TrendLine Saskatchewan

 

TrendLine Saskatchewan - July 2024

Professional, scientific and technical services industry, business services, Logistics, and education to lead growth over the first half of 2024.

Stephen Johnson

MA
Chief Economist

The first 6 months of 2024 saw a moderation in the annual average rate of employment growth, remaining at 2.3% Growth has been led by employment in Professional, scientific and technical services industry, business services, Logistics, and education. However, the unemployment rate, the number of unemployed, and the number of individuals of working age not participating in the labor force are on the rise despite increasing employment. Housing starts opened 2024 with broad based gains across all sub-categories. However, recent months’ weaknesses in apartment/condo starts have driven year-to-date starts below 2023 levels. This is also mirrored in declines residential building permit activity. Exports are down against 2023 year-to-date figures as strength in energy exports failed to offset declines in farm and food products. Inflation is showing clear signs of leveling off at 1.5%. Average weekly wage increases are above the rate of spending and along with an ever-increasing population base, are influencing rebounding retail sales, motor vehicle sales and restaurant receipts.

Composite Indicator Actual & Seasonally Adjusted

Key Indicator This Month

Employment

2.3%

July 2024 YTD

Employment

2.3%

July 2024 YTD

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This Issue's Economist:

Stephen Johnson

MA
Chief Economist

This Issue's Editor:

Spencer Boyle

BA, Economics
Project Coordinator


TrendLine Saskatchewan is published monthly by Praxis Consulting.