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China’s Economy Grew 2.3% in 2020, Accelerating Global Rise – Yahoo Canada Finance

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The Canadian Press

Heavily fortified statehouses around US see small protests

Small groups of right-wing protesters — some of them carrying rifles — gathered outside heavily fortified statehouses around the country Sunday, outnumbered by National Guard troops and police brought in to prevent a repeat of the violence that erupted at the U.S. Capitol. As darkness fell, there were no reports of any clashes. Security was stepped up in recent days after the FBI warned of the potential for armed protests in Washington and at all 50 state capitol buildings ahead of President-elect Joe Biden’s inauguration on Wednesday. Crowds of only a dozen or two demonstrated at some boarded-up, cordoned-off statehouses, while the streets in many other capital cities remained empty. Some protesters said they were there to back President Donald Trump. Others said they had instead come to voice their support for gun rights or decry government overreach. “I don’t trust the results of the election,” said Michigan protester Martin Szelag, a 67-year-old semi-retired window salesman from Dearborn Heights. He wore a sign around his neck that read, in part, “We will support Joe Biden as our President if you can convince us he won legally. Show us the proof! Then the healing can begin.” As the day wore on with no bloodshed around the U.S., a sense of relief spread among officials, though they were not ready to let their guard down. The heavy law enforcement presence may have kept turnout down. In the past few days, some extremists had warned others against falling into what they called a law enforcement trap. Washington State Patrol spokesman Chris Loftis said he hoped the apparently peaceful day reflected some soul-searching among Americans. “I would love to say that it’s because we’ve all taken a sober look in the mirror and have decided that we are a more unified people than certain moments in time would indicate,” he said. The security measures were intended to safeguard seats of government from the type of violence that broke out at the U.S. Capitol on Jan. 6, when far-right Trump supporters galvanized by his false claims that the election had been stolen from him overran the police and bashed their way into the building while Congress was certifying the Electoral College vote. The attack left a Capitol police officer and four others dead. More than 125 people have been arrested over the insurrection. Dozens of courts, election officials and Trump’s own attorney general have all said there was no evidence of widespread fraud in the presidential race. On Sunday, some statehouses were surrounded by new security fences, their windows were boarded up, and extra officers were on patrol. Legislatures generally were not in session over the weekend. Tall fences also surrounded the U.S. Capitol. The National Mall was closed to the public, and the mayor of Washington asked people not to visit. Some 25,000 National Guard troops from around the country are expected to arrive in the city in the coming days. U.S. defence officials told The Associated Press those troops would be vetted by the FBI to ward off any threat of an insider attack on the inauguration. The roughly 20 protesters who showed up at Michigan’s Capitol, including some who were armed, were significantly outnumbered by law enforcement officers and members of the media. Tensions have been running high in the state since authorities foiled a plot to kidnap Democratic Gov. Gretchen Whitmer last year. At the Ohio Statehouse, about two dozen people, including several carrying long guns, protested outside under the watchful eyes of state troopers before dispersing as it began to snow. Kathy Sherman, who was wearing a visor with “Trump” printed on it, said she supports the president but distanced herself from the mob that breached the U.S. Capitol. “I’m here to support the right to voice a political view or opinion without fear of censorship, harassment or the threat of losing my job or being physically assaulted,” she said. Ohio Gov. Mike DeWine, a Republican, said he was pleased with the outcome but stressed that authorities “continue to have concerns for potential violence in the coming days, which is why I intend to maintain security levels at the Statehouse as we approach the presidential inauguration.” Utah’s new governor, Republican Spencer Cox, shared photos on his Twitter account showing him with what appeared to be hundreds of National Guard troops and law enforcement officers standing behind him, all wearing masks. Cox called the quiet protests a best-case scenario and said many ”agitating groups” had cancelled their plans for the day. At Oregon’s Capitol, fewer than a dozen men wearing military-style outfits, black ski masks and helmets stood nearby with semiautomatic weapons slung across their bodies. Some had upside-down American flags and signs reading such things as “Disarm the government.” At the Texas Capitol, Ben Hawk walked with about a dozen demonstrators up to the locked gates carrying a bullhorn and an AR-15 rifle hanging at the side of his camouflage pants. He condemned the insurrection at the U.S. Capitol and said he did not support Trump. “All we came down here to do today was to discuss, gather, network and hang out. And it got blown and twisted completely out of proportion,” Hawk said. At Nevada’s Capitol, where demonstrators supporting Trump have flocked most weekends in recent months, all was quiet except for a lone protester with a sign. “Trump Lost. Be Adults. Go Home,” it read. More than a third of governors had called out the National Guard to help protect their capitols and assist local law enforcement. Several governors declared states of emergency, and others closed their capitols to the public until after Biden’s inauguration. Some legislatures also cancelled sessions or pared back their work for the coming week. Even before the violence at the Capitol, some statehouses had been the target of vandals and angry protesters during the past year. Last spring, armed protesters entered the Michigan Capitol to object to coronavirus lockdowns. People angry over the death of George Floyd under a Minneapolis police officer’s knee vandalized capitols in several states, including Colorado, Ohio, Texas and Wisconsin. Last last month, crowds in Oregon forced their way into the Capitol in Salem to protest its closure to the public during a special legislative session on coronavirus measures. Amid the potential for violence in the coming days, the building’s first-floor windows were boarded up and the National Guard was brought in. “The state capitol has become a fortress,” said Oregon Senate President Peter Courtney, a Democrat. “I never thought I’d see that. It breaks my heart.” ___ Associated Press writers Farnoush Amiri in Columbus, Ohio; Gillian Flaccus in Salem, Oregon; Mike Householder and David Eggert in Lansing, Michigan; Meg Kinnard in Columbia, South Carolina; Rachel La Corte in Olympia, Washington; Sam Metz in Carson City, Nevada; Marc Scolforo in Harrisburg, Pennsylvania; and Paul Weber in Austin, Texas, contributed to this report. David A. Lieb And Adam Geller, The Associated Press

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Economy

Canada’s unemployment rate holds steady at 6.5% in October, economy adds 15,000 jobs

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5 days ago

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November 8, 2024

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OTTAWA – Canada’s unemployment rate held steady at 6.5 per cent last month as hiring remained weak across the economy.

Statistics Canada’s labour force survey on Friday said employment rose by a modest 15,000 jobs in October.

Business, building and support services saw the largest gain in employment.

Meanwhile, finance, insurance, real estate, rental and leasing experienced the largest decline.

Many economists see weakness in the job market continuing in the short term, before the Bank of Canada’s interest rate cuts spark a rebound in economic growth next year.

Despite ongoing softness in the labour market, however, strong wage growth has raged on in Canada. Average hourly wages in October grew 4.9 per cent from a year ago, reaching $35.76.

Friday’s report also shed some light on the financial health of households.

According to the agency, 28.8 per cent of Canadians aged 15 or older were living in a household that had difficulty meeting financial needs – like food and housing – in the previous four weeks.

That was down from 33.1 per cent in October 2023 and 35.5 per cent in October 2022, but still above the 20.4 per cent figure recorded in October 2020.

People living in a rented home were more likely to report difficulty meeting financial needs, with nearly four in 10 reporting that was the case.

That compares with just under a quarter of those living in an owned home by a household member.

Immigrants were also more likely to report facing financial strain last month, with about four out of 10 immigrants who landed in the last year doing so.

That compares with about three in 10 more established immigrants and one in four of people born in Canada.

This report by The Canadian Press was first published Nov. 8, 2024.

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Economy

Health-care spending expected to outpace economy and reach $372 billion in 2024: CIHI

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7 days ago

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November 6, 2024

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The Canadian Institute for Health Information says health-care spending in Canada is projected to reach a new high in 2024.

The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per Canadian.

CIHI’s national analysis predicts expenditures will rise by 5.7 per cent in 2024, compared to 4.5 per cent in 2023 and 1.7 per cent in 2022.

This year’s health spending is estimated to represent 12.4 per cent of Canada’s gross domestic product. Excluding two years of the pandemic, it would be the highest ratio in the country’s history.

While it’s not unusual for health expenditures to outpace economic growth, the report says this could be the case for the next several years due to Canada’s growing population and its aging demographic.

Canada’s per capita spending on health care in 2022 was among the highest in the world, but still less than countries such as the United States and Sweden.

The report notes that the Canadian dental and pharmacare plans could push health-care spending even further as more people who previously couldn’t afford these services start using them.

This report by The Canadian Press was first published Nov. 7, 2024.

Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.

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Economy

Trump’s victory sparks concerns over ripple effect on Canadian economy

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1 week ago

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November 6, 2024

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As Canadians wake up to news that Donald Trump will return to the White House, the president-elect’s protectionist stance is casting a spotlight on what effect his second term will have on Canada-U.S. economic ties.

Some Canadian business leaders have expressed worry over Trump’s promise to introduce a universal 10 per cent tariff on all American imports.

A Canadian Chamber of Commerce report released last month suggested those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.

More than 77 per cent of Canadian exports go to the U.S.

Canada’s manufacturing sector faces the biggest risk should Trump push forward on imposing broad tariffs, said Canadian Manufacturers and Exporters president and CEO Dennis Darby. He said the sector is the “most trade-exposed” within Canada.

“It’s in the U.S.’s best interest, it’s in our best interest, but most importantly for consumers across North America, that we’re able to trade goods, materials, ingredients, as we have under the trade agreements,” Darby said in an interview.

“It’s a more complex or complicated outcome than it would have been with the Democrats, but we’ve had to deal with this before and we’re going to do our best to deal with it again.”

American economists have also warned Trump’s plan could cause inflation and possibly a recession, which could have ripple effects in Canada.

It’s consumers who will ultimately feel the burden of any inflationary effect caused by broad tariffs, said Darby.

“A tariff tends to raise costs, and it ultimately raises prices, so that’s something that we have to be prepared for,” he said.

“It could tilt production mandates. A tariff makes goods more expensive, but on the same token, it also will make inputs for the U.S. more expensive.”

A report last month by TD economist Marc Ercolao said research shows a full-scale implementation of Trump’s tariff plan could lead to a near-five per cent reduction in Canadian export volumes to the U.S. by early-2027, relative to current baseline forecasts.

Retaliation by Canada would also increase costs for domestic producers, and push import volumes lower in the process.

“Slowing import activity mitigates some of the negative net trade impact on total GDP enough to avoid a technical recession, but still produces a period of extended stagnation through 2025 and 2026,” Ercolao said.

Since the Canada-United States-Mexico Agreement came into effect in 2020, trade between Canada and the U.S. has surged by 46 per cent, according to the Toronto Region Board of Trade.

With that deal is up for review in 2026, Canadian Chamber of Commerce president and CEO Candace Laing said the Canadian government “must collaborate effectively with the Trump administration to preserve and strengthen our bilateral economic partnership.”

“With an impressive $3.6 billion in daily trade, Canada and the United States are each other’s closest international partners. The secure and efficient flow of goods and people across our border … remains essential for the economies of both countries,” she said in a statement.

“By resisting tariffs and trade barriers that will only raise prices and hurt consumers in both countries, Canada and the United States can strengthen resilient cross-border supply chains that enhance our shared economic security.”

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

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