Briefing highlights
* We’re stressed, TD survey shows
* Inflation inches up to 2.3 per cent
* Canadian dollar sinks below 79 cents
* Markets at a glance
* Trump slams OPEC over oil prices
* GE profit surges on aviation, health care
* Beer road signs I’d love to see
Stressed out
Toronto-Dominion Bank says we should invest in ourselves to help ease the stress most of us feel.
We could use our tax refunds for a vacation, or try a staycation, relax at a local spa, enjoy lunch at a favourite eatery, try out new activities or join a recreational league, TD said as it released a new survey underscoring just how stressed we are.
(Of course, TD is a bank, so it also suggested investing in ourselves by saving for anything from a trip or a car to a computer or a return to school through cashable GICs, a high-interest savings account, automated savings options and TFSAs.)
It didn’t mention buying a subscription to The Globe and Mail. But I bank at TD, and they care about my well-being – they have to, I owe them a lot of money - so I think they’d want you to.
(The folks at my branch are very nice, helpful and professional, for the record. Indeed, once, after helping me, a rep asked if there was anything more she could do. I said no, thanks, that she’d already helped a lot and that I was “forever in your debt.” Which was true.)
The TD survey, based on responses from more than 3,000 working Canadians, done recently by Environics Research and released this week, found this:
Two-thirds suffer “moderate to high levels of stress” at work.
Ninety-five per cent of those believe it’s important to invest in themselves, but 53 per cent “don’t do it as frequently as they’d like.”
Break it down further, and you find that 67 per cent of those can’t afford it.
“Furthermore, 82 per cent of working Canadians said they would invest in themselves more if they had the financial resources to do so,” TD said.
Eighty-one per cent of working Canadians want a vacation, although millennials are “more likely than average” to chase hobbies, education or their own businesses.
Those in health care, social assistance, finance, insurance and real estate are “more likely than average” to suffer from high or moderate stress.
“Canadians recognize the importance of taking a break and doing something good for themselves, but often don’t because of the associated cost,” Jennifer Diplock, TD’s associate vice-president of personal savings and investing, said in releasing the survey.
You can take this to the bank: This week’s monetary policy report from the Bank of Canada noted that growth in wages is “firming,” having lagged for some time. Of course, some of that is related to minimum-wage hikes.
WAGE GROWTH
Year-over-year percentage change, quarterly data
Labour productivity
6%
Wage-common
5
Range of wage inputs
4
3
2
1
0
-1
-2
‘07
‘08
‘09
‘10
‘11
‘12
‘13
‘14
‘15
‘16
‘17
‘18
THE GLOBE AND MAIL, SOURCE: BANK OF CANADA
WAGE GROWTH
Year-over-year percentage change, quarterly data
6%
Labour productivity
Wage-common
5
Range of wage inputs
4
3
2
1
0
-1
-2
2007
‘08
‘09
‘10
‘11
‘12
‘13
‘14
‘15
‘16
‘17
‘18
THE GLOBE AND MAIL, SOURCE: BANK OF CANADA
WAGE GROWTH
Year-over-year percentage change, quarterly data
6%
Labour productivity
Wage-common
5
Range of wage inputs
4
3
2
1
0
-1
-2
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
THE GLOBE AND MAIL, SOURCE: BANK OF CANADA
“Underlying wage growth continues to improve, rising to 2.7 per cent in the latest estimate, although this rate appears to have been boosted somewhat by the impact of the minimum-wage increases,” the central bank said.
“A rate of wage growth of about 3 per cent has historically been consistent with an economy in which there is no labour market slack and in which wages have grown in line with their key determinants … The estimate of 2.7 per cent thus suggests that some slack may remain or that other factors are restricting wage growth.”
As for the TD survey, Ms. Diplock also suggests starting a “me fund,” to which you’d make steady contributions, or possibly add to from your tax refund. I quite like that idea, and you should feel free to contribute to mine.
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And on that note
While you’re thinking about stress and money, you might want to thank President Donald Trump for railing against OPEC and knocking down oil prices today.
Annual inflation is creeping up in Canada, to 2.3 per cent in March, partly on a jump of 17.1 per cent in what you’re paying at the pump.
The rise in consumer prices, the fastest since October, 2014, according to Statistics Canada, was up from February’s 2.2 per cent. If you strip out gas, it came in at 1.8 per cent.
But other things we buy also increased, including food, mortgage costs and car insurance premiums.
Indeed, the only thing to fall were clothes and footwear.
On a month-to-month basis, and not seasonally adjusted, prices rose 0.3 per cent in March from February.
The Bank of Canada’s measures of so-called core prices, which excludes volatile costs, were less than expected, though not by much.
“The underwhelming readings on prices will delay calls for an acceleration in Bank of Canada rate hikes, and should put pressure on the Canadian dollar today,” said Royce Mendes of CIBC World Markets.
And indeed it did, sending the loonie well below 79 US Cents.
Separately, Statistics Canada said, retail sales rose 0.4 per cent in February, driven up by new car dealers and general merchandise shops.
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Markets at a glance
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Road signs I’d love to see
Photo illustration
Photo illustration
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