Hamilton’s unemployment rate dropped for a second straight month, showing additional recovery from significant drops earlier in the year amid the COVID-19 pandemic.
Statistics Canada’s (StatCan) latest data shows the jobless rate fell to 10 per cent in August compared to 11.3 per cent in June.
The region’s numbers surged during the coronavirus pandemic from 4.9 per cent in February to 12.1 per cent at the end of June.
The agency says 10,800 jobs were added to the region in August, however, the city is still down 27,700 jobs compared to August of 2019.
President and CEO of the Hamilton Chamber of Commerce Keanin Loomis says the number shows “cautious optimism” for the regional economy.
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“The wage subsidies and other programs from the government has helped tremendously. I know it’s helped us as an organization and many others through this time,” said Loomis.
However, Loomis says there’s still some uncertainty with the businesses he works with since economic indicators typically “lag in time.”
“We still haven’t quite seen exactly the full impacts of COVID-19,” Loomis said.
“My biggest concern is actually going to be 2021 once government programs run out.”
Ontario added 142,000 new jobs putting the provincial jobless rate at 10.6 percent.
In Niagara, the unemployment rate fell to 11.3 per cent compared to the 12.5 per cent in July with the addition of 8,200 new jobs.
Niagara is still down about 15,100 jobs compared to July of 2019.
During the pandemic, Niagara has been the second hardest-hit region in Ontario, losing close to 32,000 (15.6 per cent) of its jobs between February and June.
3:50 Latest job numbers indicate Canada’s economy on the rebound
Latest job numbers indicate Canada’s economy on the rebound
Canada adds another 246K jobs
StatCan national numbers also showed a dip as the unemployment rate slid to 10.2 per cent in August compared to 10.9 per cent in July. In May, the country had a record high of 13.7 per cent.
The labour market gained another 246,000 jobs in August, tapering off from the 419,000 jobs added in July as more parts of the economy were allowed to reopen amid the coronavirus.
StatCan says the number of Canadians working from home also declined for the fourth consecutive month. During the peak of the pandemic in May, 3.4 million Canadians worked from home. That number dropped to 2.5 million in August.
Temporary layoffs, which reached a pandemic peak of 1.2 million in April, fell again in August. In July, there were 460,000 on a layoff. That number dropped to 230,000 in August.
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.
