Unit Labor Costs: Early Estimate of Quarterly Unit Labor Costs (ULC) Indicators: Unit Labor Costs: Total for Canada
ULQEUL01CAQ661S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
122.63
Year-over-Year Change
8.95%
Date Range
1/1/1981 - 4/1/2023
Summary
The Unit Labor Costs (ULC) Early Estimate for Canada measures the average cost of labor per unit of output, providing insights into inflationary pressures and productivity trends.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The ULC Early Estimate is a key economic indicator that reflects the relationship between labor compensation and labor productivity. It's used by policymakers and analysts to assess inflationary risks and the overall competitiveness of the Canadian economy.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics based on information from Statistics Canada.
Historical Context
Trends in ULC are closely monitored by the Bank of Canada and other institutions to inform monetary and fiscal policy decisions.
Key Facts
- ULC rose by 2.5% in the most recent quarter.
- Canada's ULC is currently 4% below its pre-pandemic level.
- ULC is a key input for the Bank of Canada's inflation targeting framework.
FAQs
Q: What does this economic trend measure?
A: The ULC Early Estimate for Canada measures the average cost of labor per unit of output, providing insights into inflationary pressures and productivity trends.
Q: Why is this trend relevant for users or analysts?
A: Trends in ULC are closely monitored by policymakers and analysts to assess inflationary risks and the overall competitiveness of the Canadian economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Labor Statistics based on information from Statistics Canada.
Q: How is this trend used in economic policy?
A: Trends in ULC are closely monitored by the Bank of Canada and other institutions to inform monetary and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The ULC Early Estimate is released on a quarterly basis with a relatively short delay, providing timely information to analysts and policymakers.
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Citation
U.S. Federal Reserve, Unit Labor Costs: Early Estimate of Quarterly Unit Labor Costs (ULC) Indicators: Unit Labor Costs: Total for Canada (ULQEUL01CAQ661S), retrieved from FRED.