TrendLine Saskatchewan

 

TrendLine Saskatchewan - December 2021

Year-to-date employment and consumer spending continued to recover in November 2021. Concerns remain in regard to slow population growth, part-time employment growth, and inflationary pressures.

Stephen Johnson

MA
Chief Economist

November 2021 saw average year-to-date employment up by 2.5% or 13,400 positions over the same period in 2020. This represents a 50% recovery of the 26,800 job loss experienced in 2020. 2021 year-to-date employment still remains well behind 2019 levels.

Despite anemic employment growth, all other major indicators are in positive territory, led by total exports (up 23.5%; led by agricultural, energy products, mineral products, and forestry products), manufacturing shipments (up 42.1%; led by food and machinery), and housing starts (up 38.2% owing to low interest rates and higher than expected savings). 

More importantly, the consumer has returned to the marketplace with retail sales, restaurant receipts, and new motor vehicle sales well up over the same period last year. Areas of concern remain in slow population growth, a majority of employment growth being in part-time employment, and inflationary pressures at the national level, which could lead to higher borrowing rates.

Composite Indicator Actual & Seasonally Adjusted

Key Indicator This Month

Employment

2.5%

November 2021 YTD

Employment

2.5%

November 2021 YTD

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This Issue's Economist:

Stephen Johnson

MA
Chief Economist

This Issue's Editor:

Kauron Cooper

BBA
Consulting Projects Manager


TrendLine Saskatchewan is published monthly by Praxis Consulting.