adplus-dvertising
Connect with us

Business

'There's not enough work': Sask. unemployment rate in 2020 highest in over 40 years – CTV News Saskatoon

Published

 on


SASKATOON —
Margaret Reddekopp who runs the Clean Shoppe in Saskatoon, a family-owned dry cleaning business that’s been around for 25 years, said she was she was forced to lay off most of her staff when the COVID-19 pandemic first hit.

She said she has only been able to hire a few back to work part-time.

“There’s not enough work to go around and we can’t pay somebody if it’s not coming in, so we’re doing everything ourselves,” Reddekopp told CTV News.

She said that’s because most people are still working from home and events like weddings, graduations and funerals have been cancelled or postponed.

Other businesses are also being forced into tough decisions.

A recent Statistics Canada report shows Saskatchewan’s unemployment rate for 2020 was 8.4 per cent – the highest since 1976, and a massive increase over the 2019 rate of 5.6 per cent.

The 2020 rate is even higher than in the mid-1980s and early 90s when Saskatchewan saw unemployment rates in the 7 to 8 per cent range.

In 1993, the rate was 8.3 per cent, according to the report.

“In the 60s when I started working, that was about where it was at. It was hard to get a job and we’re back to that,” Reddekopp said.

In a news release, the Saskatchewan government said employment in the province increased slightly in January 2021.

The unemployment rate fell to 7.2 per cent – the lowest among the provinces and well below the national average of 9.4 per cent, the province said in a release.

In a tweet, Premier Scott Moe calls it “great news.”

He said Saskatchewan led the country in export growth in 2020 with a value of over $30 billion.

He also said the province has 76 per cent of small businesses fully operational, exceeding the national average of 47 per cent.

Lori Johb, president of the Saskatchewan Federation of Labour, calls the unemployment numbers “staggering.”

“I think that the spin that we’re hearing about it being better, that our numbers are in good shape is a little deceiving because I think we’ve lost thousands and thousands of jobs in our job market, in our province since the beginning of the pandemic,” she said.

Johb said the hospitality, service and events sectors have taken the largest hit. She adds that women have also been disproportionately impacted and worried that some jobs may never come back even after the pandemic ends.

Meanwhile, Reddekopp said she plans on hiring back all the staff she had to lay off when business picks back up and it is safe to do so.

“They really need to come back to work because how long can you survive on unemployment? Like really,” she said.

“They’re waiting at home, waiting for me to phone.”

Let’s block ads! (Why?)

728x90x4

Source link

Continue Reading

Business

Transat AT reports $39.9M Q3 loss compared with $57.3M profit a year earlier

Published

 on

 

MONTREAL – Travel company Transat AT Inc. reported a loss in its latest quarter compared with a profit a year earlier as its revenue edged lower.

The parent company of Air Transat says it lost $39.9 million or $1.03 per diluted share in its quarter ended July 31.

The result compared with a profit of $57.3 million or $1.49 per diluted share a year earlier.

Revenue in what was the company’s third quarter totalled $736.2 million, down from $746.3 million in the same quarter last year.

On an adjusted basis, Transat says it lost $1.10 per share in its latest quarter compared with an adjusted profit of $1.10 per share a year earlier.

Transat chief executive Annick Guérard says demand for leisure travel remains healthy, as evidenced by higher traffic, but consumers are increasingly price conscious given the current economic uncertainty.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:TRZ)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Business

Dollarama keeping an eye on competitors as Loblaw launches new ultra-discount chain

Published

 on

 

Dollarama Inc.’s food aisles may have expanded far beyond sweet treats or piles of gum by the checkout counter in recent years, but its chief executive maintains his company is “not in the grocery business,” even if it’s keeping an eye on the sector.

“It’s just one small part of our store,” Neil Rossy told analysts on a Wednesday call, where he was questioned about the company’s food merchandise and rivals playing in the same space.

“We will keep an eye on all retailers — like all retailers keep an eye on us — to make sure that we’re competitive and we understand what’s out there.”

Over the last decade and as consumers have more recently sought deals, Dollarama’s food merchandise has expanded to include bread and pantry staples like cereal, rice and pasta sold at prices on par or below supermarkets.

However, the competition in the discount segment of the market Dollarama operates in intensified recently when the country’s biggest grocery chain began piloting a new ultra-discount store.

The No Name stores being tested by Loblaw Cos. Ltd. in Windsor, St. Catharines and Brockville, Ont., are billed as 20 per cent cheaper than discount retail competitors including No Frills. The grocery giant is able to offer such cost savings by relying on a smaller store footprint, fewer chilled products and a hearty range of No Name merchandise.

Though Rossy brushed off notions that his company is a supermarket challenger, grocers aren’t off his radar.

“All retailers in Canada are realistic about the fact that everyone is everyone’s competition on any given item or category,” he said.

Rossy declined to reveal how much of the chain’s sales would overlap with Loblaw or the food category, arguing the vast variety of items Dollarama sells is its strength rather than its grocery products alone.

“What makes Dollarama Dollarama is a very wide assortment of different departments that somewhat represent the old five-and-dime local convenience store,” he said.

The breadth of Dollarama’s offerings helped carry the company to a second-quarter profit of $285.9 million, up from $245.8 million in the same quarter last year as its sales rose 7.4 per cent.

The retailer said Wednesday the profit amounted to $1.02 per diluted share for the 13-week period ended July 28, up from 86 cents per diluted share a year earlier.

The period the quarter covers includes the start of summer, when Rossy said the weather was “terrible.”

“The weather got slightly better towards the end of the summer and our sales certainly increased, but not enough to make up for the season’s horrible start,” he said.

Sales totalled $1.56 billion for the quarter, up from $1.46 billion in the same quarter last year.

Comparable store sales, a key metric for retailers, increased 4.7 per cent, while the average transaction was down2.2 per cent and traffic was up seven per cent, RBC analyst Irene Nattel pointed out.

She told investors in a note that the numbers reflect “solid demand as cautious consumers focus on core consumables and everyday essentials.”

Analysts have attributed such behaviour to interest rates that have been slow to drop and high prices of key consumer goods, which are weighing on household budgets.

To cope, many Canadians have spent more time seeking deals, trading down to more affordable brands and forgoing small luxuries they would treat themselves to in better economic times.

“When people feel squeezed, they tend to shy away from discretionary, focus on the basics,” Rossy said. “When people are feeling good about their wallet, they tend to be more lax about the basics and more willing to spend on discretionary.”

The current economic situation has drawn in not just the average Canadian looking to save a buck or two, but also wealthier consumers.

“When the entire economy is feeling slightly squeezed, we get more consumers who might not have to or want to shop at a Dollarama generally or who enjoy shopping at a Dollarama but have the luxury of not having to worry about the price in some other store that they happen to be standing in that has those goods,” Rossy said.

“Well, when times are tougher, they’ll consider the extra five minutes to go to the store next door.”

This report by The Canadian Press was first published Sept. 11, 2024.

Companies in this story: (TSX:DOL)

Source link

Continue Reading

Business

U.S. regulator fines TD Bank US$28M for faulty consumer reports

Published

 on

 

TORONTO – The U.S. Consumer Financial Protection Bureau has ordered TD Bank Group to pay US$28 million for repeatedly sharing inaccurate, negative information about its customers to consumer reporting companies.

The agency says TD has to pay US$7.76 million in total to tens of thousands of victims of its illegal actions, along with a US$20 million civil penalty.

It says TD shared information that contained systemic errors about credit card and bank deposit accounts to consumer reporting companies, which can include credit reports as well as screening reports for tenants and employees and other background checks.

CFPB director Rohit Chopra says in a statement that TD threatened the consumer reports of customers with fraudulent information then “barely lifted a finger to fix it,” and that regulators will need to “focus major attention” on TD Bank to change its course.

TD says in a statement it self-identified these issues and proactively worked to improve its practices, and that it is committed to delivering on its responsibilities to its customers.

The bank also faces scrutiny in the U.S. over its anti-money laundering program where it expects to pay more than US$3 billion in monetary penalties to resolve.

This report by The Canadian Press was first published Sept. 11, 2024.

Companies in this story: (TSX:TD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending