Ontario Economic Update

As of September 23, 2016

Economy
  Monthly:
2016 May
Monthly:
2016 Jun
Monthly:
2016 Jul
Monthly:
2016 Aug
Quarterly:
2015 Q4
Quarterly:
2016 Q1
Quarterly:
2016 Q2
Year
to Date*
Annual:
2014
Annual:
2015
Real Gross Domestic Product ($2007 millions) - - - - 672,655 677,702 NA  677,702 648,352  664,965
Per cent change - - - - 0.8 0.8 NA 2.9 2.7 2.6
Current Dollar Gross Domestic Product ($ millions)  - - - - 758,148 763,443 NA  763,443 721,970  747,101
Per cent change - - - - 0.9 0.7 NA 3.6 4.1 3.5
Employment
  Monthly:
2016 May
Monthly:
2016 Jun
Monthly:
2016 Jul
Monthly:
2016 Aug
Quarterly:
2015 Q4
Quarterly:
2016 Q1
Quarterly:
2016 Q2
Year
to Date*
Annual:
2014
Annual:
2015
Employment (000's) 7,007 7,003 6,967 6,977 6,947 6,983 6,998 6,985 6,878 6,923
Net New Jobs (000's)  21.6 -4.2 -36.1 10.5 15.7 36.1 15.2 70.1 54.5 45.3
Per cent change 0.3 -0.1 -0.5 0.2 0.2 0.5 0.2 1.0 0.8 0.7
Unemployment Rate (per cent)  6.6 6.4 6.4 6.7 6.8 6.8 6.7 6.9 7.3 6.8
Average Weekly Wage Rate ($), nsa  952.58 959.17 960.14 959.33 949.82 959.29 958.39 959.06  907.17 938.09
Per cent change 2.4 2.0 1.1 1.2 3.8 4.3 2.7 2.9 1.3 3.4
Employment Insurance Beneficiaries (regular) 135,490 134,980 125,040 NA 145,397 143,240 136,353 150,570 150,810  148,038
Per cent change -2.2 -0.4 -7.4 NA -4.0 -1.5 -4.8 -7.2 -5.4 -1.8
Consumers
  Monthly:
2016 May
Monthly:
2016 Jun
Monthly:
2016 Jul
Monthly:
2016 Aug
Quarterly:
2015 Q4
Quarterly:
2016 Q1
Quarterly:
2016 Q2
Year
to Date*
Annual:
2014
Annual:
2015
Retail Sales ($ millions) 15,939 15,937 16,060 NA 47,198 47,881 47,820 107,810 176,719  184,143
Per cent change 0.0 0.0 0.8 NA 1.1 1.4 -0.1 5.3 5.0 4.2
New Motor Vehicle Sales (units), nsa 83,432 81,460 72,913 NA 184,206 165,653 249,672 488,238 732,718 778,364
Per cent change 0.6 9.1 2.7 NA 8.0 13.8 6.0 8.0 11.6 6.2
Consumer Price Index (CPI), nsa 130.1 130.4 130.3 129.9 127.8 128.3 130.0 129.4 125.9 127.4
Per cent change 1.9 1.7 1.5 1.5 1.3 1.7 1.9 1.7 2.4 1.2
Housing
  Monthly:
2016 May
Monthly:
2016 Jun
Monthly:
2016 Jul
Monthly:
2016 Aug
Quarterly:
2015 Q4
Quarterly:
2016 Q1
Quarterly:
2016 Q2
Year
to Date*
Annual:
2014
Annual:
2015
Housing Starts (000's)  70.0 87.8 75.4 72.2 73.0 77.8 74.1 47.0 59.1 70.2
Per cent change 5.7 25.4 -14.2 -4.1 -7.4 6.5 -4.7 10.9 -3.2 18.6
MLS Home Resales (units)  20,385 20,425 20,402 20,291 57,286 58,581 61,217 173,896 204,189 223,794
Per cent change -0.1 0.2 -0.1 -0.5 0.9 2.3 4.5 9.3 4.0 9.6
Business
  Monthly:
2016 May
Monthly:
2016 Jun
Monthly:
2016 Jul
Monthly:
2016 Aug
Quarterly:
2015 Q4
Quarterly:
2016 Q1
Quarterly:
2016 Q2
Year
to Date*
Annual:
2014
Annual:
2015
Manufacturing Sales ($ millions)  24,550 24,853 24,834 NA 74,728 76,298 74,229 172,844 284,644 289,664
Per cent change -1.1 1.2 -0.1 NA 0.8 2.1 -2.7 5.4 6.2 1.8
International Merchandise Exports ($ millions), nsa  16,462 17,003 14,665 NA 53,034 53,124 50,179 117,968 177,284 196,961
Per cent change 8.4 -2.1 -7.7 NA 12.7 15.8 4.7 7.5 8.0 11.1
International Merchandise Imports ($ millions), nsa 27,649 29,007 25,559 NA 83,382 81,920 84,585 192,063 295,589 325,154
Per cent change 2.3 2.2 -3.2 NA 7.0 6.6 2.5 3.4 9.6 10.0
Wholesale Trade ($ millions)  28,691 28,976 29,145 NA 84,036 85,609 85,899 197,393 306,756  326,783
Per cent change 1.6 1.0 0.6 NA 1.7 1.9 0.3 6.4 6.8 6.5
Non-residential Building Permits ($ millions)  874 783 1,112 NA 2,813 3,100 2,503 6,714  11,736 11,950
Per cent change 3.4 -10.5 42.0 NA -2.1 10.2 -19.3 -6.5 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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