One UW professor says more automation can make Canada’s economy stronger and more productive after COVID-19, if the right policies are in place to manage it.
Joel Blit, a professor from the University of Waterloo’s Department of Economics, studied data from Labour Force Surveys (LFS) to determine which industries would undergo the most automation and allocation of resources post-pandemic.
Looking at health-related incentives to automate within different sectors, Blit says the retail industry will undergo the largest economic change with automation, followed by manufacturing, wholesale, construction and transportation.
“In every recession since the beginning of the information and communications technology (ICT) revolution, the Canadian economy has undergone significant technological automation and resource reallocation,” said Blit in a release, “This COVID-19-induced recession will be no different, and in fact, will trigger an even bigger economic transformation due to the added health-related incentives to automate.”
“With the right policies in place, we can ensure that we emerge from the crisis with a stronger and more productive economy that benefits all Canadians.”
Employment trends from 1987 to 2020 showed a large decline in ‘routine’ jobs, like office support and manufacturer assembly workers, after the past three recessions. However, within the same period, Blit says there was a rise in ‘non-routine’ jobs, such as management and healthcare professionals.
As the economy continues to recover, Blit says Canada should consider making transformational change during this time of low costs and labour market disruption.
“The wave of solidarity and increased belief in the important role of government present an opening to reimagine our social safety net and create the institutions and programs that will ensure that all Canadians, current and future, share in the benefits of technology.” said Blit.
He adds that current policies, like the Canada Emergency Wage Subsidy, are stifling economic transformation and could be replaced with policies that support workers through the transition to increase automation.
“For example, we should help retrain workers and consider transforming the current Canada Emergency Response Benefit program into a permanent guaranteed basic income.” said Blit.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
