TrendLine Saskatchewan

 

TrendLine Saskatchewan - July 2021

Valid comparisons can now be made between pandemic impacted months: 2021 employment has recovered 60% of the job loss experienced in 2020 and all other major indicators are up.

Stephen Johnson

MA
Chief Economist

June 2021 saw a year-over-year (June 2021 vs. June 2020) advance in the number of employed of 27,800. This moved average year-to-date employment up by 3% or 16,167 positions over the same period in 2020. This represents a roughly 60% claw back of the 26,800 job loss experienced in 2020. However, total employment remained well behind 2019 levels. 

Noting that valid comparisons can now be made between pandemic impacted months, all other major indicators are up, led by total exports (up 17.7% from agricultural, energy products, and metal and non-metallic mineral products) and housing starts (up 102% owing to low interest rates and high savings). More importantly, consumer spending has returned to the equation, with retail sales, restaurant receipts, and new motor vehicle sales up over the same period last year. Only non-residential building permits, slow population growth, and potential inflationary pressures remain as grounds for concern.

Composite Indicator Actual & Seasonally Adjusted

Key Indicator This Month

Employment

3.0%

June 2021 YTD

Employment

3.0%

June 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.