View the Archive..October 30, 2014EMPLOYMENT, EARNINGS AND HOURS, AUGUST 2014
Nova Scotians' average weekly earnings (including overtime, seasonally adjusted) increased 0.5 percent from July to $829.49 in August 2014, and was 3.2 per cent above the level in August 2013. Canadians' average weekly wages increased 0.1 per cent from July to $943.30 in August 2014, a 3.5 percent increase over August 2013.
This month, all provinces with the exception of Newfoundland and Labrador, New Brunswick and Quebec saw increases in average weekly earnings on a monthly basis. On a year-over-year basis, all provinces average wages increased with Manitoba growing the most, at 5.3 percent year over year.
Year-to-date, Nova Scotians' average weekly earnings increased 3.5 percent, to $821.39. Canadians' average weekly earnings rose 2.9 percent year to date (January to August 2014 vs January to August 2013) to $933.03.
In August, earnings in goods producing industries in Nova Scotia increased 1.4 percent on a month to month basis, and increased 7.9 percent year-over-year. Service producing industries wages increased 0.1 percent month to month, and increased 2.4 percent compared to August 2013 (all figures are seasonally adjusted).
On a year to date basis, the Industrial Aggregate (excluding unclassified businesses) average weekly earnings for Nova Scotia rose by 3.5 percent to $821.39. Goods industries wages were up 4.3 percent (to $984.01) on a year to date basis, and services industry wages were up 3.4 percent year to date (to $794.38).
In August, Nova Scotia had 401,125 employees, a decrease of 0.2 percent compared to last month, and 0.6 percent higher than a year ago. Canada had 15.6 million employees, 0.1 percent higher compared to last month and 0.8 percent higher than a year ago. On a year to date basis, Nova Scotia had 0.3% fewer employees to August and Canada had 1.0 more employees compared to the first eight months of last year.
Source: Statistics Canada, Survey of Employment, Payroll, and Hours. CANSIM Tables 281-0049
October 30, 2014US GDP Q3 2014 (ADVANCE ESTIMATE)
In the latest advance estimates, the US Bureau of Economic Analysis reported that real GDP grew at an annualized pace of 3.5 per cent in the third quarter of 2014. This represents a slowing of growth from a (revised) second quarter estimate of 4.6 per cent growth that followed a 2.1 per cent decline in the first quarter.
October 29, 2014US MONETARY POLICY
The Federal Open Market Committee (FOMC) issued its latest monetary policy statement today.
The FOMC announced that it would maintain the target range for the federal funds rate at 0 to 1/4 percent but has end its asset purchasing program. The FOMC will continue reinvesting principal payments from its holdings of mortgage-backed securities and rolling over maturing Treasury securities and thus holdings of longer-term securities will continue to be at sizable level. The committee also reaffirmed that they anticipate that the current 0 to 1/4 per cent federal funds rate will remain appropriate for a considerable time and that even after employment and inflation are near mandate levels that economic conditions could warrant a federal fund rate below the normal long run rate.
October 28, 2014US S&P/CASE-SHILLER HOME PRICE INDICES, AUGUST 2014
Data through August 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 by 0.2 and 0.1 percent respectively, on a month to month comparison (seasonally adjusted). Increases in US home prices have slowed over the past six months and have been in decline since May.
October 28, 2014STUDY: THE CUMULATIVE EARNINGS OF POSTSECONDARY GRADUATES OVER 20 YEARS BY FIELD OF STUDY
This study reports on the cumulative earnings over a 20-year period of college and bachelor's degree graduates from different fields of study. Using longitudinal tax data linked to 1991 Census data, the study tracked individuals from 1991, when they were 26 to 35 years old, to 2010, when they were 45 to 54 years old. Individuals were grouped according to their highest level of completed education and major field of study reported in 1991. The labour market outcomes of bachelor's degree and college certificate graduates were compared both across and within fields of study.