Admissions of permanent residents into Nova Scotia dropped by over half last year, mirroring a national decrease in immigration. This is the first decline the province has had after three years of steady growth in immigration.
Government data updated last week shows that Nova Scotia added 3,505 permanent residents in 2020, a decrease of 4,075 from 7,580 admissions in the previous year. Similarly, immigration to Canada dropped by almost half, from 341,175 in 2019 to 184,370 in 2020.
“In the light of the current pandemic, it is something that was expected to happen,” said Ather Akbrari, a Saint Mary’s University economics professor.
Visa applications have been delayed across Canada since the pandemic started. The longer wait time for immigrants to renew or receive their first permanent residence card has left many in distress.
Although a sharp fall in immigration could have implications for the housing market and employment rate, Akbari said the public should focus on the positive side.
“So the first thing that we should remember is that the Nova Scotia economy has been doing well, even during the pandemic,” said Akbrari.
According to a recent labour force survey in January, Nova Scotia is one of the four provinces that had an increase in employment with a 1.7 per cent monthly rise. The only other Atlantic province that had a growth in labour force is P.E.I. The unemployment rate in Nova Scotia also dropped to 8.3 per cent, one point below the national average of 9.4 per cent.
Akbari said the labour force and real estate are performing strongly mainly because of the higher interprovincial migration.
“It’s not a gloomy picture for the province. Because of the low incidence rate, people are considering moving in from other provinces to here. And the real estate demand is high,” said Akbari.
The government data showed the province had a net gain of 1,471 for the third quarter of 2020, the highest the province has seen since the third quarter of 1984. However, the gain was not enough to offset losses in international migration, so the population decreased.
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.
