This week – a new original article, GDP data, and our stock contest has launched!
Written By: Amit Shteyer & Peter Robertson
Canada’s Economy at a Glance
Economics Society News, Events, and Articles
Adshake has written our first original article of the term! Read “Global Warming Is An Economic Crisis” here.
Our Fall 2021 stock contest is underway! This semester we have 65 participants. Our first update will be posted next Saturday on both the website and our Instagram.
News and Noteworthy
Canadian food inflation nearly double what official data suggests: Study
A new study from the Dalhousie Agri-Food Analytics Lab suggests food prices are up nearly double the 2.7% Statistics Canada suggests over the past 12 months. The study also showed close to half of Canadians are decreasing how often they purchase meat due to increased prices. Read more.
Canadian GDP fell 0.1% in July, rise estimated for August
Canada’s GDP fell for the month of July, but to a lesser extent than estimates had predicted. Statistics Canada had projected a 0.4% contraction for the month of July – a greater fall than the 0.1% decline that was observed. The agency predicts a quick recovery though, seeing a rebound of 0.7% for the month of August. Read more.
Canadian housing market vulnerability increases, but Vancouver’s drops: CMHC
Canada’s Mortgage and Housing Corporation increased Canada’s nationwide housing market vulnerability rating from moderate to high this Tuesday. This change was observed nearly everywhere except for Vancouver where the vulnerability rating was dropped from moderate to low. The Greater Toronto Area’s rating remained at a level of high. Read more.
Senators call for governments to craft a grand post-pandemic plan to grow economy
A group of senators is asking the federal government to create an economic plan that involves provinces, territories, business and society in order to come out of the pandemic strong. The report requests better ways to deliver skills-training programs, and for the regulatory system to promote entrepreneurial activities and greater investment in companies. Read More.
Bank of Canada to let inflation run hot: Ontario Teachers’ Mulraine
It is likely that the Bank of Canada will keep inflation as it is and keep interest rates low into 2023 in order to boost growth. Mulraine, from the Ontario Teachers’ Pension Plan, says policy makers are underestimating the rate at which inflation will grow over target due to price pressures, which will require aggressive interest rate hikes. Read More.
Financial stress is taking a physical toll on young Canadians, survey finds
According to FP Canada’s Financial Stress Index, 39 percent of Canadians under 35 say that financial stress has worsened their mental health or has led them to substance abuse. This is due to student debt, housing affordability issues and even comparisons on social media. How can we avoid this inevitable fate? Read More.
The Big Short; inside the doomsday machine
By Lewis, Michael