Page 31 - GBC Fall 2018 Eng
P. 31
RESEARCH REPORT
Canada’s Economic Trends
GDP growth in April rose 0.1% following
solid gains of 0.3% and 0.4% in March
and February, respectively. Employ-
ment rose 32K in June to more than
retrace modest declines in the prior
two months. Retail sales fell 1.2% in
nominal terms and 1.4% excluding the
impact of prices in April. Housing starts
jumped to an annualized 248K from
194K in May. Market expectations had
been for a more moderate rise to 210K.
Headline in ation rate held at 2.2% in
May, lower than market expectations.
(Source – RBC Economic Research, Current Trends Update Canada, July 10, 2018)
Unemployment should decline further to record lows. Employment growth has been strong, reducing the unemployment rate to a 40-year low. Hourly wage growth has picked up for the full and part-time employees. Wages will be boosted over the next few years by changes in provincial minimum wages. (Source – OECD Economic Outlook, Volume 2018: Issue 1)
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