We continue to see signals that the provincial economy’s holding up well.
With oil prices inching their way higher, surpassing the $58 mark for the first time in a couple years, and other indicators showing no signs of falling back, we are in a steady stage of economic growth. We are seeing that in the labour market, in housing and in consumer spending.
The latest indicator or metric to support this argument is sales in bars and restaurants. We get this tally every month and it is watched closely because it a way to take the temperature or pulse of consumers.
This is the ultimate in discretionary spending so any change in direction is watched closely.
The latest figures we have come from September and it was another steady-as-she-goes month. Revenues for these establishments in this province were virtually unchanged. They’ve pretty much been that way all year, floating in a narrow range between $150 million and $155 million a month.
The story was quite similar across the country. Sales rose in eight provinces, suggesting consumer sentiment is buoyant throughout the nation.