Market Matters
Market insight report 06/12/22
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Top story☝️
The Canadian economy is still growing
While consumer spending is down 0.3%, with people taking advantage of strong savings rates, Canada as a whole is continuing to grow this quarter by 0.7% thanks in part to a better than average growing season, fuelling an increase in agricultural exports (and oil). Link
huumans updates 👀
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As an existing huumans customer, you can get 25% off plans when you add an additional business or one months free service each time you refer another business owner to huumans. Contact your huumans team for more details.
News 🗞️
Unemployment drop, wages increase
Keeping on the growth trend, November saw unemployment drop to 5.1% with 10,000 jobs added nationally. Wages have also aligned to growth, an increase of up to 5.6%, however with inflation persisting at 6.9%, they're still short of aligning to the real cost of living. Link
Alberta looking risky for investors
The Calgary Chamber of Commerce, along with other business groups, are becoming increasingly vocal about the "troubling" nature of the Alberta Sovereignty Act. If there's one thing investors dislike - it's uncertainty. Just ask the UK. Link
One last push?
Bank of Canada are expected to make one final rate hike, with an increase of either a quarter or half percentage point. BoC has been agressive this year in trying to control inflation and this latest rise is considered likely to be the last of the current cycle, with inflation now tracking downward. Link
Food inflation not over yet, but the future looks brighter
Every restaurant owner and grocery retailer in Canada is waiting on good news when it comes to food prices - as are consumers. A recent report from Dalhousie University found that more inflation is to come into early 2023, but prices are expected to begin dropping soon after. Link
Prospective employees just aren't showing up
More and more small businesses are struggling to hire and retain new employees, with owners reporting 'ghosting' at interviews and new hires deciding to leave after only a few weeks. It's inevitably a symptom of a deeper, more complex problem in the labour market - and something has to change. Link
Analysis 💭
How to make better decisions. Link
Too much software in your business? Not sure if you're using it all? Shocked by the amount of 'just $10 per month per user' apps you use? This might be the solution to your software budgeting nightmares. Link
Data security advice for the holiday season. Winter is coming. Link
Markets 💰
BOC Indicators (Link):
BOC Prime Rate: 5.95% ↗️
BOC Unemployment Rate: 5.1% ↘️
BOC CPI Inflation Rate: 6.9% ↘️
BOC $USD Exchange Rate (Link):
Low: 1.3433 CAD [0.7444 USD] ↘️
Average: 1.3488 CAD [0.7414 USD] ↘️
High: 1.3578 CAD [0.7365 USD] ↘️
Best GIC Rates (Link):
1-year GIC: 5.18% ↗️
3-year GIC: 5.10% ➡️
5-year GIC: 5.20% ↘️
Best 5Y Mortgage Rates (Link):
Variable Closed: 5.200% ➡️
Variable Open: 6.600% ➡️
Fixed: 5.561% ➡️
Prime Rates (Link):
TD Bank: 5.95% ➡️
BMO: 5.95% ➡️
RBC: 5.95% ➡️
Scotiabank: 5.95% ➡️
CIBC: 5.95% ➡️
National Bank: 5.95% ➡️
CRA Canadian Pension Plan Rate: 5.70%
CRA Employment Insurance Rate: 1.58%
CRA Minimum Wage per Province: Link
What is huumans?
A 'Modern', cost-effective bookkeeping service designed specifically for small business owners, huumans provides same or next business day support, guaranteed weekly reconciliation and fixed, transparent monthly pricing. Your business numbers, directly calculated from your constantly reconciled accounts, are presented in a free, easy-to-understand, on-demand, shareable dashboard - and like your billing, it can be managed online whenever you find it convenient. Offering the most cost effective small business managed payroll services in Canada, we also provide specialized discounts for startups and new businesses, along with dedicated solutions for franchises.