Sources cited: United States, S&P/Case-Shiller (20-city composite index); Canada, Teranet 6-city composite index). 2  BIS Review 4/2010  supported by rising commodity prices. There was also a degree of catch-up from underinvestment during the 1990s. The favourable financing environment, marked by relatively low interest rates plus accommodative mortgage terms and conditions in that period played a further, important role.
Current economic situation and outlook Since my appearance before this committee in February, the labor market has continued to strengthen. Job gains have averaged 180,000 per month so far this year, down only slightly from the average in 2016 and still well above the pace we estimate would be sufficient, on average, to provide jobs for new entrants to the labor force.