Economic Directions – Summer 2019

Check out the latest economic trends at a glance.

Economic growth Canada’s economic growth has been slower than expected this year,
causing the Bank of Canada to downgrade expectations for 2019 to
1.2 per cent. The bank still expects growth to pick up in 2020.
Jobs

Job growth continues to be strong, especially in Ontario and Quebec.
The unemployment rate has remained near its 40-year low of
5.7 per cent.

Wages

Average wage adjustments in collective agreements were 1.7 per cent
in the first quarter of 2019.

Inflation Inflation is expected to reach 2.0 per cent by late 2019.
Interest rates

The Bank of Canada kept its key lending rate at 1.75 per cent in May
2019. If economic growth remains sluggish, the next increase may not
come until 2020.


Source: CUPE National