units of measure (appearing as column headers).
Total business gross fixed capital formation Residential structures Non-residential structures Machinery and equipment Intellectual property products
index (Q1 2007=100)
2007
Q1 100.0 100.0 100.0 100.0 100.0
Q2 100.6 100.6 99.8 101.3 100.7
Q3 100.8 100.3 100.2 101.6 102.1
Q4 102.1 100.7 100.5 105.0 104.5
2008
Q1 104.0 99.5 107.2 105.4 107.6
Q2 103.3 97.2 108.7 104.1 107.6
Q3 102.2 95.0 109.3 103.3 105.8
Q4 96.8 89.5 106.6 95.3 100.1
2009
Q1 85.1 83.7 91.8 79.1 88.0
Q2 83.9 86.7 85.7 77.9 85.4
Q3 85.5 90.2 84.9 80.3 85.6
Q4 89.0 95.8 85.7 84.3 87.7
2010
Q1 92.9 98.5 93.9 84.9 91.8
Q2 95.1 97.3 98.6 88.8 95.6
Q3 96.5 95.5 104.7 89.2 97.6
Q4 98.8 94.8 111.2 92.1 97.7
2011
Q1 100.7 96.8 115.5 93.3 95.6
Q2 102.6 96.6 114.6 100.2 101.0
Q3 104.1 99.1 119.5 95.0 104.0
Q4 106.1 100.1 124.0 96.5 104.1
2012
Q1 109.1 104.4 127.3 98.3 104.7
Q2 110.3 103.9 133.1 99.1 99.8
Q3 110.2 103.1 133.7 99.0 100.7
Q4 111.4 103.0 138.1 99.1 99.7
2013
Q1 112.2 102.3 141.0 99.7 100.3
Q2 113.1 104.0 143.0 99.8 97.7
Q3 113.4 103.4 146.1 97.8 98.9
Q4 114.4 103.3 147.4 100.4 99.1
2014
Q1 114.8 102.2 151.0 98.7 100.2
Q2 116.2 104.8 152.2 100.1 98.5
Q3 118.0 107.3 154.0 101.9 97.8
Q4 119.8 107.7 156.9 104.1 100.8
2015
Q1 113.2 108.5 140.8 98.2 92.8
Q2 110.7 108.7 134.9 95.2 91.3
Q3 108.5 110.1 129.5 91.0 89.4
Q4 107.9 110.6 123.9 93.8 90.6
2016
Q1 106.2 112.8 118.5 91.1 88.0
Q2 105.4 113.4 114.3 91.8 87.7
Q3 105.6 112.6 122.2 86.6 83.5
Q4 103.3 113.8 113.3 86.2 81.7
2017
Q1 106.0 115.8 114.9 91.8 84.1
Q2 107.0 115.4 116.8 93.8 85.5
Q3 108.0 115.4 119.3 94.1 87.4
Q4 110.6 119.1 120.5 97.4 88.0
2018
Q1 111.2 115.9 122.9 101.1 91.0
Q2 111.6 116.2 123.5 101.5 91.2

Business investment in non-residential structures edged up 0.5% in the second quarter, following a 2.0% gain in the first. Spending on engineering structures was flat in the second quarter, after advancing to start the year. Outlays on non-residential buildings contributed to growth in both quarters, and have strengthened over the last year. Total business outlays on non-residential structures in the second quarter remain about 20% below levels at the end of 2014.

Business investment in machinery and equipment slowed in the second quarter (+0.3%), after a sizable gain to start the year. Investments in aircraft and other transportation equipment contributed to the gain in the second, supported by spending on computers and industrial machinery. Business spending on machinery and equipment has strengthened since early 2017 after trending lower in 2015 and 2016. However, outlays in the second quarter of this year are still down about 3% from levels at the end of 2014. 

Business outlays on intellectual property products edged up 0.2% in the second quarter, following a sizable increase in the first. Gains in the first quarter were broad-based, as expenditures on software, mineral exploration, and research and development all increased. Spending on research and development continued to rise in the second quarter, while outlays on mineral exploration declined. Total business investment in intellectual property assets has trended higher since early 2017 but remain about 10% lower than levels at the end of 2014. Spending on mineral exploration is down about 50% from levels in late 2014. 

Lower resale activity weighed on housing

Spending on residential structures edged up 0.3% in the second quarter of 2018, following a 2.7% decline in the first. Outlays on residential structures had risen 3.2% in late 2017 prior to the introduction of new mortgage regulations in January of this year. Lower spending on ownership transfer costs, a measure of the volume of activity in resale markets, accounted for the first-quarter decline, partly offset by increases in new construction and renovations. Ownership transfer costs continued to decline in the second quarter, and are down about 20% from levels in the fourth quarter of 2017. New construction also declined in second quarter, following six consecutive quarterly gains. Higher renovations in the second quarter (+2.9%) supported the overall increase in housing investment.

Productivity and industrial capacity strengthened on gains in oil extraction

Following a 0.3% decline to start the year, business sector labour productivity rose 0.7% in the second quarter. Higher productivity in mining and oil and gas extraction led the increase, as output in the sector rose 3.6% while hours worked were unchanged. Productivity in the construction sector also rose for the eighth consecutive quarter.

Industrial capacity utilization rose to 85.5% in the second quarter, the highest level since the second quarter of 2007. Higher capacity utilization in the energy sector led the gain. After remaining stable since mid-2017, capacity utilization in oil and gas extraction rose 4.4 percentage points in the second quarter, to 87.1%. Capacity utilization also strengthened in forestry and manufacturing.

The contribution of the terms of trade to income growth moderated during the first half of 2018, after making a sizable contribution in the fourth quarter of last year. Following a 0.8% increase to start the year, nominal GDP rose 1.3% in the second quarter as corporate earnings strengthened.

Resource extraction and construction bolstered output

Following a decline to start the year, the output of goods-producing industries rose steadily from February to May before slowing in June. Increased construction activity contributed to higher goods production in the first quarter, while increased activity in mining, quarrying and oil and gas extraction bolstered output in the second. Manufacturing output rose in both quarters (Chart 5).

Data table for Chart 5

Data table for Chart 5 
Data table for chart 5
Table summary
This table displays the results of Data table for chart 5 Mining, quarrying, and oil and gas , Construction, Manufacturing, Retail and Wholesale, calculated using index (January 2007=100) units of measure (appearing as column headers).
Mining, quarrying, and oil and gas Construction Manufacturing Retail Wholesale
index (January 2007=100)
2007
January 100.0 100.0 100.0 100.0 100.0
February 101.2 100.2 100.5 100.1 103.9
March 101.8 100.7 100.5 100.4 104.2
April 99.4 101.1 100.8 102.0 104.2
May 101.2 102.1 100.0 102.6 104.9
June 101.7 102.3 100.2 102.4 105.1
July 100.2 102.4 99.3 102.5 104.2
August 102.4 102.8 99.0 103.9 103.5
September 101.5 102.8 98.7 102.9 103.6
October 99.3 102.0 98.7 103.3 104.4
November 98.4 102.2 98.5 104.7 103.5
December 97.4 103.4 95.9 106.4 102.4
2008
January 98.7 104.8 95.6 107.0 103.7
February 97.4 105.1 95.9 106.1 102.3
March 99.0 104.8 94.3 106.2 103.4
April 98.6 103.7 95.6 106.6 103.0
May 96.7 105.1 96.1 106.5 103.6
June 98.3 104.7 95.5 106.9 104.3
July 101.0 104.7 95.9 106.4 104.7
August 100.2 104.5 94.2 106.6 104.2
September 98.4 105.1 94.2 107.4 104.0
October 99.2 105.8 92.8 106.3 102.8
November 97.5 104.3 91.2 104.0 100.0
December 94.2 102.1 87.2 101.3 97.0
2009
January 97.0 98.8 84.1 103.1 95.2
February 93.5 97.5 83.2 102.9 94.7
March 88.2 96.3 82.0 102.7 93.9
April 85.4 95.7 80.7 102.6 93.9
May 85.8 96.4 79.7 103.1 94.4
June 86.6 96.5 79.0 103.3 94.6
July 85.5 96.8 79.6 103.4 95.6
August 83.9 97.5 80.0 103.5 95.9
September 87.0 98.6 80.9 104.1 96.0
October 87.0 99.6 80.5 104.0 96.4
November 88.2 101.5 81.8 102.3 98.2
December 87.2 102.5 81.4 104.0 100.1
2010
January 90.0 104.3 82.3 105.6 101.3
February 92.8 104.8 83.4 105.6 100.7
March 94.0 105.2 84.7 107.8 101.5
April 93.6 105.6 84.6 105.4 101.4
May 98.3 105.4 85.0 105.0 101.5
June 97.7 105.9 86.1 105.7 102.4
July 97.5 106.1 86.1 106.0 101.3
August 97.1 106.8 86.0 106.4 103.2
September 95.5 107.1 85.4 106.4 103.6
October 98.9 107.5 85.3 106.0 104.4
November 100.1 107.8 84.8 107.7 106.0
December 102.4 108.0 86.2 107.1 108.0
2011
January 100.0 109.0 87.0 106.8 109.6
February 99.5 109.4 86.3 106.8 108.0
March 101.8 108.8 86.9 105.3 109.2
April 102.5 108.6 86.9 106.5 108.0
May 98.8 108.4 86.4 106.5 109.2
June 100.5 109.5 86.8 107.9 108.8
July 103.6 110.3 88.1 106.9 111.9
August 107.3 111.1 87.9 106.8 111.1
September 107.6 111.6 88.9 107.1 111.6
October 105.9 111.8 89.1 107.8 113.1
November 105.2 112.3 89.6 107.8 113.3
December 105.6 113.5 91.1 109.5 114.3
2012
January 106.2 114.7 90.8 108.4 112.6
February 102.9 115.6 89.2 107.3 113.7
March 102.6 117.3 89.6 107.8 114.7
April 103.0 118.7 90.3 106.7 115.2
May 102.2 118.5 89.9 107.0 114.3
June 100.4 119.2 89.9 107.1 114.7
July 99.4 119.4 89.9 108.2 115.2
August 97.3 119.7 89.5 107.3 114.7
September 97.8 120.4 88.4 107.7 114.5
October 99.4 121.4 87.4 107.5 113.9
November 101.6 121.9 88.3 108.2 115.8
December 102.0 122.5 87.2 108.1 115.1
2013
January 102.5 122.5 88.3 110.7 116.7
February 104.5 123.0 88.5 110.4 117.6
March 105.6 123.8 88.8 111.1 117.7
April 105.3 124.6 88.3 112.1 118.4
May 105.0 125.0 88.2 114.4 119.5
June 103.8 122.2 88.2 113.1 117.3
July 106.1 124.8 88.0 114.2 120.5
August 107.6 125.2 88.6 115.3 120.1
September 108.9 124.9 89.8 115.0 120.7
October 109.9 125.3 90.9 115.8 121.8
November 109.3 125.6 90.7 115.8 122.4
December 109.7 124.5 88.7 115.3 119.8
2014
January 110.1 125.5 89.1 114.3 118.9
February 112.0 126.2 90.8 114.1 120.7
March 114.2 125.9 89.9 113.6 120.7
April 117.2 125.4 90.6 113.9 120.4
May 117.5 127.1 91.7 114.1 122.3
June 118.9 127.7 92.5 114.8 123.1
July 116.1 128.6 92.9 115.1 122.2
August 111.9 127.9 91.8 115.0 123.2
September 115.6 128.3 92.3 115.1 125.7
October 117.5 129.7 92.5 115.2 123.8
November 116.5 129.8 91.6 115.6 123.0
December 114.7 128.7 93.2 116.3 125.1
2015
January 114.1 126.2 92.3 114.2 122.4
February 113.0 124.1 91.5 116.0 122.7
March 111.0 122.9 92.2 117.3 123.0
April 110.6 122.1 91.7 116.4 124.7
May 109.8 122.7 91.3 117.1 123.1
June 112.9 121.6 90.7 117.9 124.2
July 116.2 121.1 91.3 118.5 123.5
August 115.9 121.5 92.6 119.1 123.3
September 110.5 120.5 91.7 120.4 123.2
October 112.1 119.7 91.2 119.4 123.6
November 112.2 119.5 92.0 120.8 124.9
December 112.2 119.1 92.2 119.6 125.3
2016
January 112.5 119.2 93.2 121.3 125.7
February 111.4 119.1 92.5 122.9 123.0
March 110.8 118.2 92.1 121.0 122.3
April 108.4 118.2 92.2 121.1 123.2
May 101.5 117.1 90.6 120.9 123.4
June 106.2 116.7 91.9 120.3 124.1
July 112.1 117.1 92.1 121.0 123.6
August 112.9 116.6 92.3 121.2 123.7
September 116.3 117.3 92.6 122.3 122.7
October 115.5 117.2 91.5 123.2 124.7
November 118.0 117.8 92.7 123.7 124.4
December 116.5 118.8 93.6 123.6 126.7
2017
January 119.4 119.8 94.0 125.4 126.7
February 119.1 120.1 93.5 125.7 127.5
March 118.2 120.5 94.1 126.6 129.6
April 119.0 122.0 94.5 127.9 130.0
May 122.4 120.6 95.5 128.0 130.4
June 122.1 122.4 96.4 129.2 130.5
July 123.1 122.8 95.9 129.2 131.5
August 123.7 123.2 95.0 128.5 131.8
September 124.6 124.0 94.9 128.1 130.7
October 122.3 124.5 95.0 131.2 134.3
November 123.3 125.2 96.5 129.9 133.5
December 125.8 124.7 96.8 128.4 133.4
2018
January 121.7 125.8 96.6 127.9 134.4
February 125.0 126.9 96.9 128.6 133.6
March 127.3 126.9 97.1 129.3 135.1
April 128.1 126.5 97.0 128.1 134.9
May 130.1 127.8 96.6 130.7 137.0
June 129.0 127.5 97.4 130.4 135.3
July 128.6 126.8 98.6 130.3 137.2

Construction output strengthened in early 2018 as residential, non-residential and engineering activity all increased in January and February. Construction activity rose sharply in May on higher residential activity, before edging down in June. At mid-year, output in the construction sector was 2.3% higher than at year-end 2017, supported by increases in both residential and non-residential activity. Non-residential building construction increased from January to April, before edging lower into mid-year.

Manufacturing output expanded in three of the first six months of 2018 as durables strengthened. The output of fabricated metal manufacturers was 7.2% higher at mid-year than at year-end 2017, while primary metal manufacturing, which includes steel and aluminum producers, was up 4.4%. Transportation equipment manufacturing edged lower in the first half of 2018. Auto manufacturing in June was down 3.2% from levels at year-end 2017, and down 8.2% on a year-over-year basis. The output of petroleum refineries was down in the first half of the year, as maintenance shutdowns affected production levels in April and May. Refinery output ramped up in June as facilities came back on line. Refinery output in June was 5.6% lower than levels at year-end, and down about 11% on a year-over-year basis.

The output of service industries edged higher early in the year, and advanced sharply in May (+0.5%) on increases in retail and wholesale trade. Professional, scientific and technical services supported growth in both quarters, as output in computer systems design and architectural and engineering services continued to trend higher. Retail trade strengthened in the second quarter, after weighing on growth in the first.

The output of real estate agents and brokers declined sharply in January and February as new mortgage lending requirements took effect at the start of the year. Activity in this sector was relatively stable from March to June. As of June, the output of real estate agents and brokers was down nearly 20% from levels at year-end 2017.

Oil extraction and support services strengthened

Oil extraction contracted substantially at the start of 2018 as shutdowns in the oil sands weighed on non-conventional output. Non-conventional extraction rose from February to May, before edging lower at mid-year. Output rose sharply in May following maintenance and expansion-related activities. Non-conventional output in June was 1.3% higher than levels at year-end, and 12% higher on a year-over-year basis, following sizable gains in late 2017 (Chart 6).

Conventional oil and gas extraction rose in four of the first six months of 2018. Conventional output in June was 5.6% higher than levels at year-end 2017, after edging lower during the second half of last year.       

Data table for Chart 6

Data table for Chart 6 
Data table for chart 6
Table summary
This table displays the results of Data table for chart 6 Conventional oil and gas extraction, Non-conventional oil extraction, Support activities for mining and oil and gas extraction, Crude oil and other pipeline transportation and Petroleum refineries, calculated using index (January 2007=100) units of measure (appearing as column headers).
Conventional oil and gas extraction Non-conventional oil extraction Support activities for mining and oil and gas extraction Crude oil and other pipeline transportation Petroleum refineries
index (January 2007=100)
2007
January 100.0 100.0 100.0 100.0 100.0
February 100.2 108.1 98.8 97.7 99.8
March 100.3 112.5 95.5 96.6 100.7
April 103.4 102.3 80.3 96.8 102.7
May 103.7 100.0 88.1 96.1 100.6
June 105.5 94.4 95.1 93.2 101.5
July 99.5 101.6 100.9 96.6 104.6
August 100.8 110.6 94.9 95.3 102.1
September 101.0 106.4 94.1 94.8 101.6
October 99.4 105.1 90.8 94.0 101.4
November 98.3 101.8 93.4 93.6 98.9
December 97.9 93.2 91.6 91.7 100.3
2008
January 95.7 104.9 94.3 92.3 99.8
February 94.7 102.5 92.2 91.7 97.4
March 95.9 105.7 93.3 90.6 91.6
April 97.5 101.6 89.4 89.4 97.6
May 95.4 97.9 90.3 91.7 98.3
June 93.5 105.2 106.8 89.4 97.9
July 97.2 107.9 111.6 86.8 96.4
August 94.5 110.9 111.6 87.6 94.0
September 94.4 106.3 108.2 86.1 93.9
October 95.9 107.3 112.2 89.8 96.1
November 93.6 109.4 110.0 88.1 97.9
December 91.1 112.9 89.7 90.7 98.2
2009
January 92.1 115.1 91.7 88.3 100.2
February 91.4 121.6 86.4 85.2 102.4
March 88.5 118.2 64.7 84.3 103.0
April 85.9 111.9 69.9 83.2 98.2
May 82.4 124.7 68.1 80.7 103.6
June 85.8 127.2 67.2 84.3 101.2
July 86.3 128.8 62.4 83.4 100.7
August 81.7 122.8 68.7 82.8 100.4
September 82.1 127.7 72.7 86.4 95.1
October 81.3 130.1 70.2 87.3 94.6
November 82.9 130.4 80.3 87.8 98.4
December 81.2 120.8 92.0 85.7 99.6
2010
January 83.6 113.8 90.3 82.0 100.9
February 82.4 127.1 98.0 81.4 94.6
March 83.6 131.8 89.6 87.6 94.5
April 83.8 135.1 87.2 85.8 91.4
May 85.4 144.8 97.8 87.9 94.4
June 85.3 145.7 94.3 87.8 98.3
July 86.1 140.3 94.2 89.8 95.2
August 88.4 136.5 88.7 90.0 93.7
September 87.3 131.9 81.0 80.1 96.9
October 86.6 139.0 92.8 82.6 84.0
November 86.7 148.9 92.9 87.7 89.1
December 88.4 153.5 97.6 87.6 92.0
2011
January 88.4 146.5 89.1 97.8 88.0
February 86.3 148.5 88.9 102.6 87.6
March 87.6 146.8 104.3 99.2 88.6
April 88.1 151.6 101.8 95.2 89.9
May 86.9 135.6 102.8 94.5 78.8
June 85.4 145.7 103.2 96.5 83.3
July 87.7 151.0 105.1 100.9 84.0
August 89.5 154.0 123.7 106.1 86.7
September 89.9 155.4 123.9 106.2 95.1
October 89.1 151.4 124.1 106.2 91.1
November 87.9 151.7 123.7 104.0 89.3
December 88.0 153.1 120.6 105.7 88.4
2012
January 87.8 160.8 121.7 110.9 87.4
February 86.0 154.8 124.0 109.0 89.7
March 85.6 145.8 127.2 109.9 86.6
April 84.8 157.4 117.8 113.5 90.8
May 82.4 162.9 108.7 117.1 88.5
June 79.7 158.8 108.6 117.2 86.8
July 78.4 162.0 104.5 115.3 91.4
August 76.6 159.1 102.8 113.4 89.6
September 76.5 156.9 107.2 111.0 87.8
October 81.0 160.4 102.4 104.8 94.3
November 83.1 156.9 105.2 109.4 93.5
December 81.6 162.6 107.7 114.9 93.1
2013
January 82.1 159.9 112.0 116.0 93.9
February 82.7 161.2 116.8 117.4 89.7
March 83.4 167.5 113.1 119.5 90.7
April 83.3 164.8 114.5 117.9 90.6
May 84.9 160.3 110.2 115.1 80.3
June 85.5 161.0 104.9 116.9 94.7
July 86.9 163.7 111.7 114.9 88.7
August 86.9 170.5 116.6 118.9 91.2
September 87.3 173.2 118.3 119.6 94.9
October 86.0 176.2 120.4 123.4 90.0
November 86.1 180.6 111.3 122.1 94.5
December 87.4 184.3 106.4 115.4 90.0
2014
January 87.7 182.4 112.6 116.4 90.2
February 89.2 181.5 115.6 118.5 96.5
March 88.6 189.6 123.6 119.1 85.7
April 87.7 200.0 131.5 118.8 88.4
May 89.2 202.4 127.9 125.3 91.8
June 90.4 205.1 123.0 128.2 103.1
July 89.7 197.2 120.3 125.0 98.4
August 86.2 189.7 111.3 122.9 94.9
September 88.7 201.2 113.3 125.1 87.9
October 90.0 208.7 112.0 124.4 92.3
November 91.4 198.2 114.6 124.7 96.9
December 88.7 199.3 110.3 125.6 97.2
2015
January 89.5 209.5 88.9 123.2 94.1
February 88.9 214.9 73.5 127.5 92.9
March 87.4 212.9 65.3 124.0 96.7
April 86.7 205.6 75.5 132.6 95.1
May 85.1 201.7 83.9 128.8 96.5
June 85.1 214.6 84.8 132.8 88.0
July 85.3 232.2 81.6 138.0 89.3
August 85.8 227.9 84.3 142.7 94.8
September 86.4 201.8 76.7 141.0 92.2
October 85.2 214.8 77.5 135.7 93.0
November 86.0 218.3 73.7 138.5 88.6
December 86.2 220.9 65.9 142.6 92.0
2016
January 87.8 220.5 64.3 147.4 93.3
February 86.7 218.6 60.1 149.6 92.6
March 87.2 223.3 51.4 143.1 93.1
April 88.3 208.7 51.3 136.9 96.4
May 89.8 162.9 52.6 130.9 83.2
June 89.6 184.9 53.4 133.9 91.6
July 90.3 222.9 53.8 138.1 98.9
August 91.1 222.2 56.0 144.5 94.1
September 92.1 236.2 59.1 147.5 91.5
October 89.3 236.6 60.6 145.3 85.6
November 89.3 244.5 65.9 148.1 91.8
December 86.9 232.8 76.7 145.3 92.8
2017
January 88.9 241.0 78.6 146.2 94.0
February 88.2 243.5 81.8 148.3 92.9
March 91.0 231.0 84.8 146.4 96.7
April 91.0 228.2 87.4 146.8 98.2
May 94.4 238.2 85.3 152.5 106.6
June 95.1 234.8 85.0 151.9 101.2
July 94.7 241.5 84.3 158.5 98.7
August 92.1 248.4 83.6 152.6 96.3
September 95.4 244.7 82.6 157.9 100.2
October 96.9 229.8 79.8 155.6 104.6
November 95.8 241.8 79.4 142.8 96.2
December 95.0 259.9 79.0 148.6 96.0
2018
January 94.1 238.8 80.9 150.6 96.2
February 96.7 247.3 81.6 151.2 97.5
March 97.0 256.9 83.4 156.5 93.7
April 100.4 256.9 88.4 157.2 73.9
May 100.1 270.6 86.2 159.2 76.9
June 100.4 263.2 85.4 160.4 90.5
July 100.9 254.8 85.7 160.0 97.6

Businesses that provide support activities for mining and oil and gas extraction, including rigging and drilling services, expanded output in the first half of 2018, as production rose from January to April prior to declines into mid-year. The output of these businesses in June was 8.1% higher than at year-end 2017, and about 60% higher than levels reported two years ago when activity in this industry was near recent lows. Output in June 2018 was similar to levels reported in mid-2015.        

The output of crude oil pipelines increased steadily over the first half of 2018, posting six consecutive gains to start the year. Output in June was 7.9% higher than levels at year-end. Monthly exports of crude oil and equivalent products by pipeline averaged 95.6 million barrels during the first half of 2018, compared to 90.3 million barrels during the last half of 2017.

More recently, real GDP rose 0.2% in July, led by gains in manufacturing and wholesale trade.  Non-durable manufacturing increased 2.4% in July, the largest monthly gain in four years, as the output of chemical manufacturers and petroleum refineries rose sharply following maintenance and retooling activities at some facilities earlier in the year.

Employment growth slowed on part-time losses

The pace of employment growth, measured year-over-year, slowed during the first half of 2018, edging down to 1.2% in June. Total employment was little changed over the first six months of the year, as gains in full-time work (+85,000) were offset by lower part-time employment (-102,000) (Chart 7). The number of private sector employees declined by 48,000 in the first half, while employment among core-aged workers was little changed. Employment in manufacturing was down 32,000 during the first six months of 2018.

Data table for Chart 7

Data table for Chart 7 
Data table for chart 7
Table summary
This table displays the results of Data table for chart 7 Full-time and Part-time, calculated using year-over-year change (thousands of persons) units of measure (appearing as column headers).
Full-time Part-time
year-over-year change (thousands of persons)
2007
January 287.7 113.0
February 324.8 58.0
March 308.7 71.8
April 247.1 88.8
May 160.5 121.6
June 332.8 2.8
July 314.7 61.6
August 267.5 110.7
September 299.5 98.9
October 270.1 161.4
November 296.1 124.3
December 265.0 94.4
2008
January 279.7 51.6
February 311.5 44.1
March 249.1 43.0
April 289.7 37.1
May 204.1 104.5
June 83.2 161.4
July 86.0 107.2
August 139.9 64.3
September 114.5 106.1
October 124.7 68.9
November 23.2 32.5
December -50.2 71.5
2009
January -185.2 55.8
February -365.5 138.1
March -369.0 138.7
April -391.4 98.5
May -416.0 92.2
June -436.9 110.3
July -402.7 85.2
August -482.6 154.8
September -372.1 10.8
October -364.1 -18.3
November -221.0 40.8
December -166.0 1.5
2010
January -67.4 72.3
February 118.4 -43.7
March 89.3 16.1
April 138.3 86.7
May 230.7 35.2
June 303.0 42.6
July 118.4 218.0
August 206.9 135.4
September 134.8 144.3
October 159.5 147.3
November 113.6 143.9
December 180.3 127.5
2011
January 209.7 105.6
February 96.4 198.5
March 260.8 44.5
April 236.1 28.9
May 193.8 39.2
June 186.6 23.6
July 382.9 -144.1
August 353.2 -102.2
September 360.4 -65.8
October 232.8 6.5
November 269.2 -66.7
December 231.2 -30.2
2012
January 190.4 -68.5
February 229.0 -106.1
March 212.3 -18.2
April 250.8 -0.1
May 225.5 21.2
June 237.4 -14.8
July 213.0 -33.9
August 203.5 -2.9
September 188.4 38.8
October 288.2 -21.4
November 253.4 48.0
December 273.2 38.8
2013
January 289.5 62.1
February 327.2 50.4
March 195.4 57.6
April 183.2 9.7
May 275.1 -21.6
June 199.9 36.3
July 159.2 96.4
August 153.5 93.8
September 167.6 49.2
October 172.5 34.1
November 136.4 47.2
December 52.4 78.5
2014
January 64.7 64.7
February 72.0 42.0
March 105.6 55.2
April 52.2 67.2
May -70.5 137.4
June 27.5 58.6
July 22.3 100.8
August -6.2 73.4
September 24.1 68.3
October 28.1 110.4
November 67.1 48.3
December 145.5 -37.4
2015
January 116.6 11.7
February 128.7 8.1
March 126.5 7.2
April 171.9 -35.9
May 234.8 -42.6
June 235.2 -61.0
July 273.9 -105.1
August 323.8 -124.7
September 196.5 -30.2
October 174.3 -43.5
November 202.0 -74.8
December 148.9 3.2
2016
January 168.1 -51.8
February 54.7 51.8
March 109.8 14.8
April 88.2 56.5
May 102.2 -8.8
June 25.0 80.3
July -42.7 110.6
August -22.8 113.5
September 60.6 100.0
October 25.6 150.7
November -25.5 224.3
December 75.2 147.0
2017
January 93.4 183.9
February 250.6 41.2
March 228.3 50.9
April 197.6 84.5
May 232.7 90.3
June 262.6 96.2
July 356.3 35.7
August 222.8 154.9
September 287.6 36.1
October 401.3 -85.5
November 445.2 -50.3
December 391.0 36.3
2018
January 414.1 -125.4
February 282.9 -0.4
March 335.2 -38.9
April 378.3 -100.0
May 289.7 -51.5
June 284.1 -69.1
July 210.5 35.4
August 326.1 -154.4
September 224.0 -1.6

Data table for Chart 8

Data table for Chart 8 
Data table for chart 8
Table summary
This table displays the results of Data table for chart 8 Canada, Quebec, Ontario, Alberta and British Columbia, calculated using index (January 2013=100) units of measure (appearing as column headers).
Canada Quebec Ontario Alberta British Columbia
index (January 2013=100)
2013
January 100.0 100.0 100.0 100.0 100.0
February 100.1 99.8 100.2 99.8 100.9
March 100.0 99.3 100.2 99.9 100.1
April 100.1 99.7 100.3 100.1 100.8
May 100.4 99.7 100.8 100.9 100.7
June 100.4 99.5 100.8 100.7 100.7
July 100.4 99.3 100.8 101.0 100.6
August 100.6 99.1 101.1 102.2 101.2
September 100.6 99.5 101.2 101.8 100.8
October 100.7 100.1 101.1 101.6 100.5
November 100.7 100.3 101.3 101.9 100.1
December 100.7 100.0 101.1 101.7 100.8
2014
January 100.7 100.1 101.1 101.6 101.2
February 100.8 99.3 101.3 102.6 101.1
March 100.9 99.8 101.4 102.4 101.3
April 100.8 99.2 101.6 102.5 101.3
May 100.8 99.2 101.4 103.0 101.3
June 100.9 99.6 101.1 103.6 101.3
July 101.1 99.7 101.6 103.6 101.1
August 101.0 99.8 101.6 102.9 100.9
September 101.2 99.7 101.8 103.4 101.2
October 101.5 99.6 102.4 103.9 101.1
November 101.4 99.9 101.9 104.1 101.4
December 101.3 99.7 101.6 104.5 101.4
2015
January 101.5 100.0 101.6 104.9 101.8
February 101.6 100.6 101.9 104.4 101.4
March 101.6 100.7 101.9 104.1 101.6
April 101.6 101.0 101.8 104.8 100.4
May 101.8 100.8 102.3 104.6 101.9
June 101.9 100.2 102.5 104.5 102.3
July 102.0 100.8 102.7 104.6 102.4
August 102.1 100.7 102.6 104.7 102.8
September 102.1 100.8 102.2 105.0 103.4
October 102.2 100.6 102.4 104.2 104.2
November 102.1 100.5 102.3 104.0 104.3
December 102.1 100.7 102.8 103.5 103.9
2016
January 102.1 100.7 103.0 103.2 104.0
February 102.2 100.9 102.9 103.3 104.5
March 102.3 100.7 103.1 103.7 104.9
April 102.4 100.8 103.2 102.9 105.5
May 102.4 101.2 103.4 102.0 105.0
June 102.5 101.0 103.5 102.0 105.5
July 102.4 101.0 103.0 102.2 106.2
August 102.6 101.7 103.2 102.3 106.1
September 103.0 102.5 103.4 103.0 106.2
October 103.2 102.6 103.8 103.3 106.9
November 103.2 102.7 103.9 102.8 106.5
December 103.4 102.9 104.0 102.8 107.3
2017
January 103.7 103.0 104.4 102.9 107.8
February 103.8 102.9 104.5 103.1 108.5
March 103.9 103.0 104.4 103.7 108.7
April 104.0 103.0 104.5 103.8 109.3
May 104.2 103.3 104.6 103.9 109.6
June 104.5 104.1 104.7 104.1 110.3
July 104.7 104.1 105.2 103.7 110.1
August 104.8 104.0 105.5 103.8 110.3
September 104.8 103.9 106.0 103.6 109.9
October 105.0 104.3 106.0 104.1 109.6
November 105.5 104.7 106.6 104.4 110.6
December 105.8 105.2 106.7 105.3 110.7
2018
January 105.3 104.8 105.9 105.0 110.5
February 105.4 104.7 106.2 105.1 110.3
March 105.6 105.1 106.3 105.5 110.2
April 105.6 104.8 106.5 105.4 110.3
May 105.6 104.9 106.5 105.6 109.7
June 105.7 104.7 107.0 105.7 109.4
July 106.0 104.5 107.9 105.5 109.9
August 105.8 104.5 106.7 106.2 110.3
September 106.1 104.3 107.2 106.1 111.8

Employment in Ontario was little changed over the first six months of the year (+21,000) as increases in full-time work were offset by part-time losses. In January 2018, the minimum wage in Ontario increased from $11.60 per hour to $14.00 per hour. Employment levels in the province were relatively stable in several sectors that employ large numbers of lower-wage workers, including accommodation and food services, agriculture, and other services, while employment in wholesale and retail edged lower in the first half following gains late last year. The pace of employment growth in British Columbia continued to slow in the first half of 2018, as employment in June was little changed from levels in mid-2017. Following gains in late 2017, employment growth in Quebec also slowed in the first half of 2018 (Chart 8).         

The national unemployment rate remained below 6% from January to May, before edging up to 6% in June. The unemployment rate in Ontario and Quebec averaged 5.6% and 5.5% respectively over the first six months of the year. Alberta’s rate edged below 7% in February for the first time since October 2015, and averaged 6.6% during the first half of the year. Unemployment in British Columbia averaged 4.9% from January to June.  

Data table for Chart 9

Data table for Chart 9 
Data table for chart 9
Table summary
This table displays the results of Data table for chart 9 Canada, Quebec, Ontario, Alberta and British Columbia, calculated using percent units of measure (appearing as column headers).
Canada Quebec Ontario Alberta British Columbia
percent
2013
January 81.7 82.1 81.1 84.4 80.1
February 81.7 81.8 81.1 84.9 80.7
March 81.5 81.4 81.2 84.4 79.7
April 81.6 81.5 81.3 84.4 80.5
May 81.7 81.3 81.6 84.5 80.1
June 81.7 81.6 81.5 83.9 79.7
July 81.7 81.8 81.5 83.6 79.9
August 81.6 81.5 81.3 84.2 80.5
September 81.6 81.7 81.3 83.9 80.0
October 81.5 82.3 81.0 83.8 79.9
November 81.5 82.2 81.0 84.1 79.7
December 81.3 81.6 80.6 83.9 80.2
2014
January 81.4 82.0 80.6 84.1 80.3
February 81.4 81.3 80.7 84.1 80.3
March 81.5 81.4 80.8 84.4 80.9
April 81.1 81.1 80.5 84.2 80.1
May 81.0 81.1 80.2 84.1 80.3
June 80.9 80.8 80.0 84.5 80.1
July 80.9 80.7 80.2 84.1 79.9
August 81.1 81.0 80.6 83.4 80.1
September 81.2 81.0 80.7 83.5 80.1
October 81.4 81.2 81.1 83.3 80.5
November 81.5 81.3 80.9 84.3 80.6
December 81.5 81.4 81.0 84.1 80.3
2015
January 81.5 81.6 80.4 84.6 80.7
February 81.5 82.1 80.7 83.7 80.5
March 81.3 82.1 80.5 82.9 80.5
April 81.3 82.2 80.7 83.2 79.5
May 81.5 82.2 80.9 82.6 80.7
June 81.5 82.2 81.0 82.3 80.8
July 81.6 82.4 81.2 82.4 81.1
August 81.5 82.3 81.0 82.6 81.0
September 81.5 82.1 80.7 83.2 81.1
October 81.3 81.7 80.7 82.7 80.8
November 81.3 82.0 80.6 82.4 80.9
December 81.2 82.2 80.8 81.9 80.3
2016
January 81.3 82.2 81.1 81.6 80.4
February 81.2 82.4 80.8 81.8 80.6
March 81.3 82.6 80.8 81.9 80.6
April 81.5 82.8 81.0 81.6 80.9
May 81.4 83.1 81.0 81.2 80.3
June 81.3 82.8 80.9 80.8 80.8
July 81.3 83.1 80.4 81.1 81.1
August 81.2 83.0 80.5 81.3 80.6
September 81.3 83.6 80.6 80.9 80.6
October 81.4 83.0 80.9 81.3 81.5
November 81.6 83.3 81.2 80.9 81.3
December 81.8 83.5 81.5 81.0 81.5
2017
January 82.1 84.1 81.9 80.8 82.0
February 82.2 83.7 81.9 81.6 82.1
March 82.3 83.9 81.9 82.3 82.6
April 82.2 84.0 81.4 81.7 83.1
May 82.3 84.4 81.2 82.1 83.1
June 82.3 84.6 81.2 82.4 83.2
July 82.3 84.6 81.1 82.1 83.0
August 82.3 84.6 81.0 82.2 83.6
September 82.2 84.3 81.1 82.2 83.6
October 82.4 85.0 81.0 82.6 83.1
November 82.4 85.1 81.0 82.6 83.4
December 82.7 85.5 80.9 83.3 83.9
2018
January 82.3 84.7 80.9 83.0 83.1
February 82.6 84.9 81.3 82.7 83.5
March 82.5 85.2 81.0 83.1 83.2
April 82.7 84.8 81.4 83.8 83.1
May 82.3 84.2 81.3 83.8 82.2
June 82.4 84.0 81.5 83.6 82.3
July 82.6 83.8 81.9 83.7 82.9
August 82.5 84.3 81.2 84.0 83.3
September 82.8 84.6 81.5 83.7 84.3

The employment rate, the number of persons employed as a percentage of the working-age population, edged down slightly in the first half of 2018, to 61.5% in June. Among core-age workers, the employment rate was relatively stable, averaging 82.5% during this period. The core-age employment rate in Ontario averaged 81.2% from January to June, compared to 83.3% and 82.9% in Alberta and British Columbia. In Quebec, the rate of core-age employment averaged 84.6% during the first half, highest among the provinces, as the share of persons aged 25 to 54  in the province that are working trended higher from mid-2014 to early 2018 (Chart 9).Note 2

More recently, employment rose 66,000 in the third quarter on gains in part-time work and among private sector employees. Overall employment gains in the quarter were concentrated in British Columbia. The national unemployment rate was 5.9% in September.

Faster earnings growth in central Canada

After accelerating in the second half of 2017, earnings growth, measured year-over-year, averaged 2.9% over the first six months of the year. Earnings growth accelerated to 3.4% in February, the largest year-over-year gain since mid-2014, on broad-based increases. The pace of earnings growth declined below 3% from April to June as gains among professional services moderated, and earnings declined among administrative and support services. Earnings growth in the goods sector edged higher towards mid-year, bolstered by increases in construction.

The pace of earnings growth varied markedly across the country in the first half of 2018. Quebec posted the largest increase among the provinces, averaging 4.0% over the first six months of the year. Gains in Ontario averaged 3.0% during the first half. Among the western provinces, average earnings growth ranged from 2.8% in Alberta and Manitoba to 0.8% in Saskatchewan. In Atlantic Canada, earnings growth ranged from 3.0% in New Brunswick to 0.7% in Nova Scotia.

In July, average weekly earnings, measured year-over-year, accelerated to 3.0%, led by gains in retail trade, accommodation and food services, and construction. Earnings growth was at or above 3% in New Brunswick, Manitoba, Ontario, British Columbia and Quebec.

Merchandise trade deficits narrowed as energy surplus expanded

Canada posted a cumulative merchandise trade deficit of $13.5 billion over the first six months of 2018, down from a deficit of $16.2 billion during the last half of 2017. A larger net surplus in energy products during the first half was partly offset by higher deficits in several non-energy products, including basic and industrial chemicals, and motor vehicles and parts. In addition, a larger surplus in forestry and building products also contributed to a smaller overall trade deficit (Chart 10).

Data table for Chart 10

Data table for Chart 10 
Data table for chart 10
Table summary
This table displays the results of Data table for chart 10 Total, Energy and Non-Energy, calculated using billions of dollars units of measure (appearing as column headers).
Total Energy Non-Energy
millions of dollars
2007
January 4,647.9 3,661.8 986.1
February 4,037.6 4,812.4 -774.8
March 4,441.1 4,193.0 248.1
April 5,570.9 4,438.5 1,132.4
May 5,337.1 4,136.4 1,200.7
June 3,770.9 3,548.1 222.8
July 2,559.8 3,207.4 -647.6
August 3,788.6 3,916.3 -127.7
September 2,612.9 3,965.4 -1,352.5
October 3,092.5 4,618.3 -1,525.8
November 3,773.7 4,567.6 -793.9
December 1,961.5 4,089.5 -2,128.0
2008
January 2,484.8 4,284.3 -1,799.5
February 3,784.1 5,327.5 -1,543.4
March 5,727.2 6,351.2 -624.0
April 4,976.0 6,000.4 -1,024.4
May 5,623.7 6,998.3 -1,374.6
June 5,060.8 6,496.8 -1,436.0
July 5,592.2 6,548.1 -955.9
August 5,679.9 6,605.1 -925.2
September 3,447.8 5,803.9 -2,356.1
October 2,610.1 4,741.2 -2,131.1
November 386.6 4,169.8 -3,783.2
December -1,703.6 2,902.7 -4,606.3
2009
January -1,767.1 3,093.6 -4,860.7
February -44.7 3,250.4 -3,295.1
March 1,079.3 3,801.7 -2,722.4
April -676.2 2,969.5 -3,645.7
May -1,543.6 2,700.0 -4,243.6
June 97.3 3,649.4 -3,552.1
July -782.4 3,160.4 -3,942.8
August -1,561.3 3,269.5 -4,830.8
September -821.4 3,775.6 -4,597.0
October 360.0 4,086.1 -3,726.1
November -334.5 4,354.9 -4,689.4
December -778.8 4,014.9 -4,793.7
2010
January 394.0 4,346.7 -3,952.7
February 61.2 4,467.2 -4,406.0
March -1,255.8 3,732.8 -4,988.6
April 109.6 3,842.6 -3,733.0
May -860.2 3,779.8 -4,640.0
June -1,396.2 3,765.0 -5,161.2
July -2,071.0 3,452.0 -5,523.0
August -1,771.5 2,890.1 -4,661.6
September -2,333.8 3,439.4 -5,773.2
October -1,182.5 3,685.1 -4,867.6
November -512.8 3,775.6 -4,288.4
December 1,115.7 4,789.2 -3,673.5
2011
January 744.1 4,842.6 -4,098.5
February -48.5 4,431.9 -4,480.4
March -999.5 3,881.3 -4,880.8
April -239.7 4,494.0 -4,733.7
May -1,086.0 4,053.7 -5,139.7
June -1,114.5 4,526.6 -5,641.1
July 148.8 4,678.2 -4,529.4
August 208.8 4,744.0 -4,535.2
September 1,097.8 5,199.1 -4,101.3
October -840.1 4,877.8 -5,717.9
November 575.3 5,305.7 -4,730.4
December 2,121.1 6,015.9 -3,894.8
2012
January -34.7 5,887.1 -5,921.8
February -1.0 5,450.7 -5,451.7
March -1,162.1 5,013.9 -6,176.0
April -740.9 5,081.4 -5,822.3
May -1,386.6 4,092.9 -5,479.5
June -2,337.8 4,804.3 -7,142.1
July -3,042.0 3,771.5 -6,813.5
August -1,076.3 4,301.2 -5,377.5
September -1,051.1 4,810.8 -5,861.9
October -379.3 4,837.1 -5,216.4
November -1,673.3 4,729.1 -6,402.4
December -404.0 4,718.1 -5,122.1
2013
January -882.6 4,880.9 -5,763.5
February -690.4 5,275.8 -5,966.2
March -183.1 5,617.8 -5,800.9
April -153.1 5,437.0 -5,590.1
May -820.4 5,240.3 -6,060.7
June -444.0 5,383.7 -5,827.7
July -1,656.5 5,890.5 -7,547.0
August -797.6 6,641.7 -7,439.3
September -35.1 6,693.6 -6,728.7
October -371.7 6,469.5 -6,841.2
November -1,267.6 5,840.2 -7,107.8
December -843.3 6,154.7 -6,998.0
2014
January -876.4 7,141.1 -8,017.5
February 574.5 8,080.8 -7,506.3
March 1,523.3 8,618.1 -7,094.8
April 322.5 7,188.8 -6,866.3
May 567.5 7,574.2 -7,006.7
June 1,628.3 7,596.5 -5,968.2
July 1,694.9 7,050.0 -5,355.1
August 922.8 7,084.2 -6,161.4
September 585.5 6,783.4 -6,197.9
October -191.3 6,767.6 -6,958.9
November -796.2 6,080.8 -6,877.0
December -1,282.5 5,224.9 -6,507.4
2015
January -2,399.2 4,795.2 -7,194.4
February -1,955.5 4,978.8 -6,934.3
March -3,312.4 4,552.4 -7,864.8
April -2,285.3 4,455.1 -6,740.4
May -2,726.1 4,756.9 -7,483.0
June -135.4 5,015.4 -5,150.8
July -209.9 4,725.0 -4,934.9
August -1,926.0 4,091.6 -6,017.6
September -1,794.6 4,032.0 -5,826.6
October -2,184.5 4,189.9 -6,374.4
November -2,993.0 3,665.2 -6,658.2
December -1,813.0 3,554.7 -5,367.7
2016
January -1,615.8 3,366.5 -4,982.3
February -2,901.7 2,583.4 -5,485.1
March -3,455.6 2,744.5 -6,200.1
April -3,037.9 3,115.8 -6,153.7
May -3,706.8 2,974.1 -6,680.9
June -3,619.1 2,946.6 -6,565.7
July -1,704.4 3,263.3 -4,967.7
August -1,688.1 3,764.8 -5,452.9
September -4,127.4 3,946.3 -8,073.7
October -1,403.1 4,257.7 -5,660.8
November 1,139.4 5,079.4 -3,940.0
December 249.7 6,191.7 -5,942.0
2017
January -485.0 5,333.0 -5,818.0
February -1,633.9 5,265.1 -6,899.0
March -667.9 5,808.2 -6,476.1
April -1,107.3 5,668.2 -6,775.5
May -1,015.1 5,561.7 -6,576.8
June -2,823.7 4,800.6 -7,624.3
July -2,597.6 4,740.7 -7,338.3
August -2,872.0 5,003.3 -7,875.3
September -3,258.9 4,827.4 -8,086.3
October -1,485.1 5,134.2 -6,619.3
November -2,512.8 5,422.5 -7,935.3
December -3,495.7 5,359.0 -8,854.7
2018
January -1,877.0 6,024.3 -7,901.3
February -2,637.2 5,544.7 -8,181.9
March -3,961.8 5,959.0 -9,920.8
April -1,548.9 6,190.8 -7,739.7
May -2,691.5 5,805.5 -8,497.0
June -775.1 6,802.1 -7,577.2
July -189.3 7,006.9 -7,196.2
August 526.1 7,030.9 -6,504.8

Total energy exports during the first six months of 2018 totalled $54.9 billion, an increase of about 20% from the second half of last year. Exports of non-energy products rose 4.6% in the first half of 2018, reflecting widespread gains across commodities. Higher shipments of metal and non-metallic mineral products, consumer goods and forestry products supported the increase in non-energy exports (Chart 11). Higher prices were mainly responsible for increased exports of metals and non-metallic minerals, a category which includes steel and aluminium exports, as volumes were relatively stable.

Data table for Chart 11

Data table for Chart 11 
Data table for chart 11
Table summary
This table displays the results of Data table for chart 11 Total, Energy and Non-energy, calculated using index (January 2007=100) units of measure (appearing as column headers).
Total Energy Non-energy
index (January 2007=100)
2007
January 100.0 100.0 100.0
February 98.3 109.9 96.0
March 102.1 110.4 100.4
April 102.6 111.0 100.9
May 100.6 110.0 98.7
June 97.3 104.4 95.9
July 95.9 98.3 95.4
August 96.1 106.0 94.2
September 93.7 109.3 90.6
October 92.5 111.1 88.9
November 95.1 115.9 90.9
December 91.0 117.4 85.8
2008
January 95.0 128.2 88.4
February 98.5 138.8 90.5
March 101.4 150.2 91.7
April 103.2 159.9 92.0
May 108.7 170.9 96.4
June 110.3 184.0 95.7
July 112.5 185.3 98.1
August 108.4 168.2 96.6
September 105.5 158.8 94.9
October 105.2 147.6 96.8
November 96.7 120.3 92.0
December 85.3 93.5 83.7
2009
January 77.2 88.9 74.8
February 81.7 89.9 80.1
March 81.0 91.3 78.9
April 76.6 83.6 75.2
May 70.3 79.0 68.5
June 74.1 94.4 70.0
July 77.6 95.2 74.1
August 74.0 94.7 69.9
September 75.9 96.2 71.9
October 78.4 103.5 73.4
November 79.6 108.5 73.9
December 81.1 113.0 74.8
2010
January 81.7 113.1 75.5
February 83.6 112.3 77.9
March 82.6 108.2 77.6
April 83.1 105.0 78.7
May 85.2 107.4 80.8
June 84.3 100.2 81.2
July 83.5 101.6 79.9
August 85.7 100.8 82.7
September 84.0 99.1 81.1
October 86.4 100.5 83.6
November 87.7 106.6 84.0
December 92.3 124.2 86.0
2011
January 94.8 129.6 87.9
February 90.1 119.3 84.3
March 91.8 125.1 85.2
April 93.0 130.5 85.5
May 92.6 128.7 85.4
June 91.7 126.4 84.8
July 95.1 126.1 89.0
August 97.8 127.6 91.9
September 100.7 138.8 93.2
October 98.7 138.1 90.9
November 101.4 147.7 92.2
December 105.6 149.3 96.9
2012
January 100.2 149.0 90.5
February 100.0 146.3 90.9
March 96.8 134.7 89.3
April 97.4 131.9 90.6
May 97.3 126.1 91.6
June 96.4 125.4 90.7
July 94.7 118.8 90.0
August 95.9 125.7 90.1
September 95.6 127.7 89.3
October 96.7 133.5 89.4
November 97.2 136.3 89.4
December 97.2 132.3 90.2
2013
January 97.5 136.7 89.7
February 99.7 139.5 91.9
March 101.1 142.4 92.9
April 102.4 140.4 95.0
May 100.1 138.1 92.6
June 99.8 138.0 92.3
July 97.6 141.7 88.9
August 102.7 160.1 91.4
September 103.7 160.2 92.5
October 101.8 152.8 91.7
November 101.4 141.7 93.4
December 102.3 152.0 92.5
2014
January 102.1 164.6 89.7
February 109.1 184.9 94.1
March 112.2 191.8 96.5
April 110.4 165.9 99.4
May 114.3 172.4 102.8
June 114.0 173.6 102.2
July 114.4 169.3 103.6
August 113.0 161.3 103.5
September 113.5 159.8 104.4
October 113.7 152.2 106.0
November 110.2 145.1 103.3
December 110.0 128.4 106.3
2015
January 107.0 112.3 105.9
February 107.9 119.2 105.7
March 109.2 112.0 108.6
April 108.7 114.9 107.4
May 107.6 114.8 106.1
June 114.1 119.0 113.1
July 115.9 112.7 116.5
August 112.4 101.5 114.6
September 111.5 98.3 114.1
October 109.5 98.3 111.7
November 109.1 90.3 112.9
December 113.0 88.3 117.8
2016
January 114.5 84.6 120.4
February 109.3 67.8 117.5
March 104.7 74.8 110.7
April 105.1 77.5 110.5
May 103.4 80.7 107.8
June 104.5 84.5 108.4
July 109.7 88.7 113.8
August 110.6 94.7 113.7
September 110.2 95.3 113.1
October 111.4 105.1 112.7
November 116.7 113.1 117.4
December 117.0 129.1 114.6
2017
January 117.3 125.2 115.7
February 114.9 126.4 112.6
March 117.9 128.8 115.7
April 118.9 127.2 117.3
May 122.1 126.2 121.3
June 117.3 112.1 118.3
July 111.3 107.9 112.0
August 110.5 110.2 110.6
September 109.9 115.3 108.9
October 112.8 119.3 111.5
November 117.3 122.7 116.3
December 117.7 130.4 115.2
2018
January 115.7 135.0 111.9
February 116.3 132.6 113.1
March 121.2 138.3 117.8
April 123.3 143.5 119.4
May 123.1 141.1 119.5
June 128.2 150.4 123.9
July 129.1 156.8 123.6
August 127.7 157.9 121.7

Non-energy imports strengthened during the first half of the year, advancing 4.9% from the second half of 2017. Imports of basic and industrial chemicals and motor vehicles and parts contributed to the gains, supported by higher shipments of aircraft and consumer goods. Notably, imports of aircraft and other transportation equipment were 20% higher than in the second half of 2017. Imports of energy products also rose about 20% in the first half as higher imports of refined petroleum products offset lower production at Canadian refineries.

More recently, the trade deficit narrowed to just under $200 million in July, as energy exports rose on higher crude oil prices and imports declined.  In August, Canada posted the first merchandise trade surplus since December 2016 as both exports and imports declined.  

Steel and aluminum exports to the United States accelerated in advance of tariffs

As of June 2018, exports of steel and aluminum products to the United States were subject to tariffs of 25% and 10%, respectively. Exports of both steel and aluminum products to the United States rose sharply over several months in advance of the tariffs, before declining sharply in June. As of August, exports of steel products to the United States remained about 3% higher on a year-over-year basis, while exports of aluminium products are down about 3%.  

Retaliatory tariffs on imports of steel and aluminum products from the United States took effect in July 2018. Imports of steel products from the United States rose sharply in June prior to a sizable decline in July. As of August, imports of steel products from the United States were down almost 30% on a year-over-year basis, while imports of aluminum products were 14% higher.

Manufacturing sales advanced on broad-based gains

Total manufacturing sales were 4.1% higher in the first six months of 2018 than in the second half of last year. Higher sales of transportation equipment, petroleum products, and primary and fabricated metals contributed to the overall increase in the first half. Sales of transportation equipment increased 4.4% as motor vehicles and aerospace advanced. Sales of petroleum and coal products rose 6.9% as higher prices offset lower volumes in the first half.  

Data table for Chart 12

Data table for Chart 12 
Data table for chart 12
Table summary
This table displays the results of Data table for chart 12 Canada, Quebec, Ontario, Alberta and British Columbia, calculated using index (January 2013 = 100) units of measure (appearing as column headers).
Canada Quebec Ontario Alberta British Columbia
index (January 2013 = 100)
2013
January 100.0 100.0 100.0 100.0 100.0
February 102.3 104.5 102.1 101.7 99.9
March 101.5 102.6 101.6 99.6 101.1
April 100.7 98.1 101.8 101.9 100.4
May 100.8 95.2 102.3 105.3 101.3
June 100.2 98.0 101.9 100.2 97.9
July 100.4 99.5 101.1 103.5 99.4
August 101.9 103.1 101.4 107.8 99.9
September 102.2 100.1 103.0 104.8 101.9
October 103.5 103.0 103.0 104.4 103.3
November 104.1 102.5 104.7 107.6 107.1
December 102.2 101.4 103.3 104.0 103.0
2014
January 102.4 105.2 100.5 108.5 107.3
February 105.3 106.2 105.0 110.7 104.4
March 105.3 105.7 106.3 111.8 103.5
April 105.0 106.2 105.7 108.9 108.4
May 106.9 104.8 108.7 111.3 111.6
June 107.2 106.5 107.6 112.7 111.1
July 109.6 109.2 110.6 113.8 110.9
August 106.3 107.1 105.4 111.8 111.7
September 108.7 111.6 109.8 112.6 113.5
October 108.3 109.7 109.2 113.7 113.4
November 105.9 106.0 107.2 107.6 111.9
December 107.0 106.3 109.4 106.3 116.1
2015
January 103.6 106.1 106.0 98.7 113.8
February 102.3 102.6 103.3 99.7 116.9
March 105.7 108.0 108.2 98.4 112.4
April 102.7 103.8 106.4 94.3 112.1
May 103.8 105.3 106.6 97.0 112.1
June 105.7 109.3 107.9 97.7 112.9
July 107.9 107.9 113.5 96.9 112.9
August 107.1 107.4 113.8 95.0 111.8
September 105.7 106.2 111.2 94.0 112.6
October 104.3 103.5 111.5 91.2 113.0
November 104.9 105.3 113.0 89.4 112.7
December 105.4 105.9 113.2 86.5 114.2
2016
January 109.0 109.5 119.3 83.5 115.7
February 103.7 101.8 114.1 82.9 114.5
March 102.5 100.6 110.8 82.0 117.6
April 104.1 101.4 112.6 85.8 115.0
May 103.4 104.0 109.9 84.9 117.0
June 105.2 105.6 112.2 87.7 115.9
July 105.8 105.6 113.6 87.9 119.2
August 106.6 103.7 114.2 89.7 121.5
September 107.2 106.3 115.2 88.8 121.3
October 107.1 104.6 115.5 88.6 122.6
November 108.5 108.9 114.5 91.7 124.7
December 111.0 113.7 117.0 92.6 122.8
2017
January 111.8 111.3 119.2 93.7 123.9
February 111.1 113.1 116.5 95.4 122.5
March 111.4 111.0 117.4 97.8 124.6
April 112.6 114.6 117.0 99.0 127.4
May 114.2 113.4 119.9 101.5 129.3
June 112.7 110.4 118.6 99.2 131.0
July 110.0 114.5 111.7 96.6 129.5
August 111.5 114.5 114.1 98.0 130.4
September 112.5 116.6 113.5 97.7 132.5
October 111.9 116.1 110.6 100.8 134.9
November 115.8 117.1 117.4 102.4 134.9
December 116.0 116.8 119.2 103.6 134.6
2018
January 113.4 115.3 115.2 102.9 132.6
February 116.4 119.7 119.6 101.6 131.9
March 118.5 122.9 120.3 103.2 139.9
April 117.4 118.8 120.7 97.8 138.8
May 119.1 120.2 120.3 104.5 142.8
June 120.6 124.1 121.6 108.9 144.5
July 122.0 124.1 124.2 111.1 142.8
August 121.5 125.7 121.8 110.1 143.7

Higher sales in Ontario and Quebec were mainly responsible for the growth in the first half of 2018. Total manufacturing sales in Ontario rose 4.5% led by higher sales of petroleum and coal products and motor vehicles and parts. Higher auto sales in the first half followed declines in the second half of 2017 which reflected shutdowns at assembly plants. Sales of primary and fabricated metals also supported gains in Ontario. Manufacturing sales in Quebec rose 3.6% in the first half on widespread gains, led by primary metals, paper products and fabricated metals. Manufacturing sales in Alberta rose 3.3%, as petroleum and coal products contributed to over half of the increase. Sales in British Columbia advanced 4.2% supported by higher sales of paper products and fabricated metals (Chart 12).

In July, manufacturing sales rose 1.2% on increases in transportation equipment, petroleum and coal products, and chemicals. Sales declined 0.4% in August, following three consecutive monthly gains.

Retail spending moderated across most provinces

Total retail sales were 1.1% higher in the first half of 2018 than in the second half of last year. The overall pace of retail spending slowed as sales at auto dealers over the first six months of 2018 were little changed from levels in the second half of last year. Higher sales at gasoline stations were responsible for about 60% of the overall gain in the first half, advancing on higher prices. Excluding sales at gas stations, retail spending rose 0.5% during the first half.

The pace of retail spending slowed in most provinces during the first six months of 2018. Sales in Ontario were 1.2% higher in the first half, about half the pace of growth reported in the second half of last year. Spending also slowed in British Columbia following notable gains in 2017. Gains in Quebec were similar over both six-month periods, while spending in Alberta picked up slightly in the first half of 2018.

In July, retail sales rose modestly (+0.2%) before edging down 0.1% in August.

Slower growth in home prices in Toronto and Vancouver

Increases in home prices, measured on a year-over-year basis, moderated towards mid-2018, as price growth slowed in Greater Toronto and Greater Vancouver. Based on estimates from the MLS Home Price Index, home prices rose 0.9% in the twelve months to June 2018, down from 8.4% in December 2017 (Chart 13).

Data table for Chart 13

Data table for Chart 13 
Data table for chart 13
Table summary
This table displays the results of Data table for chart 13 Aggregate, Greater Vancouver, Calgary, Greater Toronto and Greater Montreal , calculated using index (January 2005=100) units of measure (appearing as column headers).
Aggregate Greater Vancouver Calgary Greater Toronto Greater Montreal
index (January 2005=100)
2005
January 100.0 100.0 100.0 100.0 100.0
February 100.9 100.6 101.0 100.9 101.2
March 101.9 101.2 102.4 101.9 102.4
April 102.8 101.8 103.6 102.7 103.1
May 103.7 103.2 105.0 103.5 103.6
June 104.5 104.7 106.1 104.0 103.9
July 105.1 106.2 107.0 104.1 104.1
August 105.8 107.5 108.1 104.4 104.5
September 106.6 109.3 109.4 104.8 105.3
October 107.3 110.0 110.8 105.2 106.0
November 107.7 110.8 112.1 105.3 106.4
December 108.2 111.7 113.9 105.4 106.4
2006
January 109.6 113.8 117.0 105.9 107.3
February 111.4 116.1 122.9 106.8 108.3
March 113.5 118.3 130.6 107.9 108.9
April 115.8 120.8 138.9 108.8 109.4
May 118.2 123.3 149.2 109.4 110.0
June 120.2 125.3 158.7 109.4 110.8
July 121.6 126.3 165.4 109.3 111.2
August 122.9 127.3 170.3 109.2 111.6
September 124.1 128.2 172.9 109.4 111.8
October 124.5 128.3 174.1 109.4 112.7
November 124.9 128.4 174.1 109.4 113.1
December 125.0 128.2 172.9 109.0 113.4
2007
January 126.4 130.0 174.1 109.5 113.9
February 128.5 131.5 177.3 111.0 114.7
March 130.6 132.9 182.3 112.2 115.4
April 132.7 134.8 186.7 113.3 116.1
May 134.9 136.7 191.0 114.5 116.9
June 136.6 138.5 193.3 115.5 117.7
July 137.3 139.7 194.6 116.0 118.8
August 137.8 141.1 195.0 116.4 119.3
September 138.0 142.2 194.6 117.0 119.6
October 138.0 142.9 193.1 117.7 120.0
November 137.7 143.5 190.9 118.1 120.5
December 137.4 144.1 188.5 118.1 120.8
2008
January 138.0 145.3 186.9 118.5 121.4
February 139.2 146.9 186.7 119.5 122.8
March 140.3 148.2 187.3 120.2 123.6
April 140.8 148.8 187.5 120.7 124.4
May 141.0 149.1 186.2 121.0 125.0
June 140.6 149.6 184.5 120.7 125.8
July 139.6 147.1 182.2 120.2 126.8
August 138.8 145.4 180.6 119.8 127.7
September 137.7 143.5 178.3 119.2 128.1
October 136.1 139.6 176.6 118.4 128.2
November 134.2 135.8 173.9 117.2 128.3
December 132.0 132.0 170.9 115.6 128.0
2009
January 130.7 131.2 167.1 113.9 128.2
February 130.0 130.1 164.4 113.2 128.2
March 129.8 129.3 163.2 113.7 128.1
April 130.6 130.9 162.1 114.9 128.3
May 131.8 132.8 162.6 116.5 128.6
June 133.1 134.7 163.8 118.3 129.1
July 134.4 136.9 165.2 120.0 129.8
August 135.8 139.2 166.7 121.7 130.4
September 137.2 141.7 167.9 123.5 131.1
October 138.3 143.0 169.2 125.1 131.9
November 139.4 144.8 170.2 126.5 132.6
December 140.0 146.4 170.9 127.3 133.1
2010
January 141.3 148.0 171.9 128.9 134.2
February 143.2 149.7 174.3 130.7 136.4
March 144.8 151.5 177.1 132.2 138.1
April 145.7 152.7 178.3 133.1 139.1
May 146.0 152.5 179.4 133.2 140.0
June 145.7 151.8 179.5 132.5 140.6
July 145.0 150.2 178.3 131.6 141.1
August 144.2 149.4 175.9 131.2 141.3
September 143.8 148.9 174.2 131.3 141.6
October 143.5 148.6 172.4 131.5 142.0
November 143.6 148.9 170.8 132.0 142.5
December 143.4 148.7 169.9 132.6 142.8
2011
January 144.2 150.3 169.1 133.7 143.8
February 145.7 151.7 170.2 135.8 145.5
March 147.4 154.5 171.1 137.3 146.7
April 148.8 157.9 172.0 138.7 147.3
May 149.8 159.5 172.7 140.1 147.5
June 150.3 160.6 173.9 140.5 147.3
July 150.8 161.2 173.8 141.2 147.6
August 151.0 161.4 173.3 141.9 147.7
September 150.9 160.9 172.5 142.3 147.9
October 150.9 160.4 171.6 143.0 148.4
November 150.7 160.0 170.8 143.3 147.8
December 150.4 159.1 169.5 143.8 146.1
2012
January 150.9 159.4 169.1 144.2 147.1
February 152.3 160.9 170.4 146.0 147.6
March 154.1 162.8 171.8 148.3 149.8
April 155.7 163.9 173.3 150.1 150.7
May 156.7 164.6 175.2 151.4 151.0
June 156.9 163.4 176.4 151.7 151.5
July 156.7 162.0 176.8 151.2 151.0
August 156.4 160.4 176.9 151.0 151.1
September 156.1 159.5 177.1 150.9 151.2
October 155.9 158.8 176.6 150.7 151.2
November 155.4 157.4 176.4 150.3 150.7
December 154.9 155.8 176.2 149.9 150.8
2013
January 155.0 155.2 177.1 149.8 150.9
February 156.1 155.8 178.8 150.8 151.9
March 157.7 156.6 180.6 152.9 153.2
April 159.2 157.9 183.0 154.6 153.8
May 160.5 157.8 185.0 156.0 156.2
June 161.0 158.8 186.2 156.6 155.1
July 161.2 158.8 187.3 156.7 154.7
August 161.3 158.7 188.0 157.0 154.7
September 161.6 158.9 188.8 157.4 154.7
October 161.9 158.7 190.8 157.8 154.7
November 162.2 159.2 191.8 158.8 154.6
December 162.0 159.1 192.5 159.1 153.9
2014
January 162.8 160.1 193.5 160.3 153.8
February 164.7 161.1 196.0 161.9 155.6
March 166.4 162.7 198.5 163.9 156.2
April 167.9 163.7 201.5 165.6 156.1
May 169.3 165.1 204.6 167.1 156.2
June 170.2 165.9 206.6 168.7 156.2
July 170.4 166.0 207.5 169.1 155.6
August 170.4 166.7 208.1 168.9 155.0
September 170.7 167.2 208.8 169.3 154.8
October 171.2 168.2 209.3 170.3 155.0
November 171.4 168.4 209.0 171.0 154.7
December 171.5 168.8 208.8 171.5 154.3
2015
January 171.9 169.4 209.4 172.1 154.5
February 173.3 171.5 208.7 174.3 155.3
March 175.2 174.6 208.2 176.8 156.8
April 176.9 177.6 206.7 179.7 157.7
May 178.4 180.7 206.6 182.0 157.7
June 179.6 183.1 207.3 183.9 158.0
July 180.4 184.9 207.2 185.1 158.3
August 180.9 187.1 207.1 185.8 157.4
September 181.7 190.5 207.1 186.9 157.0
October 182.3 193.8 206.2 187.5 157.1
November 183.1 198.1 205.2 188.3 157.0
December 183.4 200.5 203.8 188.9 157.2
2016
January 184.6 204.4 202.4 189.6 156.7
February 187.4 210.5 201.2 193.1 157.8
March 190.8 216.0 199.7 197.5 159.2
April 194.7 223.6 199.3 202.4 159.9
May 199.9 234.8 198.9 209.1 160.5
June 203.2 242.0 199.2 212.8 160.8
July 205.1 245.2 199.1 215.3 160.8
August 206.5 246.0 199.1 217.5 161.3
September 207.7 244.6 199.1 220.1 161.2
October 208.9 242.6 198.7 224.2 161.1
November 209.6 240.2 197.6 226.0 161.8
December 209.9 237.0 197.4 228.2 162.3
2017
January 212.9 236.8 197.1 232.6 162.5
February 217.4 239.5 196.9 239.8 163.0
March 225.6 243.8 197.4 254.3 164.7
April 232.3 249.7 197.9 266.0 166.0
May 234.6 256.5 199.5 268.7 166.7
June 234.2 261.3 200.4 266.7 167.5
July 230.3 266.9 201.2 254.3 168.7
August 228.3 269.4 200.7 248.5 168.8
September 228.3 271.2 200.3 247.3 169.4
October 227.9 272.2 199.2 246.1 170.3
November 227.5 273.5 198.0 245.0 170.9
December 227.6 274.7 196.5 244.6 171.1
2018
January 228.3 276.5 196.2 244.5 170.9
February 231.0 280.3 197.1 247.3 173.0
March 233.7 283.5 198.0 250.3 174.9
April 235.1 285.4 198.1 252.1 176.5
May 236.6 286.0 198.4 254.1 177.8
June 236.2 286.0 198.3 254.0 178.3
July 235.4 284.5 197.8 252.8 178.4
August 234.1 280.5 196.2 252.1 178.7
September 233.5 277.2 195.0 252.3 179.8

In the first half of 2018, home prices in Greater Toronto declined on a year-over-year basis for the first time in almost a decade. Prices in Greater Toronto were 4.8% lower in June from levels in mid-2017. Price growth in Toronto has slowed since the second half of last year, following the introduction of the Fair Housing Plan in April 2017. Home price increases in Greater Vancouver also slowed into mid-2018. Prices in Greater Vancouver were 9.5% higher on a year-over-year basis in June, down from 15.9% at year-end 2017.

By contrast, home price increases in Greater Montreal, measured on a year-over-year basis, accelerated slightly in the first half of 2018. Prices in Greater Montreal were up 6.4% in June and have been on an upward trend since early 2017.

More recently, increases in home prices edged above 2.0% throughout the third quarter. Prices in Greater Toronto, measured on a year-over-over basis, increased in August and September, following five consecutive monthly declines.

Homebuilding moderated on slower starts in British Columbia

Monthly housing starts averaged 222,000 units (seasonally adjusted at annual rates) in the first half of 2018, down from 226,000 units in the second half of 2017. Lower starts in British Columbia were mainly responsible for the decline, partly offset by continued strength in Quebec and Ontario. Housing starts in British Columbia have generally trended lower in the first half of 2018, following higher levels in the second half of last year. Lower multi-unit urban starts in the province contributed to the slower pace of homebuilding in the first half, after notable gains in late 2017.   

More recently, housing starts slowed in the third quarter, edging below 200,000 annualized units in August and September. Average starts in Quebec slowed to 34,000 in the third quarter, down from 54,000 in the second as multi-unit starts in urban areas moderated.   

Data table for Chart 14

Data table for Chart 14 
Data table for chart 14
Table summary
This table displays the results of Data table for chart 14 Atlantic provinces, Quebec, Ontario, Prairie provinces and British Columbia, calculated using thousands, quarterly average seasonally adjusted at annual rates units of measure (appearing as column headers).
Atlantic provinces Quebec Ontario Prairie provinces British Columbia
thousands, quarterly average seasonally adjusted at annual rates
2013
Q1 10.7 37.8 58.3 46.7 23.6
Q2 10.7 38.5 58.4 55.2 25.8
Q3 10.0 36.3 64.6 52.0 30.3
Q4 9.8 38.2 63.0 53.6 28.5
2014
Q1 7.4 42.1 56.1 49.1 25.2
Q2 7.2 39.1 62.8 58.9 28.4
Q3 10.3 35.5 58.1 61.6 31.2
Q4 7.7 39.7 57.3 50.4 28.4
2015
Q1 6.9 29.4 55.4 55.6 28.4
Q2 9.4 36.5 68.8 46.7 33.1
Q3 9.8 43.4 79.2 47.3 31.4
Q4 6.7 37.6 72.7 43.3 33.1
2016
Q1 6.5 39.3 74.8 31.4 44.4
Q2 7.9 36.8 75.6 35.1 44.0
Q3 8.2 39.7 73.8 36.4 41.6
Q4 7.9 38.7 75.1 36.0 38.4
2017
Q1 7.5 46.8 91.5 40.8 35.2
Q2 8.5 40.3 68.8 44.3 45.1
Q3 9.3 44.9 85.4 41.5 42.0
Q4 9.5 52.4 74.9 40.9 51.8
2018
Q1 9.8 49.0 88.4 34.9 42.5
Q2 8.8 53.7 76.1 39.9 40.5
Q3 10.8 34.2 70.2 41.8 39.4

Investment in new housing construction, measured year-over-year, slowed during the first half of 2018. Total spending was 6.3% higher in June, down from 10.0% in December 2017. Outlays on single units declined on a year-over-year basis from March to June on lower spending in Ontario. Investment in single units for Canada as a whole was down 5.6% on a year-over-year basis in June. Higher spending on apartments offset lower spending on single units in the first half of 2018. Outlays on apartments rose 27.5% in the twelve months to June 2018 led by gains in Quebec. Total spending in British Columbia slowed in the first half, reflecting lower spending on single units. More recently, outlays on new housing construction continued to slow in July, edging down to 1.7% as spending on single units declined.

Residential building permits edged higher in the first half of 2018. Permits in the first half totalled $31.8 billion, up from $29.8 billion in the last half of 2017.    

Consumer inflation accelerated as energy prices strengthened

Consumer price inflation continued to accelerate gradually during the first half of 2018, supported by higher energy prices. The headline rate rose above 2.0% in February, and, after fluctuating between 2.2% and 2.3% from February to May, accelerated to 2.5% in June as energy prices were up over 12% on a year-over-year basis. Gasoline prices in June were 24.6% higher than in June of 2017. Excluding gas prices, consumer inflation was more moderate during the first half, averaging 1.7% from January to June.

Price increases for shelter, measured year-over-year, also edged higher in the first half. Mortgage interest costs rose above 3% in April, and accelerated to 4.5% in June. Conversely, the homeowners’ replacement cost index, which partly reflects changes in new home prices, decelerated on a year-over-year basis during the first half, slowing from 3.5% in December 2017 to 1.4% in June. 

Food price inflation moderated during the first half, slowing from 2.3% in January to 1.0% in May, before edging up to 1.4% at mid-year. Following declines during much of 2017, prices for clothing and footwear were higher on a year-over-year basis over much of the first half.

The Bank of Canada’s preferred measures of core inflation all edged higher early in 2018. Two of the core measures (CPI-median and CPI-trim) averaged 2.0% from February to June, while the remaining measure (CPI-common) averaged 1.9% during this period.Note 3

The gap between earnings growth and consumer inflation narrowed in first half, as consumer prices have gradually accelerated since mid-2017 (Chart 15).

More recently, consumer inflation accelerated in July, reaching 3.0% for the first time since 2011. Gas prices in July were 25.4% higher on year-over-year basis, while price increases for air transportation and travel tours also supported the acceleration. Consumer inflation moderated slightly in August, and decelerated in September as the headline rate edged down to 2.2%.

Data table for Chart 15

Data table for Chart 15 
Data table for chart 15
Table summary
This table displays the results of Data table for chart 15 Average weekly earnings and Consumer price inflation , calculated using year-over-year change (percent) units of measure (appearing as column headers).
Average weekly earnings Consumer price inflation
year-over-year change (percent)
2007
January 3.8 1.1
February 3.3 2.0
March 4.3 2.3
April 4.1 2.2
May 4.6 2.2
June 5.2 2.2
July 4.9 2.2
August 4.0 1.7
September 4.5 2.5
October 4.2 2.4
November 5.1 2.5
December 3.3 2.4
2008
January 3.2 2.2
February 4.2 1.8
March 3.2 1.4
April 3.5 1.7
May 2.9 2.2
June 2.4 3.1
July 2.4 3.4
August 2.8 3.5
September 2.9 3.4
October 3.1 2.6
November 2.4 2.0
December 1.8 1.2
2009
January 2.2 1.1
February 1.8 1.4
March 1.8 1.2
April 1.1 0.4
May 1.2 0.1
June 1.4 -0.3
July 1.4 -0.9
August 1.2 -0.8
September 1.7 -0.9
October 0.9 0.1
November 1.2 1.0
December 2.4 1.3
2010
January 2.3 1.9
February 2.8 1.6
March 2.7 1.4
April 3.4 1.8
May 3.6 1.4
June 3.5 1.0
July 3.8 1.8
August 4.4 1.7
September 4.5 1.9
October 4.2 2.4
November 4.3 2.0
December 4.0 2.4
2011
January 4.6 2.3
February 3.5 2.2
March 3.4 3.3
April 2.9 3.3
May 2.9 3.7
June 2.4 3.1
July 1.8 2.7
August 1.6 3.1
September 0.9 3.2
October 2.5 2.9
November 1.9 2.9
December 1.7 2.3
2012
January 1.4 2.5
February 1.2 2.6
March 1.9 1.9
April 2.2 2.0
May 2.2 1.2
June 2.7 1.5
July 3.7 1.2
August 3.6 1.2
September 3.4 1.2
October 2.4 1.2
November 2.7 0.8
December 2.6 0.8
2013
January 1.7 0.5
February 2.8 1.2
March 1.9 1.0
April 1.6 0.4
May 2.6 0.7
June 1.9 1.2
July 1.0 1.3
August 0.8 1.1
September 1.1 1.1
October 1.4 0.7
November 2.1 0.9
December 2.4 1.2
2014
January 2.4 1.5
February 2.4 1.1
March 2.6 1.5
April 3.0 2.0
May 2.5 2.3
June 2.9 2.4
July 3.6 2.1
August 3.1 2.1
September 3.0 2.0
October 2.8 2.4
November 1.7 2.0
December 1.8 1.5
2015
January 2.7 1.0
February 2.5 1.0
March 2.7 1.2
April 2.4 0.8
May 1.3 0.9
June 1.8 1.0
July 1.5 1.3
August 0.6 1.3
September 1.5 1.0
October 1.4 1.0
November 1.4 1.4
December 1.6 1.6
2016
January 0.1 2.0
February 0.5 1.4
March 0.5 1.3
April -0.2 1.7
May 0.7 1.5
June 0.4 1.5
July -0.1 1.3
August 1.5 1.1
September 0.1 1.3
October -0.1 1.5
November 0.9 1.2
December 1.4 1.5
2017
January 1.8 2.1
February 1.0 2.0
March 1.1 1.6
April 1.9 1.6
May 1.7 1.3
June 1.6 1.0
July 1.3 1.2
August 1.9 1.4
September 3.2 1.6
October 3.0 1.4
November 3.2 2.1
December 2.5 1.9
2018
January 2.8 1.7
February 3.4 2.2
March 3.1 2.3
April 2.4 2.2
May 2.8 2.2
June 2.9 2.5
July 3.0 3.0
August Note ...: not applicable 2.8
September Note ...: not applicable 2.2

Equities rebounded in second quarter

After strengthening during the second half of 2017, the S&P/TSX composite index fell during the first quarter before rebounding in the second. The index closed at 16,278 in June, little changed from levels at year end (+0.4%). The energy index rose 6.8% in the first half, after advancing from March to June. Information technology, industrials, materials, and the consumer discretionary index all rallied in the second quarter to post gains in the first half. The financial index was down 3.3% from levels at year-end, posting losses in four out of six months. Telecommunications, utilities and gold also registered declines in the first half.

The S&P/TSX composite index edged higher in July before an offsetting loss in August. Financials and industrials posted consecutive gains through the summer months while gold and materials declined. Energy edged higher in June before contracting 4.9% in August.    

After trading above 81 cents U.S. in late January, the value of the Canadian dollar trended down in February and March, trading at a low of 76.4 cents U.S. before strengthening to 79.7 cents in mid-April. The dollar then trended lower, trading at 75.1 cents in late June, before edging higher during the third quarter, closing at 77.2 cents U.S. at the end of September.

Measured on a trade- and competition-weighted basis, the Canadian dollar depreciated against the currencies of its major non-U.S. trading partners in January and February, before strengthening in subsequent months. By August, the value of Canada’s effective exchange rate, excluding the U.S. dollar, was similar to levels at the start of the year. The effective exchange rate continued to strengthen in September.Note 4  

Bond yields rose in the first half of 2018 as the spread between short- and long-term yields narrowed. Yields on Government of Canada five-year bonds rose above 2% at the start of the year, and remained at or above the 2% mark from February to May. After edging down to 1.93% in June, five-year yields rose to 2.19% in July, their highest level since mid-2011. Ten-year bond yields were at 2.28% in July as the spread between long- and short-term yields continued to narrow. Yields on both five- and ten-year bonds continued to rise in August and September. Conventional five-year mortgage rates rose above 5% at the start of 2018 for the first time since early 2014. Rates were at 5.14% from January to April, and increased to 5.34% from May to September.

The Bank of Canada raised the policy rate to 1.25% in January 2018, and then to 1.5% in July. More recently, The Bank of Canada increased the policy rate to 1.75% in October 2018, marking the fifth 25 basis point increase in the overnight target since June 2017.     

Commodities prices buoyed by gains in energy, forestry and metals

Following gains in the second half of 2017, commodity prices continued to trend higher through the first half. Overall commodity prices were up 14.6% from year-end 2017, led by gains in energy, forestry and metals. Energy prices rose 19.9% from December to June, and were up 34% from levels in mid-2017. Excluding energy, commodity prices increased 8.7% in the first half. Prices for forestry products rose 22.3% during this period, while prices for metals and minerals were up 5.9%

Overall commodity prices declined during the third quarter on broad-based losses. Energy prices were down 4.2% in the quarter, while prices for non-energy commodities declined 10.3%.    

Household net worth edged higher while mortgage borrowing continued to slow

The net worth of households rose 1.1% in the second quarter, following a 0.3% gain in the first. Stronger equity prices in the second quarter bolstered the value of household financial assets, as domestic markets rebounded from losses during the first quarter. The value of household real estate assets continued to increase at a slower pace in the second quarter, as home resale prices continued to moderate. Total household assets in the second quarter were valued at $13.25 trillion, while total financial liabilities amounted to $2.19 trillion.

Data table for Chart 16

Data table for Chart 16 
Data table for chart 16
Table summary
This table displays the results of Data table for chart 16 Credit market debt, Consumer credit, Non-mortgage loans and Mortgages, calculated using billions of dollars units of measure (appearing as column headers).
Credit market debt Consumer credit Non-mortgage loans Mortgages
billions of dollars
2007
Q1 30.2 9.1 2.0 19.1
Q2 33.4 10.4 1.7 21.2
Q3 35.1 10.3 1.1 23.7
Q4 32.0 7.7 1.8 22.5
2008
Q1 34.4 12.1 1.5 20.8
Q2 31.0 9.3 1.8 20.0
Q3 28.0 9.1 1.0 17.9
Q4 21.6 5.8 1.0 14.8
2009
Q1 17.7 9.4 -0.3 8.6
Q2 25.3 11.3 0.3 13.7
Q3 26.5 9.0 1.0 16.5
Q4 32.7 13.9 -0.2 19.1
2010
Q1 29.2 9.1 1.9 18.2
Q2 23.5 1.5 0.3 21.7
Q3 19.1 6.6 0.8 11.7
Q4 24.7 7.8 -0.1 16.9
2011
Q1 18.6 4.5 1.5 12.6
Q2 25.0 5.8 0.2 19.0
Q3 21.1 4.9 -1.0 17.2
Q4 24.0 4.7 2.2 17.1
2012
Q1 21.7 1.0 2.5 18.2
Q2 18.3 4.7 1.6 12.0
Q3 20.0 6.7 -0.6 13.9
Q4 17.5 4.1 0.0 13.5
2013
Q1 24.0 6.4 2.8 14.8
Q2 18.2 3.8 0.5 13.9
Q3 18.9 4.3 1.6 13.0
Q4 17.5 5.0 0.5 12.0
2014
Q1 19.4 4.9 1.3 13.2
Q2 19.0 5.5 -0.1 13.6
Q3 21.1 4.4 1.3 15.4
Q4 20.3 4.2 1.3 14.8
2015
Q1 21.5 5.1 1.0 15.4
Q2 28.2 3.4 6.3 18.4
Q3 25.5 4.4 0.6 20.4
Q4 26.0 3.5 1.4 21.1
2016
Q1 23.4 3.9 2.9 16.6
Q2 31.2 7.6 1.8 21.8
Q3 21.6 2.9 -0.3 19.0
Q4 28.3 7.7 2.5 18.1
2017
Q1 27.5 8.6 0.5 18.4
Q2 24.6 8.9 -1.1 16.9
Q3 24.1 8.0 1.3 14.8
Q4 25.4 8.4 1.2 15.7
2018
Q1 22.2 6.0 3.4 12.8
Q2 19.6 7.7 2.6 9.3

The pace of household credit market borrowing slowed in the second quarter on lower mortgage borrowing (Chart 16). Measured on a seasonally-adjusted basis, household mortgage borrowing was $9.3 billion in the second quarter, down from $12.8 billion in the first, and from $15.7 billion in the fourth quarter of 2017. Overall credit market borrowing by households in the second quarter, based on mortgage loans, non-mortgage loans, and lines of credit, was $19.6 billion, down about 20% from levels in the fourth quarter of 2017.

The ratio of household credit market debt to disposable income rose to 169.1% in the second quarter, up from 168.3% in the first. Despite the increase, the ratio of household debt to income remained slightly below levels reported through much of 2017. The household debt service ratio, which includes obligated principal payments and interest owing, edged up to 14.2% in the second quarter as interest payments rose. The ratio of household debt to household assets edged up to 16.6% in the quarter, but has generally trended lower since the 2008-2009 recession.

References

Barnett. R., K. Charbonneau and G. Poulin-Bellisle. A New Measure of the Canadian Effective Exchange Rate. Bank of Canada Staff Discussion Paper 2016-1. Ottawa: Bank of Canada.

Gellatly, G. and E. Richards. 2018. Recent Developments in the Canadian Economy: Spring 2018. Economic Insights no. 80. Statistics Canada Catalogue no. 11-626-X. Ottawa: Statistics Canada.

Hardy, V., M. Lovei and M. Patterson. 2018. Recent trends in Canada’s labour market: A rising tide or a passing wave? Labour Statistics at a Glance. Statistics Canada Catalogue no. 71-222-X2018001. Ottawa: Statistics Canada.

Statistics Canada. Bank of Canada’s preferred measures of core inflation. Last updated November 18, 2016. Available at http://www23.statcan.gc.ca/imdb-bmdi/document/2301_D63_T9_V1-eng.htm (accessed March 22, 2016).

Statistics Canada. Canadian Economic News. Last updated October 4,, 2018.  Available at: https://www.statcan.gc.ca/eng/dai/btd/cen/index (accessed October 4, 2018).

Statistics Canada. Review of Economic Statistics. Last updated October 19, 2018. Available at: https://www.statcan.gc.ca/eng/dai/economicstats (accessed October 19, 2018).   


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