WINNIPEG —
Manitoba lost 6,600 jobs in December, according to the latest Statistics Canada labour force survey.
It’s the second straight month of job losses as the province’s economy continues to feel the pandemic pinch.
“The direction in which the job numbers suggest the economy is heading is not encouraging,” said Fletcher Barager, associate professor of economics at the University of Manitoba.
Manitoba’s job losses are in line with national trends, with employment falling by 63,000 across Canada in December 2020, the first national drop since April 2020.
With December’s job losses the province’s unemployment rate sits at 8.2 per cent, behind the national unemployment rate (8.4 per cent) but still a significant jump since November’s 7.4 per cent unemployment rate.
Code red restrictions, imposed province-wide in early November, are largely seen as the reason for the economic slow-down, said Barager.
Barager points out two segments of the labour force were hit hardest by job losses in December, as unemployment rates in Manitoba are highest among workers aged 15 to 24 and among female workers over the age of 25.
“We can basically say out of those 6,600 jobs that were lost between mid-November and mid-December, they were almost exclusively born by women and workers under the age of 25,” said Barager.
Compared to pre-COVID levels, employment in Manitoba is 5.8 per cent below where it was in February 2020. That’s the lowest in Canada, according to Statistics Canada.
Not all industries are being affected equally.
Some sectors, like construction and real estate, saw job gains in the last month.
Accommodation and food services saw losses, continuing a negative trend that continues to hurt Manitoba’s restaurant industry.
Between December 2019 and December 2020, the food services industry lost 18,000 jobs.
Missing out on the recent holiday season – a busy time for the industry – now puts many restaurants on unsure footing heading into the new year, Shaun Jeffrey, executive director of the Manitoba Restaurant and Food Services Association, said.
“Usually the increase is about 15 to 20 per cent in labour dollars that would normally be increased during the holiday season,” said Jeffrey. “It’s a significant decline and we continue to see these declines now because we’re heading into one of the slowest times of year for our industry.”
Many retailers are in the same position, said Colin Fast, director of policy with the Winnipeg Chamber of Commerce, adding that it may not be as easy as removing code red restrictions before we see a full economic recovery.
“We’ve seen significant changes in consumer activity since the pandemic began,” said Fast.
“People are getting used to ordering online or getting delivery instead of eating at a restaurant. I think we need to see how long it takes for those habits to go back to normal or if they are at all.”
There are some glimmers of economic hope on the horizon.
Carrie Freestone, an economist at RBC, points out the role “pent up demand” will play in Manitoba’s (and Canada’s) economic recovery.
Much like it sounds, “pent up demand” refers to an uptick in consumer spending once all sectors of the economy open up, such as purchasing concert tickets.
Freestone also predicts Manitoba will be one of two provinces to outpace pre-COVID economy output before the end of the year.
“Part of that is just because the initial onset of the contraction was less severe,” said Freestone, pointing out that the first lockdown in Spring 2020 came into effect later and didn’t last as long compared to other provinces.
“We saw retail sales surge in May and June in Manitoba whereas in other provinces a lot of the sectors were still locked down,” she said. “The magnitude of the hit was much less severe.”
Freestone adds that a 17 per cent increase in infrastructure investment by the Manitoba government will also contribute to the province’s economic recovery.
“Obviously we saw that employment numbers were hit pretty hard in November and December but nevertheless we do predict Manitoba will fare significantly better,” she said.
TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
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)
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
