Canada added another 60,000 jobs to its economy in June despite the country’s unemployment rate ticking upward to its highest percentage in over a year, says Statistics Canada. StatCan wrote in its “Labour Force Survey” for June that the increase in jobs, which it says was driven mostly by gains in full-time work, brought Canada’s employment…
Canada’s Unemployment Rate Rose to 5.4% in June, Economy Added 60,000 Jobs: StatCan
What Slowdown? Economy Continues to Outperform, Raising Odds of Rate Hike Next Week
The Canadian economy grew faster than expected in the first three months of the year and likely expanded again in April, fuelling speculation that the Bank of Canada will raise interest rates again. Statistics Canada reported Wednesday real gross domestic product grew at an annualized rate of 3.1 percent in the first quarter of 2023….
Economic Headwinds Weigh on Bank Results as More Money Set Aside for Bad Loans
The effects of heightened inflation and central bank efforts to rein it in by slowing the economy are showing in the second-quarter results from Canada’s big banks. Four out of the Big Five banks have reported earnings that missed expectations as they set aside more money for bad loans, struggle to contain rising costs, and…
Vancouver Port Traffic Dips in 2022, Hinting at Economic Slowdown to Come
Cargo volumes at Canada’s largest port fell by three percent last year as the global economy began to show signs of a slowdown. The Vancouver Fraser Port Authority said Monday that grain and fertilizer exports surged in the second half of 2022, but the gains were not enough to offset a sputtering start to the…
Canada May Avoid Official ‘Recession’ but Comparative Living Standards Continue to Fall
Commentary The late U.S. president Ronald Reagan famously said in the 1980 election that “Recession is when your neighbour loses his job. Depression is when you lose yours. And recovery is when Jimmy Carter loses his.” He went on to win the presidency in large measure because Americans wanted a return to economic prosperity. This…
Canadian Economy Added Over 35,000 Jobs in March: StatCan
Statistics Canada (StatCan) says Canada’s economy added 35,000 jobs last month, while the unemployment rate held steady at five percent for the fourth consecutive month. The country’s employment rate rose by 0.2 percent, representing an increase of 0.1 percent compared to February, according to the latest StatCan data released on April 6. The increase in…
Canada’s Economy Flatlined in Last Quarter of 2022 Following Year of GDP Growth: StatCan
After nearly five quarters in a row of gross domestic product (GDP) increases, Canada’s economy flatlined in the last quarter of 2022—expanding at a rate of zero percent with GDP decreasing in December 2022, according to Statistics Canada. The federal agency writes that “slower inventory accumulations” along with declining amounts of business investments in machinery, equipment,…
Ontario’s Economy to Slow Sharply, but Rebound Next Year: Fiscal Watchdog
Ontario’s economy will be “doom and gloom” before bouncing back next year, the province’s fiscal watchdog said Tuesday. In its latest outlook, the Financial Accountability Office of Ontario said the province’s economic growth is expected to slow sharply this year with a modest recovery beginning next year. The FAO’s economic and budget outlook report projects…
Canadians Now Expect to Need $1.7M in Order to Retire: BMO Survey
Canadians now believe they need $1.7 million in savings in order to retire, a 20 percent increase from 2020, according to a new BMO survey. The eye-watering figure is the largest sum since BMO first started surveying Canadians about their retirement expectations 13 years ago. It’s also a drastic increase from the $1.4 million in…
Parliamentarians Return to House of Commons Facing Rocky Economic Year
Economic matters will be top of mind for parliamentarians as they return to Ottawa to kick off a new year in federal politics. Members of Parliament will sit in the House of Commons today for the first session of 2023 after retreating with their respective parties to strategize their priorities. Last week, Prime Minister Justin…
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