Ontario Economic Update

As of December 9, 2016

Economy
  Monthly:
2016 Aug
Monthly:
2016 Sep
Monthly:
2016 Oct
Monthly:
2016 Nov
Quarterly:
2016 Q1
Quarterly:
2016 Q2
Quarterly:
2016 Q3
Year
to Date*
Annual:
2014
Annual:
2015
Real Gross Domestic Product ($2007 millions) - - - - 678,012 679,274 NA 678,643 648,890 665,034
Per cent change - - - - 0.8 0.2 NA 2.8 2.7 2.5
Current Dollar Gross Domestic Product ($ millions)  - - - - 763,432 766,306 NA 764,869 727,962 763,276
Per cent change - - - - 0.7 0.4 NA 3.4 4.7 4.9
Employment
  Monthly:
2016 Aug
Monthly:
2016 Sep
Monthly:
2016 Oct
Monthly:
2016 Nov
Quarterly:
2016 Q1
Quarterly:
2016 Q2
Quarterly:
2016 Q3
Year
to Date*
Annual:
2014
Annual:
2015
Employment (000's) 6,977 6,993 7,019 7,038 6,983 6,998 6,979 6,996 6,878 6,923
Net New Jobs (000's)  10.5 16.2 25.4 18.9 36.1 15.2 -19.3 75.5 54.5 45.3
Per cent change 0.2 0.2 0.4 0.3 0.5 0.2 -0.3 1.1 0.8 0.7
Unemployment Rate (per cent)  6.7 6.6 6.4 6.3 6.8 6.7 6.6 6.6 7.3 6.8
Average Weekly Wage Rate ($), nsa  959.33 960.82 955.73 954.99 959.29 958.39 960.10 958.55 907.17 938.09
Per cent change 1.2 1.1 1.0 0.6 4.3 2.7 1.2 2.4 1.3 3.4
Employment Insurance Beneficiaries (regular) 139,790 141,480 NA NA 144,073 138,877 136,620 148,632 150,892 148,438
Per cent change 8.7 1.2 NA NA -1.3 -3.6 -1.6 -5.9 -5.3 -1.6
Consumers
  Monthly:
2016 Aug
Monthly:
2016 Sep
Monthly:
2016 Oct
Monthly:
2016 Nov
Quarterly:
2016 Q1
Quarterly:
2016 Q2
Quarterly:
2016 Q3
Year
to Date*
Annual:
2014
Annual:
2015
Retail Sales ($ millions) 15,974 16,033 NA NA 47,881 47,793 48,022 140,712 176,719 184,143
Per cent change -0.3 0.4 NA NA 1.4 -0.2 0.5 4.8 5.0 4.2
New Motor Vehicle Sales (units), nsa 74,027 71,339 NA NA 165,653 249,672 218,279 633,604 732,718 778,364
Per cent change 3.2 1.6 NA NA 13.8 6.0 2.5 6.6 11.6 6.2
Consumer Price Index (CPI), nsa 129.9 130.1 130.6 NA 128.3 130.0 130.1 129.6 125.9 127.4
Per cent change 1.5 1.8 2.1 NA 1.7 1.9 1.6 1.8 2.4 1.2
Housing
  Monthly:
2016 Aug
Monthly:
2016 Sep
Monthly:
2016 Oct
Monthly:
2016 Nov
Quarterly:
2016 Q1
Quarterly:
2016 Q2
Quarterly:
2016 Q3
Year
to Date*
Annual:
2014
Annual:
2015
Housing Starts (000's)  73.3 70.5 84.2 58.3 77.8 74.1 73.6 65.3 59.1 70.2
Per cent change -5.3 -3.8 19.4 -30.7 6.5 -4.7 -0.8 2.1 -3.2 18.6
MLS Home Resales (units)  20,410 21,100 21,410 NA 58,581 61,217 61,912 216,028 204,189 223,795
Per cent change 0.0 3.4 1.5 NA 2.3 4.5 1.1 9.7 4.0 9.6
Business
  Monthly:
2016 Aug
Monthly:
2016 Sep
Monthly:
2016 Oct
Monthly:
2016 Nov
Quarterly:
2016 Q1
Quarterly:
2016 Q2
Quarterly:
2016 Q3
Year
to Date*
Annual:
2014
Annual:
2015
Manufacturing Sales ($ millions)  25,032 25,118 NA NA 75,992 74,267 74,985 225,227 284,355 289,325
Per cent change 0.8 0.3 NA NA 2.3 -2.3 1.0 5.0 6.2 1.7
International Merchandise Exports ($ millions), nsa  17,531 17,431 17,892 NA 53,165 50,269 49,631 170,956 177,284 196,963
Per cent change 4.9 -0.3 0.8 NA 15.9 4.8 -0.9 5.7 8.0 11.1
International Merchandise Imports ($ millions), nsa 29,122 28,058 28,845 NA 82,247 84,982 83,002 279,077 295,589 325,152
Per cent change 4.8 -0.6 0.4 NA 7.0 3.0 0.7 3.2 9.6 10.0
Wholesale Trade ($ millions)  29,152 28,947 NA NA 85,609 85,859 87,081 257,302 306,756 326,783
Per cent change 0.6 -0.7 NA NA 1.9 0.3 1.4 6.8 6.8 6.5
Non-residential Building Permits ($ millions)  1,140 840 865 NA 3,100 2,503 3,125 9,941 11,736 11,950
Per cent change -0.4 -26.3 2.9 NA 10.2 -19.3 24.8 -3.8 0.6 1.8
Private and Public Investment ($ millions) - - - - - - - - 63,517 69,611
Per cent change - - - - - - - - 11.5 9.6

* Notes: All data are seasonally adjusted unless otherwise specified with "nsa".
Per cent change for seasonally unadjusted (nsa) data is calculated on a year-to-year basis.
Year-to-date averages are generally calculated using unadjusted monthly data. Year-to-date per cent change is calculated on a year-to-year basis.
International merchandise trade is reported on a customs basis.
GDP levels are expressed at annual rates. Monthly and quarterly housing starts are expressed at seasonally adjusted annual rates.
Year-to-date housing starts are based on actual unadjusted urban-area data.
Sources: Statistics Canada, Ontario Ministry of Finance, Canada Mortgage and Housing Corporation and Canadian Real Estate Association.

For further information, please contact us at:
Ministry of Finance
Economic and Revenue Forecasting and Analysis Branch
Current Analysis Unit
6th Floor, Frost Building North
95 Grosvenor Street
Toronto ON M7A 1Z1
416 325-0755
Send us your questions or comments.

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