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August 26, 2014

Seasonally-adjusted operating profits for Canadian corporations increased 2.6 per cent in the 2nd quarter to $87.8.billion, this follows a 3.8 per cent percent increase in the first quarter of 2014. First quarter profit was revised down to $85.6 billion from the initial estimate of $88.6 billion (growth of 7.4%) due to lower operating profits for insurance carriers. Profits rose in 13 out of 22 industries with increases for both financial and non-financial firms. Compared to a year earlier, operating profits are 6.8 per cent higher.

The non-financial sector, seasonally adjusted, operating profits rose 0.8 per cent to $66.4 billion in the second quarter with operating revenue increasing 1.5 per cent. Year-over-year, operating profits were up 15.8 per cent in the non-financial sector. Manufacturing profits decreased to 1.9 per cent with petroleum and coal products manufacturing profits declining 17.8 per cent from record levels in the first quarter. Operating revenue for petroleum and coal products manufacturing were at records levels, but higher depreciation and other expenses offset the gains. Motor vehicle and parts manufacturing profits were lower by 22.1 per cent in the second quarter as additional shifts and overtime were needed to meet strong demand after transportation of autos and parts was delayed by poor weather in the first quarter.

Among non-financial sectors, operating profit increases for the 2nd quarter were reported in
-Wholesale trade (+$690 million, 9.0%)
-Construction (+519 million, +11.7%)
-Professional, scientific and technical services ($346 million, +8.7%)

Operating profit decreases occurred in:
-Retail Trade (-$820 million, -20.8%)
-Manufacturing (-$278 million, -1.9%)
-Utilities (-$153 million, -8.1%)

The financial sector's operating profits increased 8.8 per cent in the 2nd quarter with an increase in insurance carriers profits from a loss of $46 million in the first quarter to an operating profit of $1.78 billion in second quarter.

Source: Quarterly financial statistics for enterprises; CANSIM 187-0002

August 26, 2014

Data through June 2014, released today by S&P Dow Jones Indices for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, showed that the Composite 10-City and Composite 20-City indicators decreased, respectively, 0.1% and 0.2% month to month (seasonally adjusted). Increases in US home prices have slowed over the past six months; for the composite-20 index year-over-year growth has fallen from 13.7 per cent in November 2013 to 8.1 per cent in June 2014.
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August 25, 2014

The study focused on firm entry and exit rates in Canada, which illustrate one aspect of the dynamism that is essential to a well-functioning economy. The entry of new firms is a source of productivity growth and technology adoption, while exits remove less productive firms. Other measures of dynamism, such as employment re-allocation, were not examined. The rate at which businesses both entered and exited industry in Canada fell between 1983/1984 and 2011/2012. The entry rate, the number of entrants divided by the population of all active firms, declined over a 30-year period, falling from 24.5% to 13.1%. The exit rate, the number of firms leaving an industry relative to the sector's total population, also declined from 16.5% to 11.6%.
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August 25, 2014

Since peak production in 2001-2002, Sable production has been declining. However the Deep Panuke field was brought into production in August 2013. Since then, total natural gas production is on the increase. In July 2014, the Deep Panuke offshore energy platform pumped 220.1 million cubic metres of gas, down 7.2 percent from the previous month. In July 2014, the Sable offshore energy platform pumped 149.9 million cubic metres of gas, down 8.4 percent from the previous month.
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August 22, 2014

NOVA SCOTIA In Nova Scotia July 2014, the consumer price index (2002=100) decreased 0.2% from June 2014 to 128.9 and increased 2.0% over July 2013. The CPI, excluding food and energy, decreased 0.2% from June 2014 to 118.1, and increased 1.5% over July 2013. CANADA In Canada July 2014, the consumer price index (2002=100) decreased 0.2% from June 2014 to 125.7 and increased 2.1% over July 2013.
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Recent PublicationsLabour Market Monthly
Consumer Price Index
Nova Scotia Economic Indicators - August 2013
Current Economic Environment
Indicators of Prosperity - 2012

Statistics at a Glance(Mouse over items for details)
Building Permits +20.9%
Consumer Price Index +2.0%
CPI (Annual) +1.2%
Debt: GDP 34.8%
Deficit/Surplus: GDP D: 0.5%
Employment Growth 0.0%
Employment Level 447.0
Exports (Domestic) +2.8%
GDP (millions, 2012) 38397
GDP Growth (2012) -0.1%
Income (per capita) $33,934
Manufacturing Shipments 5.3%
Non-res. Investment -6.2%
Population July 1, 2013 940,789
Res. Investment -17.6%
Retail sales +2.0%
Unemployment Rate 8.7%
Wholesale Trade -1.4%

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Thomas Storring
Director of Economics/Statistics
Tel: 902-424-2410