Ontario Economic Update

As of August 26, 2016

Economy
  Monthly:
2016 Apr
Monthly:
2016 May
Monthly:
2016 Jun
Monthly:
2016 Jul
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 Apr
Monthly:
2016 May
Monthly:
2016 Jun
Monthly:
2016 Jul
Quarterly:
2015 Q4
Quarterly:
2016 Q1
Quarterly:
2016 Q2
Year
to Date*
Annual:
2014
Annual:
2015
Employment (000's) 6,985 7,007 7,003 6,967 6,947 6,983 6,998 6,973 6,878 6,923
Net New Jobs (000's)  -3.3 21.6 -4.2 -36.1 15.7 36.1 15.2 75.7 54.5 45.3
Per cent change 0 0.3 -0.1 -0.5 0.2 0.5 0.2 1.1 0.8 0.7
Unemployment Rate (per cent)  7 6.6 6.4 6.4 6.8 6.8 6.7 6.8 7.3 6.8
Average Weekly Wage Rate ($), nsa  963.41 952.58 959.17 960.14 949.82 959.29 958.39 959.03  907.17 938.09
Per cent change 3.8 2.4 2 1.1 3.8 4.3 2.7 3.2 1.3 3.4
Employment Insurance Beneficiaries (regular) 138,590 137,280 136,410 NA 145,397 143,240 137,427 153,957 150,810  148,038
Per cent change -2.2 -0.9 -0.6 NA -4 -1.5 -4.1 -4.2 -5.4 -1.8
Consumers
  Monthly:
2016 Apr
Monthly:
2016 May
Monthly:
2016 Jun
Monthly:
2016 Jul
Quarterly:
2015 Q4
Quarterly:
2016 Q1
Quarterly:
2016 Q2
Year
to Date*
Annual:
2014
Annual:
2015
Retail Sales ($ millions) 15,948 15,929 15,928 NA 47,198 47,881 47,806 91,089 176,719  184,143
Per cent change 0.3 -0.1 0 NA 1.1 1.4 -0.2 6 5.0 4.2
New Motor Vehicle Sales (units), nsa 84,780 83,432 81,460 NA 184,206 165,653 249,672 415,325 732,718 778,364
Per cent change 8.7 0.6 9.1 NA 8 13.8 6 9 11.6 6.2
Consumer Price Index (CPI), nsa 129.6 130.1 130.4 130.3 127.8 128.3 130 129.3 125.9 127.4
Per cent change 2.1 1.9 1.7 1.5 1.3 1.7 1.9 1.8 2.4 1.2
Housing
  Monthly:
2016 Apr
Monthly:
2016 May
Monthly:
2016 Jun
Monthly:
2016 Jul
Quarterly:
2015 Q4
Quarterly:
2016 Q1
Quarterly:
2016 Q2
Year
to Date*
Annual:
2014
Annual:
2015
Housing Starts (000's)  66.2 69.8 87.9 75.4 73 77.8 74.1 40.6 59.1 70.2
Per cent change -25.8 5.4 25.9 -14.2 -7.4 6.5 -4.7 19.5 -3.2 18.6
MLS Home Resales (units)  20,407 20,385 20,425 20,327 57,286 58,581 61,217 151,486 204,146 223,746
Per cent change 2.8 -0.1 0.2 -0.5 0.9 2.3 4.5 8.2 4 9.6
Business
  Monthly:
2016 Apr
Monthly:
2016 May
Monthly:
2016 Jun
Monthly:
2016 Jul
Quarterly:
2015 Q4
Quarterly:
2016 Q1
Quarterly:
2016 Q2
Year
to Date*
Annual:
2014
Annual:
2015
Manufacturing Sales ($ millions)  24,757 24,369 24,705 NA 74,728 76,298 73,832 15,0539 284,644 289,664
Per cent change 0.1 -1.6 1.4 NA 0.8 2.1 -3.2 7 6.2 1.8
International Merchandise Exports ($ millions), nsa  16,714 16,412 17,006 NA 53,034 53,122 50,131 103,253 177,284 196,961
Per cent change 8.6 8.1 -2.1 NA 12.7 15.8 4.6 10 8.0 11.1
International Merchandise Imports ($ millions), nsa 27,974 27,640 28,891 NA 83,382 81,919 84,505 166,424 295,589 325,154
Per cent change 3.3 2.2 1.8 NA 7 6.6 2.5 4.5 9.6 10.0
Wholesale Trade ($ millions)  28,223 28,693 28,930 NA 84,036 85,609 85,846 170,164 306,756  326,783
Per cent change 0 1.7 0.8 NA 1.7 1.9 0.3 7.5 6.8 6.5
Non-residential Building Permits ($ millions)  846 874 764 NA 2,813 3,100 2,484 5,292  11,736 11,950
Per cent change -13.6 3.4 -12.6 NA -2.1 10.2 -19.9 -15.6 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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