Retail sales rose modestly in July and the preliminary estimate suggests that sales remained unchanged. After some strength in late 2022 and earlier this year, there are clear signs that consumer spending is stalling.
As part of our ongoing commitment to help make credit unions innovation ready, Alberta Central’s Chief Economist Charles St-Arnaud shares his Economic Insights. These commentaries are here to help you understand what economic trends mean and how they could impact your credit union.
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Inflation accelerated to 4.0% in August, more than expected. The higher inflation rate is largely the result of higher gasoline prices and shelter costs, especially mortgage interest payments, rent and electricity costs. More importantly, all measures of underlying inflationary pressures accelerated in August, suggesting increased stickiness in inflation.
Today’s Labour Force Survey data points to a resilient labour market in Canada, with stronger than expected job gains and an unemployment rate of 5.5%. Moreover, the strong rise in hours worked suggests a rebound in economic activity in August.
Growth in the second quarter was much weaker than expected after a strong start to 2023. The details show a significant slowdown in consumer spending and continued contraction in residential investment, as higher interest rates are impacting those sectors.