This week – new employment data, a BoC announcement, and a contest update
Written By: Amit Shteyer & Peter Robertson
Canada’s Economy at a Glance
Economics Society News, Events, and Articles
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News and Noteworthy
Bank of Canada cuts growth forecast for 2021, holds key interest rate
In its newest announcement, the Bank of Canada decreased its economic forecast for the year and is continuing to hold the key interest rate at 0.25%. Projected economic growth for 2021 fell to 6% from the previous projection of 6.5%, however projected growth for 2022 increased from 3.7% to 4.6%. Read more.
Canadian economy added 230,700 jobs in June, all part-time: StatCan
Canada beat expectations by adding 230,700 jobs in June, as the unemployment rate fell to 7.8% from 8.2%. The growth came entirely from part-time positions, particularly within the hard-hit retail and food service sectors. Read more.
Cruise ships to be allowed back in Canadian waters in November
Starting on November 1st, cruise ships will once again be able to enter Canadian waters. The cruise ship industry, which contributed $4.1 Billion and 29,000 jobs to the Canadian economy in 2018, has been hit particularly hard by the pandemic. Passengers will still be required to comply with public health requirements. Read more.
Digital divide holds back Indigenous communities and Canada’s economy, new report finds
A systemic digital knowledge gap holds young indigenous entrepreneurs back. This in turn hurts the entire Canadian economy as indigineous people create new businesses at 9 times the rate of any average Canadian. The digital divide is the big reason why this growing cohort of indigeous entrepreneurs remains an untapped resource. Read More.
Risk of a housing slump, rising loonie mar good news for Canadian economy
The Bank of Canada warns of a possible “pronounced slowing” in the Canadian real estate market as demand for housing decreases. With the economy recovering, Canadian consumers and businesses are becoming more confident. Consumer spending is expected to rise, but will large investments in housing continue? Read More.
Majority of Canada’s oil and gas workers support move to net-zero economy: poll
Most oil, coal and gas workers have admitted to be in favour of an economy that relies on net-zero energy rather than fossil fuels. This is a big step in the right direction, as there have been rising pressures to cut emissions due to global warming. Read More.
How to Stop Worrying and Love the Robot Apocalypse
It’s true that robots (and other smart technologies) will kill many jobs. It may also be true that newer collaborative robots (“cobots”) will totally reinvigorate how work gets done. That, at least, is what the economists are telling us. Should we believe them?