Economics Newsletter – Week of November 1, 2021

This week – new employment data, a new UWES article, and more!

Written By: Amit Shteyer & Peter Robertson

Canada’s Economy at a Glance

Economics Society News, Events, and Articles 



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United States’ Default On Its Debt by Niharika Sharma

News and Noteworthy

Bank of Canada to start assessing climate impact on Canadian economy

The Bank of Canada has decided to begin including data outlining how climate change is impacting Canada’s economy in its quarterly forecasts. This was tied to the UN’s larger COP26 initiative which seeks to quantify the effect of pivoting to low-carbon economies on output, employment, and inflation. Read more.

Canada has to transform its economy – or be left behind

Don Drummond, an economist at Queens University, details the importance of Canada pivoting to a greener economy quickly to realize much of the expected economic growth coming after the pandemic in this opinion piece. He details the importance of heavy industrial sectors shifting to new business lines, investing in green companies, and targeted policy interventions to achieve this goal. Read more.

End of quantitative easing shadows Liberals’ consultation on managing federal debt

After the Bank of Canada made the decision to end quantitative easing and warned of potential interest rate hikes coming sooner than expected, the government has begun to worry about the impending cost of a rate hike on the budget. The parliamentary budget officer estimates a rise of one percentage point would increase the cost of public debt charges by $4.5 billion in the first year. Read more.

Canadian economy added 31,000 jobs in October, unemployment rate hits pandemic-era low

The Canadian unemployment rate sees its fifth consecutive decline this month, going from 6.9% in September to 6.7%. RBC economists have pointed out that despite this progress, there are only fewer than 200,000 available workers compared to the 900,000 current job vacancies in the country. Read More. 

Canadian snowbirds gear up for reopening of US land borders

Starting Nov. 8, vaccinated individuals will be able to enter the US by land for any reason. The land border has been closed since March 2020. As a result of the excitement of Canadians, there has been a rise of over 20% in website traffic for vacation home companies in snowbird popular destinations. Read More. 

Canada’s Economy Wavers Unexpectedly Amid Supply Bottlenecks

For the third quarter, the Canadian economy grew by 0.5%, which was less than anticipated. This data shows a disappointing result and creates some doubt on the Bank of Canada’s ability to combat rising inflation. Read More.

Recommended Read

Sidelsky, Robert. John Maynard Keynes, 3 volumes.

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