Canadian debt dynamics

Growth is slowing and so is debt creation:

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And as previously noted, debt and its relationship with real estate has had a big expenditure and income impact on economy.   Construction related wages have become a much bigger part of national income:

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But residential construction is only one component of the housing impact and this component looks to be turning down.

Other key trends include of course wages: construction wages were up 7.7% YOY Q 2014 and financial services and real estate up 5.3%.  Manufacturing and services were up 1% and 1.9% respectively.  Economic growth is too one sided and too exposed to debt and real estate.

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