Falling Loonie Will Eat Up Your Gas Savings, TD Bank Says Mar 24th

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Falling Loonie Will Eat Up Your Gas Savings, TD Bank Says

– walletpop.ca

Canadians to save $800 on energy, dish out extra $600 on imports
Unemployment to jump to 7 per cent

Canadian consumers are seeing noticeably lower energy prices in the wake of the oil price collapse, but a new forecast from TD Bank says it won’t be much help — because the falling loonie is causing the cost of imported goods to rise.

“We are expecting Canadian households will save up to $800, on average, at the pumps in 2015, although as much as $600 of this savings will be needed to pay for the higher cost of imported consumer goods,” TD economists said in the bank’s latest economic forecast, issued Tuesday.

The bank also expects a rise in the unemployment rate to around 7 per cent by the end of the year, falling back down around 6.7 per cent by the end of 2016.

Canada’s unemployment rate had been hovering around 6.6 per cent at the end of 2014 and the start of this year, before jumping to 6.8 per cent in February as job growth stalled in the month.

Even though it will eat into household budgets, the weak loonie will benefit Canada’s exporters, TD Bank said…

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