Check out the latest economic trends at a glance.
| Economic growth |
The Bank of Canada projects that real Gross Domestic Product will only grow by 1.5 per cent for 2019, citing low commodity prices and global trade conflicts. The bank expects slightly higher growth of 1.7 per cent for 2020 and 1.8 per cent for 2021. |
| Jobs |
The unemployment rate remains low at 5.5 per cent nationally. Even so, the proportion of workers holding more than one job is at its highest point ever, reaching 6.0 per cent in October 2019. |
| Wages |
Average wage adjustments in collective agreements came in at 1.7 per cent for the first three quarters of 2019. |
| Inflation | Inflation is expected to remain close to two per cent throughout the rest of 2019 and 2020. |
| Interest rates |
In October, the Bank of Canada held its key lending rate at 1.75 per cent for the eighth time. They signaled that the next move may be a cut, recognizing that the global economy has been affected by US-China trade disputes, but remain more concerned that lowering rates would increase consumer indebtedness. |