Finance committee  We didn't explicitly take into account those changes.

Finance committee  It would have been a pretty tight timeline.

Finance committee  I think our outlook on housing has been fairly consistent for the last couple of years, in that we expect a correction in residential investment, and we expect it to fall more towards levels that are in line with historical norms. On the other hand, it's very difficult to imagi

Finance committee  I think there are probably two key channels we would focus on. One is household consumption and the effects on wealth. In our model, households consume out of their labour income as well as their non-labour income, and increases in housing prices can feed through to wealth, whic

Finance committee  Certainly it was lower than many expectations, including our forecast. The primary driver of that was a big pullback in consumer spending, which had been quite strong up until then. I think it's too early to call it a turning point. One thing I was reading today is that there see

Finance committee  But continued consumer spending growth at that level—it was close to flat—would be problematic for sure.

Finance committee  Yes.

Finance committee  Yes. I think consumer spending is roughly 60% of the economy, so a sustained pullback would be....

Finance committee  Yes, that sounds about right. By the second half of 2017, we expect consumer spending to moderate and residential investment to contract as well into 2018, but this will be offset somewhat by a sharp pickup in business investment as well as a pickup in net exports.

Finance committee  The two are related. In our macroeconometric model, the oil prices have an important effect on determining the exchange rate. The way we project oil prices is through futures prices. Right now the futures indicate that oil prices are going to be relatively flat across the project

Finance committee  At the request of an hon. member last spring, we calculated the fiscal and economic impact of the decision to maintain the small business tax rate at 10.5% instead of its legislated decline to 9%. We found that over five years, at the end of 2021, there would be a negative impact

Finance committee  We have not.

Finance committee  We rely quite heavily on Statistics Canada's labour force survey data. We'd be happy to look into the micro files and the data, and then see what we can find on that and get back to you and let you know what we could do.

Finance committee  That's exactly what I meant to say. If you look at the last 12 months for which we have data, from the third quarter of this year to the third quarter of last year, all of the net jobs created in the economy were part-time, and there was actually a small contraction in full-time

Finance committee  I'm glad you asked. We actually are releasing our report on our labour market assessment, hopefully, on Thursday. One of the key things we found when we looked at all the labour market indicators relative to trend, the thing that really stood out is hours worked. If you look at