This week – new inflation & GDP data, and another contest update
Written By: Amit Shteyer & Peter Robertson
Canada’s Economy at a Glance
Economics Society News, Events, and Articles
We are looking for mentors! ECON-nection is a mentorship program that will be offered to students in their 2A term in the fall. If you are an upper year student who is interested in being a mentor, please email us at firstname.lastname@example.org by August 20th.
Our stock contest for this semester is almost over! Check out your spot in the update below.
News and Noteworthy
Tiff Macklem: The Bank of Canada remains firmly committed to keeping inflation under control
Statistics Canada stated inflation rate in June was 3.1 per cent, which is above the one to three target range. It has been this way for the past three months in a row. An updated basket of goods and services that better reflects new buying habits shows that prices are rising quickly, and so is the cost of living. Read more.
Manufacturing is leading Canada’s economy out of recession, though domestic and global challenges remain, new report shows
The summer 2021 issue of “The Real Economy: Canada” was released by RSM Canada last week. One of the key findings was that Canada’s manufacturing sector is performing at higher levels than before the pandemic. It also revealed that Ontario will benefit from car manufacturers’ commitment to electric vehicles following a shift in consumer expectations. Read more.
Women, BIPOC Canadians must remain focused as economy recovers from COVID: report
There exist underlying inequalities in the effect of the pandemic, specifically by gender and race. Most of those who lost their jobs throughout the pandemic were those in lower paid part time positions, of which the majority are women who were racialized or indigineous. These individuals may now also have a harder time getting back on their feet. Read more.
Posthaste: Looks like Canada’s hot, hot housing market has peaked — earlier than expected
As home sales in Canada have fallen 25% since March, some economists are beginning to suggest that Canada’s housing market has already reached its peak. Factors for this faster than expected decline in sales include the increased stress test rules for homebuyers that began June 1 and the expected rise in bond yields. Read more.
Canada’s economy shrank for 2nd month in a row in May
New GDP data released Friday revealed that Canada’s economy shrunk for a second consecutive month, as GDP fell 0.3% in May. Construction, manufacturing, and retail were the hardest hit industries. Preliminary data for June and July however, suggests that GDP has begun to grow again as lockdown restrictions have been eased across Canada. Read more.
Securities regulator slammed for taking 11 years to resolve stock market manipulation case
The Manitoba Securities Commission has come under fire for extremely lengthy delays in a market manipulation case. The investigation that started in 2011 regarding the TSX-V trading activity of 2 women ended after a 5-day hearing in May and June of this year concluded that the allegations were not proven. Read more.
The environmentalists say we’re doomed if we don’t drastically reduce consumption. The technologists say that human ingenuity can solve just about any problem. A debate that’s been around for decades has become a shouting match. Is anyone right?