Economic Forecasts and Performance Review
Canada: Stable Economic Fundamentals
Low unemployment rate reflects solid growth in Canadian economy
UNEMPLOYMENT RATE
14
120 80 6
+
20
Canada -
official
U.S.
Canada
comparable
to U.S.
90 92 94 96 98 00 02 04 06 08 10 12 15 17 19
Sources: Scotiabank Economics, Statistics Canada, BLS. Data through October 2019.
• Solid economic growth and a gradual
rebound in non-energy exports
⚫Household spending remains buoyant,
underpinned by relatively low and stable
unemployment, as well as low borrowing
•
costs
Population and labour-force growth
supported by increasing immigration
Moderate inflation within Bank of Canada
target band
HEADLINE INFLATION
LABOUR FORCE PARTICIPATION RATE
70
Canada
Bank of Canada
Target Inflation Band
222%
68
66
U.S.
-2
00 02 04 06 08 10 12
14
16
18
Sources: Scotiabank Economics, Statistics Canada, BLS. Data through October 2019 (Canada)
and October 2019 (US).
Canada
U.S.
64
62
60
90 92 94 96 98 00 02 04 06 08 10 12 14 16 18
Sources: Scotiabank Economics, Statistics Canada, BLS. Data through October 2019.
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