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November 28, 2014
COMPENSATION OF EMPLOYEES Q3 2014

Nova Scotia's seasonally adjusted employee compensation (wages+salaries+employer social contributions) increased by 0.1 per cent in the third quarter to $5.35 billion, and compared to the second quarter of 2013 compensation was up 3.4 per cent. Both, wages and salaries and employers' social contribution were up 0.1 per cent in the quarter and up 3.4 per cent from 2013 Q3.



On a year-to-date basis (January-September), Nova Scotia employee compensation increased 2.9 per cent with wages and salaries increasing 2.8 per cent and employer's social contributions up 3.4 per cent. On a year-to-date basis the fastest compensation of employees growth was in Alberta (+7.4%), Saskatchewan (+5.1%), and Newfoundland and Labrador (+4.7%). The slowest growth occurred in New Brunswick (+1.7%), Quebec (+2.3%) and Prince Edward Island (+2.6%). All provinces had positive quarter-over-quarter and year-over-year growth.




Over the nine months of the year, total wages and salaries reported by sector (excluding social insurance contributions, not seasonally adjusted) increased in both goods-producing (+2.8%) and services-producing(+3.0%) industries compared to the same period last year. Across all industries, wages and salaries are up $389.1 million for Jan-Sept 2014. Compared to last year, agriculture, forestry, and fishing (+12.1%) and mining and oil and gas extraction(+14.5%) had the fastest pace of growth. Among the private services-producing industries all areas grew, led by gains in trade (+$77.5 million) and finance and real estate (+$46.6 million). Gains occurred for education services (+1.8%), health care (+8.0%), provincial public administration (+3.2%), and local public admin (+1.3%). Offsetting the gains occurring in most sectors, were declines in military (-11.3%) and federal public administration (-2.9%).




Note: The employee of compensation data is not adjusted for trading days or pay periods.

Source: CANSIM table 382-0006



November 28, 2014
CANADIAN ECONOMIC ACCOUNTS Q3 2014

Canadian GDP grew 2.8 per cent (all figures seasonally adjusted annualized rate) in the 3rd quarter 2014. This follows growth of 3.6 per cent in the previous quarter and 1.0 per cent in the first quarter of 2014. Increases in exports (+6.9%) and household final consumption (+2.8%) were the main contributors to GDP growth. Gross fixed capital formation (+5.3%) also made a positive contribution. Inventories and rising imports partially offset the gains.
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November 28, 2014
CANADIAN ECONOMIC ACCOUNTS Q3 2014 CONTINUED

Exports were up for the second consecutive quarter, increasing 6.9 per cent with increase in good exports of intermediate metal products, crude oil and crude bitumen, and basic chemicals, industrial chemical products, and passenger cars and light trucks. Export of services was down with a decline in commercial services. Imports rose 4.0 per cent on higher crude oil and crude bitumen and refined petroleum energy products.
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November 28, 2014
GDP BY INDUSTRY SEPTEMBER 2014

Canada's real GDP grew by 0.4 per cent for the month of September 2014 to a seasonally-adjusted annual rate of $1.64 trillion dollars (chained (2007) dollars at basic prices). With the exception of August 2014's decline of 0.1 per cent, GDP has shown positive monthly gains throughout 2014. Goods production was up 1.0% in September due mainly to gains in mining and oil and gas extraction, and manufacturing. In the services sector, growth of 0.2% was a reflection of wholesale and retail trade and finance and insurance. Declines occurred in the public sector, transportation and warehousing, and arts & entertainment.
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November 28, 2014
EU AND EURO AREA UNEMPLOYMENT RATE, OCTOBER 2014

In October 2014, the unemployment rate (seasonally adjusted) in the European Union (EU28) was 10.0%, unchanged from September 2014. Compared with October 2013, unemployment declined by 0.7 percentage points (1.55 million persons) in EU28. The Euro Area (EA18) unemployment rate in October 2014 was 11.5%, unchanged from September 2014, and down 0.4 percentage points (0.55 million persons) from October 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 -0.2%
Employment Level 446.3
Exports (Domestic) -14.7%
GDP (millions, 2012) 38397
GDP Growth (2012) -0.1%
Income (per capita) $33,934
Manufacturing Shipments 5.0%
Non-res. Investment -6.2%
Population July 1, 2013 940,789
Res. Investment -17.6%
Retail sales +1.6%
Unemployment Rate 8.6%
Wholesale Trade +2.0%

Orange ClockFor More Information

Thomas Storring
Director of Economics/Statistics
Tel: 902-424-2410
Email: Thomas.Storring@novascotia.ca