The Weekly Review, November 25 to 29, 2024

Higher household spending leads real gross domestic product growth in the third quarter

Real gross domestic product (GDP) increased 0.3% in the third quarter, after rising 0.5% in both the second and first quarters. Household spending rose 0.9% in the third quarter, led by increased spending on new trucks, vans and sport utility vehicles. On a per capita basis, GDP fell 0.4% in the third quarter, which was the sixth consecutive quarterly decline.

Source: Gross domestic product, income and expenditure, third quarter 2024

Payroll employment in retail trade trending down since January

Payroll employment in retail trade decreased by 13,200 (-0.7%) in September, following little change in August and an increase of 4,700 (+0.2%) in July. Payroll employment in this sector has generally trended down from January to September 2024, with an overall decline of 30,100 (-1.5%). Building material and supplies dealers (-6,800; -5.2%) was the largest contributor to the sector's overall decline from January to September.

Source: Payroll employment, earnings and hours, and job vacancies, September 2024

Motor vehicles and parts lead decrease in both exports and imports of goods in the third quarter

Exports of goods decreased 0.4% to $191.8 billion in the third quarter, largely due to lower exports of motor vehicles and parts (-4.9%). Higher exports of consumer goods (+4.2%) moderated the overall decline. Imports of goods were down 0.3% to $195.4 billion in the third quarter. Imports of motor vehicles and parts (-5.1%), which increased in the second quarter (+6.1%), led the decline in the third quarter.

Source: Canada's balance of international payments, third quarter 2024

Industry retention after gaining permanent residency

Temporary foreign workers can play a long-lasting role in alleviating labour shortages. However, not all remain in their initial industries after gaining permanent residency. Among work permit holders who became permanent residents from 2011 to 2015, 43% remained in the same industrial sector five years after transitioning.

Source: Economic and Social Reports, November 2024

Finfish production declines in British Columbia in 2023, while the Atlantic industry recovers

Farmed finfish production in British Columbia declined 41.4% in 2023, compared with the previous year, while farmed finfish production in the Atlantic provinces increased 52.4% year over year. In 2023, export quantities for farmed Atlantic salmon—including fillets—decreased to 64 469 tonnes (-18.0% compared with 2022). The United States accounted for 98.6% of total exports of Canadian farmed Atlantic salmon by quantity in 2023.

Source: Aquaculture, 2023

Big sales this weekend

This weekend marks some of the most lucrative days of the year for retailers and great deals for consumers: Black Friday and Cyber Monday. In 2023, the $69.2 billion in sales in November was just above the $69.1 billion Canadian retailers sold in December. Not all Canadians choose to stay in the country to take advantage of Black Friday and holiday deals, however. In the fourth quarter of 2023, 1.2 million Canadian residents reported spending $286 million during trips to the United States with the main purpose of non-routine shopping.

Source: Retailers and shoppers hoping for big sales this weekend