In Canada real gross domestic product (GDP) rose 0.7% in the third quarter, the fifth consecutive quarterly increase. Growth in exports, non-residential structures, and business investment in inventories were moderated by declines in housing investment and household spending. Final domestic demand, composed of expenditures on final consumption and capital investment, edged down 0.2%, following a 0.6% increase in the second quarter.
Exports (+2.1%) increased for the second consecutive quarter, led by crude oil and bitumen, and farm and fishing products. Prices of crude oil and bitumen fell in the quarter, while volumes increased significantly. Higher yields in wheat contributed to greater exports of farm products in the quarter.
Imports fell 0.4% in the third quarter, reflecting widespread declines in energy products, including crude oil, natural gas, and nuclear fuel.
Employment was little changed (+10,000) in November, and the unemployment rate declined by 0.1 percentage points to 5.1%.
Employment rose in finance, insurance, real estate, rental and leasing; manufacturing; as well as in information, culture, and recreation. At the same time, it fell in several industries, including construction and wholesale and retail trade.
Year-over-year growth in the average hourly wages of employees remained above 5% for a sixth consecutive month in November, up 5.6% (+$1.71 to $32.11) compared with November 2021 (not seasonally adjusted).
In the US Real gross domestic product (GDP) increased at an annual rate of 2.9 percent in the third quarter of 2022, according to the “second” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.6 percent.
The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was 2.6 percent. The second estimate primarily reflected upward revisions to consumer spending and nonresidential fixed investment that were partly offset by a downward revision to private inventory investment. Imports, which are a subtraction in the calculation of GDP, decreased more than previously estimated.
The increase in real GDP reflected increases in exports, consumer spending, nonresidential fixed investment, state and local government spending, and federal government spending, that were partly offset by decreases in residential fixed investment and private inventory investment. Imports decreased.
The increase in exports reflected increases in both goods and services. Within exports of goods, the leading contributors to the increase were industrial supplies and materials (notably nondurable goods), “other” exports of goods, and nonautomotive capital goods. Within exports of services, the increase was led by travel and “other” business services (mainly financial services).
Per the US Bureau of Labor Statistics Total nonfarm payroll employment increased by 263,000 in November, and the unemployment rate was unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality, health care, and government. Employment declined in retail trade and in transportation and warehousing.
The unemployment rate was unchanged at 3.7 percent in November and has been in a narrow range of 3.5 percent to 3.7 percent since March. The number of unemployed persons was essentially unchanged at 6.0 million in November.
