The once-bustling Ste-Catherine Street in downtown Montreal has quickly come to a silent halt amid businesses temporarily shutting down due to the novel coronavirus.
The quick spread of COVID-19, the disease caused by the virus, has forced shops, major retailers, hairdressers, bars and restaurants to par down their business.
“It’s very bad,” said Marc Fortin, a spokesperson for the Retail Council of Canada. “It’s unprecedented.
“It’s extremely bad when you have about 30 to 70 per cent drop in sales for three weeks.”
The Quebec government has introduced sweeping measures in the past week over the outbreak as the number of confirmed cases continues to rise.
As part of the plan, non-essential services such as bars, casinos and spas have been ordered to close. Restaurants are allowed to stay open, but they must abide by strict rules and must operate at 50 per cent capacity.
National and provincial officials are also urging people to stay home to limit the spread of COVID-19.
While the Quebec government is offering financial aid to affected workers and businesses, the changes have left Montreal’s service industry and retail stores dealing with a sudden economic hit.
In an attempt to help protect the public and lessen the spread of #COVID19, many retailers have closed their doors temporarily.#mtlpic.twitter.com/2apyJAoNcA
Major retailers — including Simons, Hudson’s Bay and Aldo along Ste-Catherine Street — have temporarily closed their physical shops.
Restaurants are also feeling the pinch. La Cage aux Sports was forced to lay off more than 2,000 workers on Tuesday.
The novel coronavirus is having a clear impact on the local economy and a recession is looming, according to experts.
“Until we get back outdoors again, get back to the office, something usual, the economy isn’t going to be special or anything positive,” said Moshe Lander, an economist at Concordia University.
“It’s going to be bad news.”
With all the uncertainty and the closure of non-essential services, Fortin agrees.
“It’s going to be a short recession or a recession down the road,” he said.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
