Business

Canada's economy added 37,000 jobs in January as unemployment declines to 5.7% – CBC News

Published

9 months ago

February 9, 2024

The Canadian economy added 37,000 jobs in January as unemployment fell slightly to 5.7 per cent, the first decline since December 2022, according to a Friday report from Statistics Canada.

After three consecutive months of little change in the jobs rate, the January figures were better than economists expected but were mostly driven by an increase in part-time work. Twelve thousand full-time jobs were lost.

Average hourly wages, which have been consistently growing at a four to five per cent annual pace as Canadians seek compensation to account for inflation, rose 5.3 per cent from a year ago.

“A decent job gain, a slide in the jobless rate and persistent five [per cent] wage growth are hardly the stuff of an urgent call for rate cuts,” BMO chief economist Douglas Porter wrote in a note.

CIBC senior economist Andrew Grantham concurred, writing, “Today’s data suggest that the Bank won’t be in a rush to cut interest rates, and we maintain our expectation for a first [interest rate cut] in June.”

WATCH | Why a TD senior economist is wary of January’s job numbers:

Hear why this economist is cautious about the latest jobs numbers

2 hours ago

Duration 1:44

James Orlando, a senior economist with TD, says that while the headline number is good, the underlying details of the latest report on jobs numbers are ‘not favourable’ for Canada.

Employment rose across several sectors in January, led by wholesale and retail trade, as well as finance, insurance, real estate, rental and leasing. Meanwhile, accommodation and food services saw the largest employment decline.

Canada’s labour market cooled significantly last year as high interest rates weighed on consumer spending and business investment, pushing up the unemployment rate from 5.1 per cent in April to 5.8 per cent in December.

Adblock test (Why?)

Source link

Business

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

Published

8 hours 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)

Source link

Business

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

Published

8 hours 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)

Source link

Business

Thomson Reuters reports Q3 profit down from year ago as revenue rises

Published

8 hours ago

November 5, 2024

Anne Joseph

TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 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:TRI)

Source link