adplus-dvertising
Connect with us

Economy

Economy blows past expectations, adds 259000 jobs in February – The Tri-City News

Published

 on


OTTAWA — Canada’s economy added 259,000 jobs last month, whipping past expectations to pull the country closer to pre-pandemic employment levels, with young women staring at the longest road to recovery.

One year into the pandemic, Canada’s job market is 599,100 jobs short of where it was in February of last year, or 3.1 per cent below pre-pandemic levels.

The shortfall is higher for young workers at 10.2 per cent, with young women between the ages of 15 and 24 the most affected group through this pandemic. 

Statistics Canada said Friday that young women are down 181,000 jobs from February 2020, or off 14.1 per cent from pre-pandemic levels. For young men, the shortfall is 96,000, or 7.3 per cent.

The details add to the portrait of the pandemic’s disproportionate economic impact on women, dubbed the “shecession,” that the federal Liberals hope to address through a panel of experts that first met with Finance Minister Chrystia Freeland on Thursday.

“It reminds us that the shecession is not just mothers,” said Vass Bednar, executive director of McMaster University’s master of public policy program, and former chair of a federal expert panel on youth employment.

“There might be other reasons that women’s jobs are either being eliminated, or that they need more support coming back to the labour market.”

Ottawa has suggested it will use jobs as a gauge for planned stimulus measures to be unveiled in a spring budget. 

While Prime Minister Justin Trudeau called the gains good news for workers and their families, Conservative critic Pierre Poilievre warned the government can’t yet pat itself on the back as he called for tax reform and other measures to get more people back to work.

The Bank of Canada is also monitoring employment data, noting the uneven impacts of job losses in its reasoning this week for holding its key interest rate target at 0.25 per cent.

Overall, the gain in February almost wiped out the 266,000 jobs lost over the previous two months, as lockdowns from December and January lifted in much of the country. 

Almost all the job increases were among low-wage and part-time workers in areas like retail and accommodation.

The Conference Board of Canada noted the reopening of many retail outlets, mainly in Quebec and Ontario where lockdowns were particularly strict, brought back 122,300 jobs in February after losses of almost 168,000 jobs in January.

BMO chief economist Douglas Porter said similar gains could soon be seen in other hard-hit sectors like restaurants, hotels and entertainment if restrictions ease further.

“There is hope that as those sectors are eventually able to reopen, that we could recover quite quickly,” Porter said, adding he expects another gain in March.

The gains blew past expectations and were reminiscent of the first wave of the pandemic when employment rebounded far faster than expected as the economy began reopening, CIBC senior economist Royce Mendes wrote in a note.

The national unemployment rate fell to 8.2 per cent, the lowest level since March 2020 at the onset of the COVID-19 pandemic. 

The rate would have been higher, 10.7 per cent, had Statistics Canada included in calculations Canadians who wanted to work but didn’t search for a job.

The youth unemployment rate fell to 17.1 per cent in February, compared with the 10.4 per cent in the same month last year. 

Typically, the youth unemployment rate is higher for men than women, but that trend has flipped during the pandemic, Statistics Canada said.

The agency noted that half of young women are employed in three highly affected sectors: accommodation, food services and retail.

“The higher unemployment rate is actually because of the labour market turbulence. It’s not because of young women leaving the workforce by choice, for example, to go back to school,” said Leah Nord, senior director of workforce strategies at the Canadian Chamber of Commerce.

Nord said the figures speak to an urgent need for focused training programs so young workers can gain new skills, and improve what they already have.

Bryn de Chastelain, chair of the Canadian Alliance of Student Associations, said the federal government should expand a key summer jobs program to help students cover tuition and earn experience in troubled job market.

“Students are not feeling that they’re going to have an opportunity to get valuable work experience in their field of study and start to build the skills that they need in order to start a career,” said de Chastelain, a graduating student at Saint Mary’s University.

Employers may have to relax the premium they place on experience when hiring a young person, or shift their perspective to include things like volunteering, as many may now have experience gaps in formal employment, Bednar said.

“People might not be able to get that first job as easily as before and it’s really agitating for a generation of workers that is already set to fare worse than the generation before them,” she said.

This report by The Canadian Press was first published March 12, 2021.

Jordan Press, The Canadian Press

<!– Photo: 20210311140348-604a74090e90790dcd8e0fd8jpeg.jpg, Caption: People line up at a Service Canada office in Montreal on Thursday, March 19, 2020. Statistics Canada to detail February jobs data
Statistics Canada will say today how the country’s job market fared in February after it started 2021 with a steep drop. THE CANADIAN PRESS/Paul Chiasson –>

Let’s block ads! (Why?)

728x90x4

Source link

Continue Reading

Business

A timeline of events in the bread price-fixing scandal

Published

 on

 

Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.

Here’s a timeline of key events in the bread price-fixing case.

Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.

Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.

Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.

Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).

Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.

June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.

Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”

Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.

July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.

Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

S&P/TSX composite up more than 250 points, U.S. stock markets also higher

Published

 on

 

TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.

The S&P/TSX composite index was up 254.62 points at 23,847.22.

In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.

The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.

The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.

The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Economy

Construction wraps on indoor supervised site for people who inhale drugs in Vancouver

Published

 on

 

VANCOUVER – Supervised injection sites are saving the lives of drug users everyday, but the same support is not being offered to people who inhale illicit drugs, the head of the BC Centre for Excellence in HIV/AIDS says.

Dr. Julio Montaner said the construction of Vancouver’s first indoor supervised site for people who inhale drugs comes as the percentage of people who die from smoking drugs continues to climb.

The location in the Downtown Eastside at the Hope to Health Research and Innovation Centre was unveiled Wednesday after construction was complete, and Montaner said people could start using the specialized rooms in a matter of weeks after final approvals from the city and federal government.

“If we don’t create mechanisms for these individuals to be able to use safely and engage with the medical system, and generate points of entry into the medical system, we will never be able to solve the problem,” he said.

“Now, I’m not here to tell you that we will fix it tomorrow, but denying it or ignoring it, or throw it under the bus, or under the carpet is no way to fix it, so we need to take proactive action.”

Nearly two-thirds of overdose deaths in British Columbia in 2023 came after smoking illicit drugs, yet only 40 per cent of supervised consumption sites in the province offer a safe place to smoke, often outdoors, in a tent.

The centre has been running a supervised injection site for years which sees more than a thousand people monthly and last month resuscitated five people who were overdosing.

The new facilities offer indoor, individual, negative-pressure rooms that allow fresh air to circulate and can clear out smoke in 30 to 60 seconds while users are monitored by trained nurses.

Advocates calling for more supervised inhalation sites have previously said the rules for setting up sites are overly complicated at a time when the province is facing an overdose crisis.

More than 15,000 people have died of overdoses since the public health emergency was declared in B.C. in April 2016.

Kate Salters, a senior researcher at the centre, said they worked with mechanical and chemical engineers to make sure the site is up to code and abidies by the highest standard of occupational health and safety.

“This is just another tool in our tool box to make sure that we’re offering life-saving services to those who are using drugs,” she said.

Montaner acknowledged the process to get the site up and running took “an inordinate amount of time,” but said the centre worked hard to follow all regulations.

“We feel that doing this right, with appropriate scientific background, in a medically supervised environment, etc, etc, allows us to derive the data that ultimately will be sufficiently convincing for not just our leaders, but also the leaders across the country and across the world, to embrace the strategies that we are trying to develop.” he said.

Montaner said building the facility was possible thanks to a single $4-million donation from a longtime supporter.

Construction finished with less than a week before the launch of the next provincial election campaign and within a year of the next federal election.

Montaner said he is concerned about “some of the things that have been said publicly by some of the political leaders in the province and in the country.”

“We want to bring awareness to the people that this is a serious undertaking. This is a very massive investment, and we need to protect it for the benefit of people who are unfortunately drug dependent.” he said.

This report by The Canadian Press was first published Sept. 18, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending