On June 7, the Bank of Canada raised its benchmark interest rate by .25 basis points to 4.75 per cent. This is the first time that Canada's central bank has raised its trend-setting interest rate since January, when the bank signaled it would conditionally pause its aggressive campaign of rate hikes to tame inflation. After cutting its lending rate to near zero early in the COVID-19 pandemic, the Bank of Canada has raised its benchmark interest rate nine times since March 2022. 

According to the Saskatchewan Finance in its 2023-2024 budget forecast, real GDP is predicted to slow down significantly from the 4.8% increase in 2021 to 1.3% for 2022 and 1.8% in 2024.

The average year-to-date rate of change in the all-items Consumer Price Index (inflation) in July 2023 over July 2022 was 4.6%. The largest contributors were food (9.0%), shelter (6.7%), recreation, education and reading (7.7%), and Health and personal care (6.8%).

June 2023 year-to-date retail trade is up by 1.3% over the same period in 2022.

• Sub-sectors that posted increases were new car dealers (16.0%), Furniture and home furnishings stores (2.5%), Building material and garden equipment and supplies dealers (7.2%), Health and personal care stores (9.8%), Clothing and clothing accessories stores (2.1%), Sporting goods, hobby, book and music stores (9.9%), Beer, wine and liquor stores (2.4%), General merchandise stores (7.7%), and all other (2.8%).
• During the same time period, used car dealers (-21.7%), Gasoline stations (-11.8%), Electronics and appliance stores (-1.3%), and Grocery stores (-11.82%) posted declines.

June 2023 year-to-date new motor vehicle (units) sales were up 0.5% from June 2022. New minivans, sport-utility vehicles, light and heavy trucks, vans and buses sales were up 1.7% while new passenger cars sales were down -11.5%.

June 2023 year-to-date restaurant receipts were up 14.8% over the same period in 2022. Within restaurant receipts, all sub components increased: Special food services (31.6%), Drinking places (alcoholic beverages) (10.4%), Full-service restaurants (13.3%), and Limited-service eating places (14.6%).

June 2023 year-to-date manufacturing sales are down -0.9% over the same period in 2022.

• Sub-sectors that posted increases were Food manufacturing sales (8.8%), Machinery manufacturing sales (24.7%), and Fabricated metal product manufacturing sales (5.8%).
• Sub-sectors that posted decreases were limited to All other Manufacturing sales (-9.2%).

June 2023 year-to-date wholesale trade was up 32.8% over the same period in 2022.

• Farm product merchant wholesalers (79.6%), Food, beverage and tobacco merchant wholesalers (8.6%), Machinery, equipment and supplies merchant wholesalers (31.9%), Building material and supplies merchant wholesalers (10.1%), and all other (49.7%) posted increases while Agricultural supplies merchant wholesalers (-15.8%) saw a decline.    

Total International merchandise exports were up 1.5% year-to-date July 2023 over July 2022.

• Sub-sectors that posted increases were Farm, fishing and intermediate food products (34.1%), Metal and non-metallic mineral products (53.1%), Basic and industrial chemical, plastic and rubber products (25.3%), Industrial machinery, equipment and parts (13.2%), Motor vehicles and parts (25.6%), Aircraft and other transportation equipment and parts (11.9%), Consumer goods (38.5%), and Special transactions (8.9%).
• Sub-sectors that posted decreases were Energy products (-8.0%), Metal ores and non-metallic minerals (-21.1%), Forestry products and building and packaging materials (-28.1%), and Electronic and electrical equipment and parts (-5.9%). 

Reflecting weak new home construction and permitting data, year-to-date August 2023 construction employment was down -5,325 or -11.0% from the same period in 2022.

August 2023, total year-to-date housing starts are down by -137 units or -5.2% over the same period in 2022. Year-to-date increases were observed in semi-detached (16 units or 15.7%) and apartment and other types (354 units or 27.8%). Year-to-date declines were noted in singles (-356 units or -39.1%) and row (-151 units or -44.9%).  

 The average year-to-date Housing Price Index Benchmark Composite Price is down from $327,225 in August 2022 to $325,088 in August 2023 or -0.7% as higher borrowing costs impact affordability and demand.

July 2023 year-to-date building permits are down -5.7% over the same period in 2022. Sub-sectors that posted increases were industrial (6.5%) and institutional and governmental (38.6%). During the same time period, residential (-8.3%) and commercial (-17.2%) posted declines.             

August 2023 year-to-date employment in Information, culture and recreation was up 613 positions or 3.1% over same period in 2022.

Q3 2023 Provincial population was up persons or 2.6% over 2022 Q3 to 1,209,107, an all-time high. In addition, the provincial population grew by 8,567 people over the second quarter of 2023. 

• Driving population growth was post-COVID resurgent international immigration as borders re-opened. Net inter-provincial migration has been negative every quarter since Q2 2013.