An exploration of the determinants of the subjective well-being of Americans during the Great Recession
This paper uses data from the American Life Panel to understand the determinants of well-being in the United States during the Great Recession. It investigates how various dimensions of subjective well-being reflected in the OECD Better Life Framework impact subjective well-being. The results show that income is an important determinant of subjective well-being. The unemployed and the disabled are significantly less satisfied with their lives than the working population, while the retired and the homemakers are more satisfied. The paper expands the existing evidence by showing that homeowners, registered voters and those with access to health insurance have higher levels of subjective well-being.
After a challenging winter for the North American economy, all sights are now squarely on spring and an expected rebound in growth. The Canadian economy is expected to expand 2.3% this year, up from the 2.0% pace in 2013, and rise a further 2.5% in 2015. The potent one-two punch of a stronger U.S. economy and weaker loonie remains a key theme shaping the provincial growth outlook. After a bumper crop and strength in the energy sector helped widen the West-versus-the rest disparity last year, the door is open for improved, though still lagging, relative performance in Central and Atlantic Canada over the next two years.
This report provides insight into provinical economic conditions and short-term forecasts.
The winter Business Outlook Survey continues to provide signs of strengthening demand, especially among export-oriented firms and manufacturers. However, the outlook for businesses that are linked directly or indirectly to the energy sector has deteriorated.
The Canadian economy grew at a solid clip through the summer and fall, but will likely be tripped up by the slide in oil prices through the first half of 2015—we look for WTI to average $55 this year. Real GDP is forecast to expand at a decent 2.1% clip on the year, down modestly from a 2.4% pace in 2014. While there are offsetting positives to contain its impact, we judge that the drop is a net negative for Canadian growth, particularly capital spending. Most dramatically, the oil price slide will significantly shake up the regional growth landscape and the fiscal backdrop.
A new report released this week by CIBC economists suggests that Canada’s labour market has defied earlier expectations that employees would become much more mobile and job stability would decline. In fact, the report reveals that job stability is at an all-time high, with a record number of employees that have been with an employer for 5 years or more. Another interesting trend is the rise in vacancy rates without the expected corresponding decline in unemployment rates.
This quarterly economic forecast provides highlights of the Canadian Outlook report, which presents the short-term national outlook.
This annual economic forecast presents the long-term national outlook. Document Highlights: A) Prospects for the United States economy are promising. We expect it to post its fastest annual growth in a decade in 2015 and 2016. B) Stronger U.S. growth will improve Canada’s trade performance and help lift real GDP growth to 2.6 per cent in 2015—a solid improvement over the lethargic pace of the past three years. C) Beyond 2015, the economy will approach its full capacity and economic growth will be restrained by slowing potential growth. D) Potential output growth is projected to be considerably slower over the next two decades, held back by the exodus of baby boomers from the labour market. E) Strong immigration will not reverse Canada’s aging trend, but it will help keep total population growth relatively stable, at close to 1 per cent annually. By 2035, Canada’s population will reach 43.5 million, up from just over 35.5 million today.
Topics covered include: Impact of lifelong guidance; Creating evidence and measuring outcomes; Employment impact of job search programs; Evaluation of career educational programs;
This publication focuses on the metropolitan economies of Halifax, Quebec City, Montreal, Ottawa-Gatineau, Toronto, Hamilton, Winnipeg, Regina, Saskatoon, Calgary, Edmonton, Vancouver, and Victoria.