This week – worrying new inflation data, some upcoming UWES events, and a new original article!
Written By: Amit Shteyer & Peter Robertson
Canada’s Economy at a Glance
Economics Society News, Events, and Articles
2 weeks ago we posted our first stock contest update of the semester to the website. Stay tuned for another update next Saturday!
Join our event on October 28, 2021 to learn about evolutionary mechanics in economics activities and in societal formations and politics with Daniel Klein. Sign up using the link in our Instagram bio!
Join our MA Economics Grad School info session on November 1st, 2021. Sign up in our bio!
News and Noteworthy
Canada’s inflation rate hits a fresh 18-year high
New data released from Statistics Canada revealed that inflation has reached its highest level since May of 2003. Transportation, housing, and food saw the largest individual increases for the month of September as year-over-year inflation rose to 4.4%. Inflation has been steadily rising in Canada since the pandemic began, with the only decrease since seen this summer in June. Read more.
Restaurants still struggling as unemployment nears pre-COVID-19 levels: industry body
Although employment levels are beginning to reach pre-pandemic levels again, the Canadian Restaurant Association says that doesn’t tell the full story. They argue that many restaurants are now giving employees fewer hours which isn’t reflected in the employment rate. Read more.
Global Climate Policy Acceleration Means Sink-or-Swim Decade for Canada’s Economy: Report
A new report released by the Canadian Institute for Climate Choices details the importance climate change will have on Canada’s economy over the next decade. It concludes that it is crucial Canada shifts towards a greener economy rapidly if it wants to remain competitive. “Moving too slowly is now a greater competitive risk than moving too quickly.” Read more.
Canada to Wind Down Bulk of Pandemic Income Benefits
The majority of emergency income aid programs will terminate on October 23rd, now that Canada’s economy is steadily recovering. Initiatives in the tourist and hospitality sectors, which were particularly heavily hit by the pandemic, will continue to operate. Read More.
Sky-high housing prices aren’t just a problem for aspiring homeowners
In Canada, owning a home is seen as a significant achievement in one’s life. However, the country is unable to meet its rising population’s housing needs, and new development is restricted in high-value areas. This opinion piece compares Canada’s difficulties to those of New Zealand, which is dealing with a similar problem, and discusses what we may learn from them. Read More.
Global supply chain disruption will hinder Canada’s economic growth into 2022, new report shows
RSM Canada has produced a new quarterly study on Canada’s middle market, which contains economic analysis and insights. One of the important results is that production disruptions caused by port closures, factory closures, and material and labor shortages will push back the restoration to full scale production until the middle of 2022. Read More.