Ontario Economic Update

As of November 15, 2019

Economy
  Monthly:
2019 Jul
Monthly:
2019 Aug
Monthly:
2019 Sep
Monthly:
2019 Oct
Quarterly:
2019 Q1
Quarterly:
2019 Q2
Quarterly:
2019 Q3
Year
to Date*
Annual:
2017
Annual:
2018
Real Gross Domestic Product ($2007 millions) 785,451 791,873 NA 788,662 761,818 778,518
Per cent change 0.1 0.8 NA 1.9 2.9 2.2
Current Dollar Gross Domestic Product ($ millions)  869,359 886,598 NA 877,978 826,945 857,384
Per cent change 0.8 2.0 NA 3.6 4.6 3.7
Employment
  Monthly:
2019 Jul
Monthly:
2019 Aug
Monthly:
2019 Sep
Monthly:
2019 Oct
Quarterly:
2019 Q1
Quarterly:
2019 Q2
Quarterly:
2019 Q3
Year
to Date*
Annual:
2017
Annual:
2018
Employment (000's) 7,420 7,478 7,519 7,503 7,364 7,429 7,473 7,435 7,128 7,242
Net New Jobs (000's)  −10.7 57.8 41.1 −16.2 79.4 65.1 43.8 207.4 128.4 114.4
Per cent change −0.1 0.8 0.5 −0.2 1.1 0.9 0.6 2.9 1.8 1.6
Unemployment Rate (per cent)  5.7 5.6 5.3 5.3 5.8 5.5 5.5 5.7 6.0 5.6
Average Weekly Wage Rate ($), nsa  1,057 1,042 1,047 1,048 1,014 1,035 1,048 1,034 967 1,002
Per cent change 5.6 3.7 3.9 4.4 2.0 2.8 4.4 3.2 0.9 3.5
Employment Insurance Beneficiaries (regular) 119,870 118,140 NA NA 114,230 117,993 NA 131,193 134,650 120,384
Per cent change 0.5 −1.4 NA NA −1.1 3.3 NA −4.3 −3.8 −10.6
Consumers
  Monthly:
2019 Jul
Monthly:
2019 Aug
Monthly:
2019 Sep
Monthly:
2019 Oct
Quarterly:
2019 Q1
Quarterly:
2019 Q2
Quarterly:
2019 Q3
Year
to Date*
Annual:
2017
Annual:
2018
Retail Sales ($ millions) 19,635 19,479 NA NA 56,523 58,093 NA 150,856 216,318 225,859
Per cent change 1.3 −0.8 NA NA −1.0 2.8 NA 2.9 7.7 4.4
New Motor Vehicle Sales (units), nsa 75,141 80,965 73,497 NA 179,837 248,313 229,603 657,753 857,155 862,313
Per cent change −2.4 3.7 −2.2 NA −3.1 −5.3 −0.3 −3.0 4.3 0.6
Consumer Price Index (CPI), nsa 138.8 138.5 137.5 NA 136.1 137.8 138.3 137.4 131.9 135.0
Per cent change 2.1 1.9 1.7 NA 1.6 2.1 1.9 1.9 1.7 2.4
Housing
  Monthly:
2019 Jul
Monthly:
2019 Aug
Monthly:
2019 Sep
Monthly:
2019 Oct
Quarterly:
2019 Q1
Quarterly:
2019 Q2
Quarterly:
2019 Q3
Year
to Date*
Annual:
2017
Annual:
2018
Housing Starts (000's)  69.7 84.2 85.1 71.8 61.9 68.2 79.3 57.0 79.1 78.7
Per cent change 4.3 20.9 1.1 −15.7 −24.8 10.1 16.3 −9.4 5.6 −0.5
MLS Home Resales (units)  17,870 18,325 18,336 18,033 47,661 50,900 54,531 181,701 218,799 190,548
Per cent change 3.2 2.5 0.1 −1.7 −3.0 6.8 7.1 8.5 −9.9 −12.9
Business
  Monthly:
2019 Jul
Monthly:
2019 Aug
Monthly:
2019 Sep
Monthly:
2019 Oct
Quarterly:
2019 Q1
Quarterly:
2019 Q2
Quarterly:
2019 Q3
Year
to Date*
Annual:
2017
Annual:
2018
Manufacturing Sales ($ millions)  26,409 26,524 NA NA 79,129 79,823 NA 211,586 303,565 315,506
Per cent change −1.6 0.4 NA NA −0.2 0.9 NA 0.9 1.8 3.9
International Merchandise Exports ($ millions), nsa  15,980 17,630 17,908 NA 50,546 53,845 51,517 155,908 199,260 201,947
Per cent change 1.3 6.4 10.1 NA 3.2 2.9 6.0 4.0 −2.8 1.3
International Merchandise Imports ($ millions), nsa 29,600 30,837 29,932 NA 88,960 94,617 90,369 273,945 346,848 354,769
Per cent change 3.3 0.5 2.0 NA 5.0 2.6 1.9 3.1 4.0 2.3
Wholesale Trade ($ millions)  33,870 33,362 NA NA 98,146 98,703 NA 262,513 376,133 385,590
Per cent change 3.1 −1.5 NA NA 1.2 0.6 NA 2.6 7.4 2.5
Non-residential Building Permits ($ millions)  1,294 1,325 1,292 NA 3,484 3,827 3,910 11,530 14,764 13,380
Per cent change 3.8 2.4 −2.5 NA 4.9 9.8 2.2 14.2 23.8 −9.4
Private and Public Investment ($ millions) 69,073 72,479
Per cent change 7.4 4.9

* 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
Macroeconomics and Revenue Branch
Economic 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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