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Jobs, economy, COVID-19 to be focus for Alberta government in fall legislature sitting – Global News

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The Alberta government plans a busy fall legislature sitting aimed at adding jobs and diversifying the economy while focusing on tamping down the renewed surge of COVID-19.

Government house leader Jason Nixon says this will include proposed legislation on recognizing professional credentials to address labour shortages. The bill will be introduced by Premier Jason Kenney.

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Read more:
Alberta’s job market has ‘pretty much recovered’ from COVID-19: Kenney

“Our focus will be on Alberta’s workforce, a couple of bills around diversifying the economy, a big focus on building infrastructure for our future, (and) growing our resources, particularly on the energy side,” Nixon said in an interview Friday.

There will also be new initiatives on environmental protection and conservation.

Nixon said there will be 18 to 20 bills for the sitting, which begins Monday and is scheduled to run to the first week of December.

“It’s a very robust fall agenda,” he said.

Nixon said the government will continue to take steps to reduce COVID-19 cases, which have severely stressed the health system.

Read more:
Starting Monday, Alberta’s vaccine passport requires 2 doses of COVID-19 vaccine

No COVID-19-specific bills are planned, he said, noting they were passed in previous sittings.

“There’s certainly other stuff to be done to manage the pandemic ? but we’ll stand ready if Alberta Health needs us to pass any legislation to deal with the pandemic.”

He said debate in the chamber is expected to return to some semblance of normalcy.

In the spring sitting, both the United Conservative government and the Opposition NDP reduced their numbers in the chamber to prevent the spread of the virus.

This time, with all NDP members and all but one on the UCP side vaccinated, all will be allowed back in for debate.

The lone UCP member has a medical exemption and will be tested regularly, said Nixon.

He said there are still masking rules and members will try to maintain distancing where possible.

The NDP said it plans to hold the government accountable for what went disastrously wrong on COVID-19.

“This fall sitting of the legislature will be laser-focused on getting answers from the UCP on why they’ve failed Albertans so miserably in managing the devastating fourth wave of the COVID-19 pandemic,” said Christina Gray, the NDP house leader.

“Since July 15, more than 85,000 additional Albertans have been infected with the virus and 700 have died.”

Gray said the NDP will call for an all-party inquiry into the government’s handling of the pandemic with the power to compel documents and testimony.

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Nixon said the government will not agree to such a motion. He said it would be wrong to redeploy vital health resources right now and that Kenney has promised an eventual review of how the province handled the pandemic.

Kenney has also promised to bring forward a motion to ratify and act on the results of Monday’s provincewide referendum on Canada’s equalization program.

Final results aren’t in from Edmonton, but figures from Calgary and other cities suggest the referendum will pass with about 60 per cent in support of urging the federal government to remove the principle of equalization from the Constitution.

Kenney has said the issue is not about removing equalization, something no province can do unilaterally, but about getting leverage to negotiate other issues surrounding federal transfers to attain a better deal with Ottawa.

Political scientist Jared Wesley said Kenney will likely continue to focus on initiatives such as the equalization referendum, if only to change the narrative on his low popularity ratings.

“The premier will be spending most of his time, if he has anything to say about it, outside the province, stumping for this fair deal,” said Wesley, with the University of Alberta.

COVID-19 numbers have been trending down in recent weeks. But Kenney and Dr. Deena Hinshaw, the province’s chief medical officer of health, say the situation remains precarious.

On Friday, there were just over 10,000 active COVID-19 cases in Alberta. And there were 191 COVID-19 patients in intensive care.

Alberta’s fourth wave troubles began after Kenney lifted almost all COVID-19 related health restrictions as of July 1, boasting that the pandemic had moved to the “endemic” phase and there was no need to plan for a renewed case surge.

© 2021 The Canadian Press

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U.S. economic growth for last quarter revised up slightly to healthy 3.4% annual rate – The Globe and Mail

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The U.S. economy grew at a solid 3.4 per cent annual pace from October through December, the government said Thursday in an upgrade from its previous estimate. The government had previously estimated that the economy expanded at a 3.2 per cent rate last quarter.

The Commerce Department’s revised measure of the nation’s gross domestic product – the total output of goods and services – confirmed that the economy decelerated from its sizzling 4.9 per cent rate of expansion in the July-September quarter.

But last quarter’s growth was still a solid performance, coming in the face of higher interest rates and powered by growing consumer spending, exports and business investment in buildings and software. It marked the sixth straight quarter in which the economy has grown at an annual rate above 2 per cent.

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For all of 2023, the U.S. economy – the world’s biggest – grew 2.5 per cent, up from 1.9 per cent in 2022. In the current January-March quarter, the economy is believed to be growing at a slower but still decent 2.1 per cent annual rate, according to a forecasting model issued by the Federal Reserve Bank of Atlanta.

Thursday’s GDP report also suggested that inflation pressures were continuing to ease. The Federal Reserve’s favoured measure of prices – called the personal consumption expenditures price index – rose at a 1.8 per cent annual rate in the fourth quarter. That was down from 2.6 per cent in the third quarter, and it was the smallest rise since 2020, when COVID-19 triggered a recession and sent prices falling.

Stripping out volatile food and energy prices, so-called core inflation amounted to 2 per cent from October through December, unchanged from the third quarter.

The economy’s resilience over the past two years has repeatedly defied predictions that the ever-higher borrowing rates the Fed engineered to fight inflation would lead to waves of layoffs and probably a recession. Beginning in March 2022, the Fed jacked up its benchmark rate 11 times, to a 23-year high, making borrowing much more expensive for businesses and households.

Yet the economy has kept growing, and employers have kept hiring – at a robust average of 251,000 added jobs a month last year and 265,000 a month from December through February.

At the same time, inflation has steadily cooled: After peaking at 9.1 per cent in June 2022, it has dropped to 3.2 per cent, though it remains above the Fed’s 2 per cent target. The combination of sturdy growth and easing inflation has raised hopes that the Fed can manage to achieve a “soft landing” by fully conquering inflation without triggering a recession.

Thursday’s report was the Commerce Department’s third and final estimate of fourth-quarter GDP growth. It will release its first estimate of January-March growth on April 25.

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Canadian economy starts the year on a rebound with 0.6 per cent growth in January – CBC.ca

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The Canadian economy grew 0.6 per cent in January, the fastest growth rate in a year, while the economy likely expanded 0.4 per cent in February, Statistics Canada said Thursday.

The rate was higher than forecasted by economists, who were expecting GDP growth of 0.4 per cent in the month. December GDP was revised to a 0.1 per cent contraction from zero growth initially reported.

January’s rise, the fastest since the 0.7 per cent growth in January 2023, was helped by a rebound in educational services as public sector strikes ended in Quebec, Statistics Canada said.

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WATCH | The Canadian economy grew more than expected in January: 

Canada’s GDP increased 0.6% in January

41 minutes ago

Duration 2:20

The Canadian economy grew 0.6 per cent in January, the fastest growth rate in a year, while the economy likely expanded 0.4 per cent in February, Statistics Canada says.

“The more surprising news today was the advance estimate for February,” which suggested that underlying momentum in the economy accelerated further that month, wrote CIBC senior economist Andrew Grantham in a note.

Thursday’s data shows the Canadian economy started 2024 on a strong note after growth stalled in the second half of last year. GDP was flat or negative on a monthly basis in four of the last six months of 2023.

More time for BoC to assess

The strong rebound could allow the Bank of Canada more time to assess whether inflation is slowing sufficiently without risking a severe downturn, though the central bank has said it does not want to stay on hold longer than needed.

Because recent inflation figures have come in below the central bank’s expectations, “it appears that much of the growth we are seeing is coming from an easing of supply constraints rather than necessarily a pick-up in underlying demand,” wrote Grantham.

“As a result, we still see scope for a gradual reduction in interest rates starting in June.”

WATCH | Bank of Canada left interest rate unchanged earlier this month: 

Bank of Canada leaves interest rate unchanged, says it’s too soon to cut

22 days ago

Duration 1:56

The Bank of Canada held its key interest rate at 5 per cent on Wednesday, with governor Tiff Macklem saying it was too soon for cuts. CBC News speaks with an economist and a couple who might be forced to sell their home if interest rates don’t come down.

The central bank has maintained its key policy rate at a 22-year high of five per cent since July, but BoC governors in March agreed that conditions for rate cuts should materialize this year if the economy evolves in line with its projections.

The bank in January forecast a growth rate of 0.5 per cent in the first quarter, and Thursday’s data keeps the economy on a path of small growth in the first three months of 2024. The BoC will release new projections along with its rate announcement on April 10.

Growth in 18 out of 20 sectors

Growth in January was broad-based, with 18 of 20 sectors increasing in the month, StatsCan said. The agency said that real estate and the rental and leasing sectors grew for the third consecutive month, as activity at the offices of real estate agents and brokers drove the gain in January.

Overall, services-producing industries grew 0.7 per cent, while the goods-producing sector expanded 0.2 per cent.

In a preliminary estimate for February, StatsCan said GDP was likely up 0.4 per cent, helped by mining, quarrying, oil and gas extraction, manufacturing and the finance and insurance industries.

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Yellen Sounds Alarm on China ‘Global Domination’ Industrial Push – Bloomberg

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US Treasury Secretary Janet Yellen slammed China’s use of subsidies to give its manufacturers in key new industries a competitive advantage, at the cost of distorting the global economy, and said she plans to press China on the issue in an upcoming visit.

“There is no country in the world that subsidizes its preferred, or priority, industries as heavily as China does,” Yellen said in an interview with MSNBC Wednesday — highlighting “massive” aid to electric-car, battery and solar producers. “China’s desire is to really have global domination of these industries.”

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