Business

Canada added 40,000 jobs in August — but it added 100,000 more people, too

Published

1 year ago

September 8, 2023

Canada’s economy added 40,000 jobs last month, about twice as many as expected, but also only about half as many as would be needed to keep up with population growth.

Statistics Canada reported Friday that while the economy added jobs, the country also added about 103,000 new people. So despite the mini-surge, the employment rate — the percentage of adults have a job, compared to the working-aged popultion — actually declined by 0.1 percentage points, to 61.9 per cent.

Economists had been expecting the economy to add only about 20,000 jobs, and a few were even calling for a decline, which would have been the second contraction in a row in the job market.

So far this year, Canada’s job market has added about 174,000 new positions, or on average about 25,000 new jobs per month.

But the number of working-age adults has gone up by about three times that, with Canada’s population gaining on average 83,000 people aged 15 or older every month.

Doug Porter, an economist with Bank of Montreal, says the steady stream of more than 800,000 new people who’ve come to Canada in the past year is the biggest single factor driving the job market right now.

“Canada now needs a steady flow of jobs just to match raging population growth,” he said. “Thus, it’s not inconsistent to see a sturdy monthly gain of 40,000 jobs and still conclude that the market is slightly easing.”

Speaking to a business audience in Calgary on Thursday, Bank of Canada Governor Tiff Macklem said the central bank has noted that even in months when the economy adds jobs, they’re not coming at a faster pace than population growth, which means they aren’t making their inflation fight harder.

“What that suggests is that the the supply of workers is growing more than the demand for workers,” Macklem said. “So supply is catching up with demand and those pressures are easing.”

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Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

22 hours ago

November 6, 2024

Anne Joseph

TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

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Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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