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[Publication Notice] ATLΛNTIC Economic Update

Date: May 18, 2022

The Atlantic Canadian economy is off to a strong start in 2022 after a solid recovery last year from the pandemic. 

Employment in Atlantic Canada increased 2.6% in the first four months of 2022. Atlantic Canada’s unemployment rate was a record low 7.4% in April 2022. Many industries are now struggling with labour shortages, which could dampen further gains in hiring. Wage growth is relatively strong, but it has not been keeping up with price growth.

High inflation poses a risk to the recovery. Consumer prices are increasing at the highest rates in decades, becoming more broad-based and persistent. Atlantic Canada’s inflation rate was 7.3% in March, which was above the national rate of 6.7%. An inflation rate of 5% this year could cost the average Atlantic Canadian over $1,600.

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