Question Period Notes
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• Employment rose by 54,000 in November, above market expectation for a loss of 2,500 jobs.
• The unemployment rate declined to 6.5% from 6.9% while markets were expecting it to edge up to 7.0%. The labour force participation rate fell to 65.1% (-0.2 p.p.).
• The Organisation for Economic Co-operation and Development (OECD) released its Economic Outlook on December 2.
• Real gross domestic product (GDP) grew 2.6% (annual rates) in the third quarter of 2025, more than reversing the 1.8% decline in the second quarter (revised down from -1.6%). This was well above market expectations of 0.5% (Bloomberg median).
• Combined with a gain in GDP inflation of 3.2%, this drove nominal GDP 5.9% higher. Sentence redacted.
• Employment rose by a modest 8,800 in May, above expectations of a decline of 10,000.
• The unemployment rate increased to 7.0% (+0.1 p.p.), in line with market expectations. The labour force participation was unchanged at 65.3%.
• Real gross domestic product (GDP) rose by 2.2 per cent (annual rate) in the first quarter of 2025, following an increase of 2.1 per cent in the fourth quarter (revised down from 2.6 per cent). Growth was stronger than market expectations of 1.7 per cent (Bloomberg median).
• Combined with a 2.6 per cent increase in GDP inflationinformation redacted.
• The net worth of Canadian households edged up 1.7% in the third quarter of 2024, following a gain of 0.4% in the previous quarter.
• The household debt-to-disposable income ratio edged down to 173.1% (-2.2 p.p.), while the debt service ratio declined to 14.7% (-0.3 p.p.).
• Employment grew by 50,500 in November, above market expectations (+25,000).
• The unemployment rate jumped to 6.8%, while markets had expected a rise to 6.6%. The labour force participation rate correspondingly rose to 65.1% (+0.3 p.p.).
• The net worth of Canadian households rose 3.3% in the first quarter of 2024, following a 1.5% increase in the previous quarter.
• The household debt-to-disposable income ratio fell further to 176.4% (-1.6 p.p.), along with the household debt service ratio which ticked down to 14.9% (previously 15.0%).
The Organisation for Economic Co-operation and Development (OECD) has released its May 2024 Economic Outlook.
• Employment rose by 25,000 in November, above market expectations of a 14,000 gain.
• The unemployment rate edged up to 5.8% (+0.1 p.p.), while the labour force participation rate was unchanged at 65.6%.