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The BCREA CLI fell 0.4 points to 145.9 in the second quarter of 2024, while the six-month moving average also fell to 146.1. The index is unchanged from the same time last year.

Second Quarter Highlights:

• The economic activity index declined in Q2 by 0.57 points. Inflation-adjusted retail trade (-1.6 per cent), and wholesale trade (-2.4 per cent) both fell from the previous quarter, pushing the economic component down in spite of growth in manufacturing sales (+2.1 per cent).

• Office employment (financial, insurance, real estate, and professional services) rose by 3.2 per cent in the second quarter, while manufacturing employment increased by 0.6 per cent. The overall employment component rose by 0.76 points from the previous quarter, contributing positively to the index.

The financial component of the index also declined in the second quarter by 0.46 points. Real Estate Investment Trust (REIT) prices declined by -7.5 per cent, pushing the component down. However, interest rate spreads declined for a second consecutive quarter, indicating less perceived short-term risk in the economy. This offset some of the effects of declining REIT prices on the CLI, but the financial component was still negative on net.

For more information, please contact: Gino Pezzani.