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Research, analysis and current events for the credit union system.

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Economy

A slower pace of job gains

Today’s Labour Force Survey data shows that job gains were modest and below expectations after a rebound in employment following the Omicron wave. Nevertheless, the unemployment rate reached a new record low of 5.2%. These are the signs of a mature labour market where most of the post-pandemic adjustment has already happened.

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Economy

Strong economic momentum going into the rate hikes

Today’s release of the GDP for February shows that the hit to the economy from the Omicron wave was minor and short-lived. The data shows that the economy had significant momentum going into the second quarter of 2022, with growth estimated at 5.6% q-o-q ar. in the first quarter.

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Economy

The great consumer squeeze

Various shocks are squeezing household budgets this year. As a result, many households may need to cut down on spending or draw from their savings.

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Economy

Inflation is at its highest since 1983

Inflation continued to accelerate in March with its biggest monthly increase since the introduction of the GST in 1991 and reaching a level not seen since 1983. The high level of inflation continues to be mainly due to a handful of components: gasoline prices, food prices, homeowners’ costs, utilities costs and motor vehicles prices

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Economy

Housing activity moderates in March

Despite a moderation in March, the level of activity in the housing market remains well above pre-pandemic, supported by changes in housing preferences and historically low interest rates. Moreover, low inventory levels in many markets continue to push house prices higher across the country.

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