The Bank of Canada cut its policy rate to 4.50% and will continue quantitative tightening (QT), in line with our expectations.
Economic News
To help make credit unions innovation ready, Alberta Central’s Chief Economist Charles St-Arnaud shares his analysis of the latest economic news. These commentaries and insights papers will help you understand what economic trends mean and how they could impact your credit union.
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Economic updates
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Retail sales stumble as households close their wallets
Retail sales declined more than expected in May and the preliminary estimate suggests that it decreased again in June.
Inflation resumes its easing trend, opening the door to a cut in July
Inflation decelerated to 2.7% in June, in line with expectations and reversing most of the rise seen in May. The deceleration was broad-based and led by lower gasoline prices and travel service costs.
Slack continues to build in the labour market
Employment eased unexpectedly in June, and the unemployment rate increased to its highest since January 2022. While the average job gains in recent months remain solid (around 30k), further slack in the labour market continues to build in the labour market.
Insolvencies eased slightly in May but remained elevated
Insolvencies eased in May on a seasonally-adjusted basis (NSA). Nevertheless, the level remained above 12k, a level they have been above since the beginning of the year, except for a temporary decline below this mark in March.
Better economic activity in April, but the trend remains lacklustre
Today’s release of the monthly GDP shows that despite robust growth in April, the preliminary estimate suggests that economic activity remains lacklustre.