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Message From The Editor

Boating Industry Canada's Newsweek

The Canadian Economy Shows Stable Growth While The U.S. Booms

Recently I got two different sources of interesting information; the Wall Street Journal and the bdc.ca Economic Newsletter from the Business Development Bank of Canada. I'm always interested in seeing the general course of the economy and these two sources showed an interesting comparison of Canada and the U.S..

The BDC reported that Canada's economy grew at a 2.9% annualized rate in the second quarter of 2018, in line with the Bank of Canada's expectations.

Consumer spending picked up after decelerating in the first quarter, as did goods exports, which rebounded with 15% annualized growth. Business investment, though still positive, slowed down after a very strong first quarter, and residential investment reversed its negative slide from the hot 2017 market.

After impressive growth in 2017, the expansion appears to be stabilizing around 2%, a more sustainable pace for an advanced economy with an aging population. I see the stabilizing real estate values as critical because of the "wealth effect" rising values give to consumer confidence.

This summer we have often written in News Week that interest rates remain favourable and although inflation is picking up, the Bank of Canada held its key interest rate steady at 1.5% in early September.

Wages grew at an average pace of 2.9% during the first six months of the year. While the pace varies considerably across sectors, with retail and construction wages growing more rapidly, overall, wages are just keeping pace with inflation, which means that real earnings (nominal wage growth less inflation) are flat. However, the fact that people have jobs and some stability in their lives should allow for moderate spending growth.

Compare our solid but moderate economic picture with the Wall Street Journal's report that their robust economy drove U.S. wages higher in August. The U.S. Labor Department reported that worker payrolls expanded by 201,000 in August and that private sector wages grew at 2.9% from a year earlier.

That payroll gain marked the 95th consecutive month of job growth and the year over year wage increase was the largest since mid-2009. In America, shortages of workers are driving wages higher and that will push up prices of all sorts of goods.

Looking at all sectors, the story reported that both workers in Leisure & Hospitality and also in Retail gained 3.2% in August compared to the previous year, Construction gained 3.3%, Financial activities gained 4.7% and Utilities gained 4.8%.

My take-away is that we are doing pretty well in Canada, but that our neighbours to the south are feeling like things are booming for the first time in quite a while. No wonder there seems to be a big pent-up demand for consumer luxury items like new boats.

Andy Adams, Editor
aadams@kerrwil.com
   

CCMarine

Feature

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Mercury

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Calendar

Calendar
IBEX 2018
October 2 - 4, 2018
Tampa Bay, FL
CSBC Annual Symposium
October 4 - 6, 2018
Inn at Laurel Point, Victoria, BC
United States Sailboat Show
October 4 - 8, 2018
City Dock, Annapolis, MD

... View All Events
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