Posts

• April 4, 2022

  Backgrounder on the Business Outlook Survey question on firms’ average expected wage increase

  Firms participating in the Business Outlook Survey (BOS) are asked several questions about labour markets. One such question is whether they expect wage growth to increase or decrease over the next 12 months. The responses to this question, combined with related confidential comments, give a picture of the state of wage pressures in the economy. This, along with wage data and several labour market indicators, inform the Bank about labour market conditions.

  Content Type(s): Background materials
• April 4, 2022

  Canadian Survey of Consumer Expectations—First Quarter of 2022

  This survey took place in mid-February 2022 before Russia invaded Ukraine on February 24, 2022. Follow-up interviews took place in March and provide some insight into how consumers perceive the effects of the conflict. Short-term inflation expectations have reached record-high levels because of supply disruptions and the COVID 19 pandemic. Consumers think the Russian invasion of Ukraine will make high inflation worse. Despite greater concerns about inflation today, longer-term expectations have remained stable and are below pre-pandemic levels. This suggests that long-term inflation expectations remain well anchored and that survey respondents believe the current rise in inflation will not last. Although workers anticipate significant price increases in the near term, they believe their wages will increase only modestly. This is a source of dissatisfaction for them. Despite expecting higher interest rates, consumers continue to anticipate strong spending growth on a broad range of goods and services.

  Content Type(s): Publications, Canadian Survey of Consumer Expectations

• Contribution of Human Capital Accumulation to Canadian Economic Growth

  Staff Discussion Paper 2022-7 Audra Bowlus, Youngmin Park, Chris Robinson

  This paper quantifies the contribution of human capital accumulation to the growth of real gross domestic product (GDP) in Canada.

  Content Type(s): Staff research, Staff discussion papers Topic(s): Econometric and statistical methods, Labour markets, Potential output, Productivity JEL Code(s): D, D2, D24, E, E2, E24, J, J2, J24, J3, J31, O, O4, O47