Statistics Canada Reports on Economic Conditions in Early 2024
Statistics Canada has released data indicating a slowdown in employment growth within the private sector, accompanied by a rise in the unemployment rate for the first half of 2024. This report provides insights into the economic conditions affecting Canadians.
Inflation trends show a decrease, with headline inflation remaining below 3% during this period. Notably, consumer inflation reduced to 2% in August 2024, aligning with the Bank of Canada's target range. This stabilization in price growth has been observed across various consumer products.
Despite these inflation trends, the cumulative price increases since January 2021 have resulted in ongoing affordability challenges for many families. The all-items Consumer Price Index (CPI) has increased by 17.1% from January 2021 to August 2024, matching the cumulative rise seen in the decade prior to 2021.
Household income growth has played a role in mitigating rising debt service obligations during the first half of 2024. Additionally, the ratio of household credit-market debt to disposable income has shown a downward trend, as mortgage borrowing increased at a moderate pace.
These economic indicators, as reported by Statistics Canada, offer a snapshot of the current economic landscape in Canada, highlighting the challenges and trends faced by Canadian households.
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