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





Business
Clean electricity regulations can be tweaked, but Alberta won't get special deal: Guilbeault – National Post
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Canada's economic growth misses forecasts, backing interest rate pause – Financial Post
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Business
Strikes at 2 more U.S. auto factories to start Friday as UAW ratchets up pressure
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The United Auto Workers union is expanding its strike against U.S. automakers to two new plants, as 7,000 workers at a Ford plant in Chicago and a General Motors assembly factory near Lansing, Mich., will walk off the job at midday on Friday.
Union president Shawn Fain told workers on a video appearance Friday that negotiations haven’t broken down but Ford and GM have refused to make meaningful progress.
“Despite our willingness to bargain, Ford and GM have refused to make meaningful progress,” Fain said. “That’s why at noon eastern we will expand our strike to these two companies.”
“Not a single wheel will turn without us,” Fain said, adding that the 7,000 soon-to-be picketers are the “next wave of reinforcements.”
Stellantis, the third major automaker targeted by the union, and the maker of brands like Chrysler, Jeep and Dodge, was spared further action, as Fain said the company’s management has made significant concessions on things like a cost-of-living allowance and a freeze on outsourcing.
The Ford plant in Chicago makes the Explorer and Police Interceptor, as well as the Lincoln Aviator SUV.
The GM plant in Michigan’s Delta Township near Lansing manufactures large crossover SUVs such as the Chevrolet Traverse.
The two new plants join 41 other factories and distribution centres already seeing job action.
So far, the impact on Canada’s auto industry has been muted, as none of the idled factories are major users of Canadian-made components.
U.S. President Joe Biden visited the United Auto Workers picket line in Detroit on Tuesday, saying the workers deserve a significant raise after sacrifices made during the 2008 financial crisis. Auto companies are doing ‘incredibly well,’ Biden said, ‘and you should be doing incredibly well, too.’
Edward Moya, a strategist with foreign exchange firm Oanda, says that despite the expanded job action, the strike seems to be nearing an “endgame” as the two sides are clearly making slow but steady progress.
“Yesterday, the UAW said they are targeting a 30 per cent pay raise, which is down from the 46 per cent they were asking for in early September,” he said. “Automakers have raised their offer to 20 per cent but were not offering much on retirement benefits. The longer this drags, the more both sides lose, so a deal should be reached in the next week or two.”





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