Connect with us

Business

Manitoba bearing the brunt of job loss in Canada, statistics show – CTV News Winnipeg

Published

 on


WINNIPEG —
Manitoba lost 6,600 jobs in December, according to the latest Statistics Canada labour force survey.

It’s the second straight month of job losses as the province’s economy continues to feel the pandemic pinch.

“The direction in which the job numbers suggest the economy is heading is not encouraging,” said Fletcher Barager, associate professor of economics at the University of Manitoba.

Manitoba’s job losses are in line with national trends, with employment falling by 63,000 across Canada in December 2020, the first national drop since April 2020.

With December’s job losses the province’s unemployment rate sits at 8.2 per cent, behind the national unemployment rate (8.4 per cent) but still a significant jump since November’s 7.4 per cent unemployment rate.

Code red restrictions, imposed province-wide in early November, are largely seen as the reason for the economic slow-down, said Barager.

Barager points out two segments of the labour force were hit hardest by job losses in December, as unemployment rates in Manitoba are highest among workers aged 15 to 24 and among female workers over the age of 25.

“We can basically say out of those 6,600 jobs that were lost between mid-November and mid-December, they were almost exclusively born by women and workers under the age of 25,” said Barager.

Compared to pre-COVID levels, employment in Manitoba is 5.8 per cent below where it was in February 2020. That’s the lowest in Canada, according to Statistics Canada.

Not all industries are being affected equally.

Some sectors, like construction and real estate, saw job gains in the last month.

Accommodation and food services saw losses, continuing a negative trend that continues to hurt Manitoba’s restaurant industry.

Between December 2019 and December 2020, the food services industry lost 18,000 jobs.

Missing out on the recent holiday season – a busy time for the industry – now puts many restaurants on unsure footing heading into the new year, Shaun Jeffrey, executive director of the Manitoba Restaurant and Food Services Association, said.

“Usually the increase is about 15 to 20 per cent in labour dollars that would normally be increased during the holiday season,” said Jeffrey. “It’s a significant decline and we continue to see these declines now because we’re heading into one of the slowest times of year for our industry.”

Many retailers are in the same position, said Colin Fast, director of policy with the Winnipeg Chamber of Commerce, adding that it may not be as easy as removing code red restrictions before we see a full economic recovery.

“We’ve seen significant changes in consumer activity since the pandemic began,” said Fast.

“People are getting used to ordering online or getting delivery instead of eating at a restaurant. I think we need to see how long it takes for those habits to go back to normal or if they are at all.”

There are some glimmers of economic hope on the horizon.

Carrie Freestone, an economist at RBC, points out the role “pent up demand” will play in Manitoba’s (and Canada’s) economic recovery.

Much like it sounds, “pent up demand” refers to an uptick in consumer spending once all sectors of the economy open up, such as purchasing concert tickets.

Freestone also predicts Manitoba will be one of two provinces to outpace pre-COVID economy output before the end of the year.

“Part of that is just because the initial onset of the contraction was less severe,” said Freestone, pointing out that the first lockdown in Spring 2020 came into effect later and didn’t last as long compared to other provinces.

“We saw retail sales surge in May and June in Manitoba whereas in other provinces a lot of the sectors were still locked down,” she said. “The magnitude of the hit was much less severe.”

Freestone adds that a 17 per cent increase in infrastructure investment by the Manitoba government will also contribute to the province’s economic recovery.

“Obviously we saw that employment numbers were hit pretty hard in November and December but nevertheless we do predict Manitoba will fare significantly better,” she said.  

Let’s block ads! (Why?)



Source link

Continue Reading

Business

CPP Investments CEO Mark Machin resigns after travelling to UAE for COVID-19 vaccine – CTV News

Published

 on


TORONTO —
The chief executive of the fund that manages Canada Pension Plan investments has resigned after it was revealed that he decided to travel to the United Arab Emirates, where he arranged to be vaccinated against COVID-19.

CPP Investments said Friday that Mark Machin tendered his resignation after discussions with the board Thursday night.

The resignation comes after Machin on Thursday evening sent a memo to staff, in which he said he received a COVID-19 vaccination while on a “very personal” trip to Dubai.

Machin said in the email viewed by The Canadian Press that he remains in Dubai with his partner “for many reasons, some of which are deeply personal.”

“This was a very personal trip and was undertaken after careful consideration and consultation,” the memo reads.

The federal government is actively discouraging Canadians from travelling abroad and recently implemented stricter quarantine measures for those returning home.

Machin told staff he followed all travel protocols related to his role as head of the pension fund while on the trip.

“This trip was intended to be very private and I am disappointed it has become the focus of public attention and expected criticism,” he wrote.

Several politicians and health-care officials have become high profile flashpoints in recent months for leaving the country despite public health advice to the contrary.

Among them, the former CEO of the London Health Sciences Centre is now embroiled in litigation after his travel to the U.S. prompted the hospital to terminate his contract.

Rod Phillips, Ontario’s former finance minister, resigned from his post in late December after taking a personal trip to St. Barts.

A spokeswoman for Finance Minister Chrystia Freeland said that while CPPIB is an independent organization, the revelation is “very troubling.”

“The federal government has been clear with Canadians that now is not the time to travel abroad,” Katherine Cuplinskas said in an emailed statement.

“We were not made aware of this travel and further questions should be directed to the CPPIB on this matter.”

CPP Investments said Friday it has no comment beyond the statement announcing Machin’s departure.

The fund’s board has appointed John Graham as its new CEO. Graham was its global head of credit investments.

CPP Investments, which had $475.7 billion in assets under management as of Dec. 31, invests money on behalf of retired and active employees covered by the Canada Pension Plan.

Machin joined CPP Investments in 2012 and was appointed president and chief executive in June 2016. Before joining the pension fund manager, he spent 20 years at investment bank Goldman Sachs.

“The board wishes to thank Mr. Machin for his global perspective, leadership and commitment to excellence and we offer him our sincere best wishes for the future.”

This report by The Canadian Press was first published Feb. 26, 2021

Let’s block ads! (Why?)



Source link

Continue Reading

Business

CPP Investments CEO Mark Machin resigns after travelling to UAE for COVID-19 vaccine – CTV News

Published

 on


The chief executive of the fund that manages Canada Pension Plan investments has resigned after it was revealed that he decided to travel to the United Arab Emirates, where he arranged to be vaccinated against COVID-19.

CPP Investments said Friday that Mark Machin tendered his resignation after discussions with the board Thursday night.

The resignation comes after Machin on Thursday evening sent a memo to staff, in which he said he received a COVID-19 vaccination while on a “very personal” trip to Dubai.

Machin said in the email viewed by The Canadian Press that he remains in Dubai with his partner “for many reasons, some of which are deeply personal.”

“This was a very personal trip and was undertaken after careful consideration and consultation,” the memo reads.

The federal government is actively discouraging Canadians from travelling abroad and recently implemented stricter quarantine measures for those returning home.

Machin told staff he followed all travel protocols related to his role as head of the pension fund while on the trip.

“This trip was intended to be very private and I am disappointed it has become the focus of public attention and expected criticism,” he wrote.

Several politicians and health-care officials have become high profile flashpoints in recent months for leaving the country despite public health advice to the contrary.

Among them, the former CEO of the London Health Sciences Centre is now embroiled in litigation after his travel to the U.S. prompted the hospital to terminate his contract.

Rod Phillips, Ontario’s former finance minister, resigned from his post in late December after taking a personal trip to St. Barts.

A spokeswoman for Finance Minister Chrystia Freeland said that while CPPIB is an independent organization, the revelation is “very troubling.”

“The federal government has been clear with Canadians that now is not the time to travel abroad,” Katherine Cuplinskas said in an emailed statement.

“We were not made aware of this travel and further questions should be directed to the CPPIB on this matter.”

CPP Investments said Friday it has no comment beyond the statement announcing Machin’s departure.

The fund’s board has appointed John Graham as its new CEO. Graham was its global head of credit investments.

CPP Investments, which had $475.7 billion in assets under management as of Dec. 31, invests money on behalf of retired and active employees covered by the Canada Pension Plan.

Machin joined CPP Investments in 2012 and was appointed president and chief executive in June 2016. Before joining the pension fund manager, he spent 20 years at investment bank Goldman Sachs.

“The board wishes to thank Mr. Machin for his global perspective, leadership and commitment to excellence and we offer him our sincere best wishes for the future.”

This report by The Canadian Press was first published Feb. 26, 2021

Let’s block ads! (Why?)



Source link

Continue Reading

Business

Machin out at CPPIB following trip abroad to get COVID vaccine – BNN

Published

 on


Mark Machin resigned as head of Canada Pension Plan Investment Board after he went to the United Arab Emirates and received a COVID-19 vaccine, defying guidance from Justin Trudeau’s government to avoid international travel.

“After discussions last evening with the board, Mr. Machin tendered his resignation and it has been accepted,” CPPIB said in a written statement Friday morning. John Graham was named to replace him as chief executive officer.

The office of Finance Minister Chrystia Freeland criticized Machin after the Wall Street Journal revealed the trip Thursday evening. Canada is still struggling to ramp up its own immunization campaign against the virus.

‘Very Troubling’

“While the CPPIB is an independent organization, this is very troubling,” Katherine Cuplinskas, a spokeswoman for Freeland, said by email. “The federal government has been clear with Canadians that now is not the time to travel abroad.”

The finance department was unaware of Machin’s trip, Cuplinskas said, referring further questions to the CPPIB.

Despite securing more doses per capita than any other nation, Canada has administered enough shots to vaccinate just 4.5 per cent of its population one time, compared with 29 per cent in the U.K. and 20.6 per cent in the U.S., according to Bloomberg’s vaccine tracker. That’s because Canada has to import the vaccines, and shipments have lagged.

Travel Scandals

Recent public opinion has turned against officials who defy the government’s pleas to not leave the country: Rod Phillips, Ontario’s finance minister, was forced to resign on Dec. 31 after it was revealed he took a Caribbean vacation at a time when many businesses in the provinces were ordered to shut their doors to contain the virus.

With vaccine deliveries now accelerating after delays caused in part by export controls in the European Union, Trudeau maintains that every Canadian will be inoculated by the end of September.

Let’s block ads! (Why?)



Source link

Continue Reading

Trending