Canadian Housing Starts Decline
Home starts fell by 4.3% in June to 217,800 units, down from 227,000 units in May, according to Canada Mortgage and Housing Corporation (CMHC). However, the Canadian housing market decline is consistent with a balanced market following the housing boom, economists explained. Though there was a decline, experts say the market remains good despite concerns of an economic slowdown. Bob Dugan, chief economist of CMHC, reported that housing starts remain at high levels despite the decrease in June. The high level of housing starts is due to multiple segment housing which has been consistently high since the beginning of 2008. Ottawa.com – July 9, 2008
Ivey Index Rises
Purchasing activity for Canadian businesses increased to 69.6 in June, up from 62.5 in May, according to the Ivey Purchasing Manager Index. Though experts predicted a fall to 62.0, the index rose significantly. A reading higher than 50.0 indicates that purchasing activity has increased. This index is based on information from 175 members of the Purchasing Management Association of Canada. ReutersCa.com – July 4, 2008
Consumer Confidence Declines
According to a Conference Board of Canada report, the consumer confidence index fell 6.2 points in June to 79.6. This is the lowest level since the fourth quarter of 1995. The survey, based on 2,000 telephone interviews conducted in June, showed that high gas prices and a weakening economy have consumers concerned about their future finances and whether or not to make big purchases. Respondents who believed their families will be better off financially six months from now fell to 23.3%, down from 26.1% in May, while 21.9% of respondents thought they would be worse off, up from 17.1% in May. ReutersCa.com – July 7, 2008 [Back to Top]
June 2008
The national unemployment rate increased to 6.2% in June, up from 6.1% in May. Healthcare and social assistance, accommodation and food services, and construction reported losses to their payrolls while trade, professional, scientific and technical services added jobs. Click here for the most recent employment report from Statistics Canada.
Major Industry Employment:
• Construction: - 15,900
• Manufacturing: + 800
• Trade: + 12,900
• Transportation & Warehousing: - 4,100
• Finance, Insurance, Real Estate & Leasing: - 9,000
• Professional, Scientific & Technical Services: + 37,100
• Business, Building & Support Services: - 17,800
• Educational Services: + 1,900
• Healthcare & Social Assistance: - 16,900
• Information, Culture & Recreation: + 10,100
• Accommodation & Food Services: - 12,300
• Public Administration: + 3,100
Economic Trends is a publication of Express Services, Inc., Oklahoma City, Oklahoma. © 2008.