OTTAWA —
Nearly one-quarter of Canada’s unemployed have been without work for six months or more, with Statistics Canada reporting a spike in their numbers in October even as the economy eked out another month of overall job growth.
Nearly 450,000 were considered long-term unemployed last month, meaning they had been without a job for 27 weeks or more, with their ranks swelling by 79,000 in September and then 151,000 more in October.
Long-term unemployed now make up 24.8 per cent of Canada’s unemployed, who numbered 1.8 million in October, as the wave of short-term layoffs in March in April rippled into the fall.
The jumps in September and October are the sharpest over more than 40 years of comparable data, and have pushed long-term unemployment beyond what it was just over a decade ago during the global financial crisis.
More men than women have been out of work for an extended period, and younger workers make up a larger share of the ranks of the country’s long-term unemployed than they did in the last recession.
“As the pandemic lingers, and vulnerable sectors like food services continue to struggle, it’s really going to be tough to get back to normal,” said Brendon Bernard, an economist with job-posting site Indeed.
“And in the meantime, that’s going to mean definitely struggles for people who’ve been working in parts of the economy that are severely affected.”
The longer those people are out of work, the more difficult it will be for them to find a new job. And for those that do, research has shown a drop in their earnings as they settle for less than they had before.
Some older workers may simply decide to retire. Younger low-wage workers in hard-hit service sectors will have to find new work as part of a reshuffling of the workforce that could take years to play out.
Leah Nord, senior director of workforce strategies for the Canadian Chamber of Commerce, said the numbers show governments need to roll out “significant” skills training programs to those affected workers pivot to new careers.
The pace of job growth slowed in October as the economy added 83,600 jobs in the month compared with 378,000 in September, Statistics Canada said Friday. The gains marked the sixth straight month of gains after three million jobs lost over March and April when the pandemic first hit Canada hard.
The unemployment rate was little changed at 8.9 per cent compared with nine per cent in September.
The overall gains were the smallest since economies were allowed to reopen after lockdowns, noted TD senior economist Sri Thanabalasingam.
Job increases were found across several industries, including retail.
Most of the gains too were in full-time work, with core-aged women benefiting the most to bring their unemployment rate to 6.6 per cent, the lowest among the major demographic groups tracked by Statistics Canada.
But those gains were partially offset by a decrease of 48,000 jobs in the accommodation and food services industry, largely in Quebec, Statistics Canada says.
More Canadians were also working at home in October, coinciding with a rise in case counts of COVID-19.
CIBC senior economist Royce Mendes says the fact the economy posted another gain in October was good news.
“It seems like employment readings are destined to ebb and flow over the coming fall and winter months, as governments try to adjust activity in attempts to contain the virus,” he writes in a note.
Statistics Canada says the unemployment rate would have been 11.3 per cent in October had it included in calculations the 540,000 Canadians who wanted to work last month but didn’t search for a job.
A quick look at Canada’s October employment (numbers from the previous month in brackets):
Unemployment rate: 8.9 per cent (9.0)
Employment rate: 59.4 per cent (59.1)
Participation rate: 65.2 per cent (65.0)
Number unemployed: 1,816,800 (1,832,600)
Number working: 18,553,500 (18,469,900)
Youth (15-24 years) unemployment rate: 18.8 per cent (18.9)
Men (25 plus) unemployment rate: 7.8 per cent (7.8)
Women (25 plus) unemployment rate: 6.8 per cent (7.0)
Here are the jobless rates last month by province (numbers from the previous month in brackets):
Newfoundland and Labrador 12.8 per cent (14.8)
Prince Edward Island 10.0 per cent (10.1)
Nova Scotia 8.7 per cent (7.9)
New Brunswick 10.1 per cent (10.4)
Quebec 7.7 per cent (7.4)
Ontario 9.6 per cent (9.5)
Manitoba 7.1 per cent (7.0)
Saskatchewan 6.4 per cent (6.8)
Alberta 10.7 per cent (11.7)
British Columbia 8.0 per cent (8.4)
Statistics Canada also released seasonally adjusted, three-month moving average unemployment rates for major cities. It cautions, however, that the figures may fluctuate widely because they are based on small statistical samples. Here are the jobless rates last month by city (numbers from the previous month in brackets):
St. John’s, N.L. 8.8 per cent (9.8)
Halifax 7.7 per cent (8.4)
Moncton, N.B. 8.3 per cent (7.1)
Saint John, N.B. 10.0 per cent (10.1)
Saguenay, Que. 5.0 per cent (5.4)
Quebec City 4.5 per cent (5.0)
Sherbrooke, Que. 7.0 per cent (7.4)
Trois-Rivieres, Que. 6.0 per cent (6.3)
Montreal 9.6 per cent (10.7)
Gatineau, Que. 7.9 per cent (8.1)
Ottawa 8.2 per cent (8.7)
Kingston, Ont. 8.5 per cent (9.1)
Peterborough, Ont. 11.7 per cent (11.2)
Oshawa, Ont. 8.3 per cent (9.6)
Toronto 11.5 per cent (12.8)
Hamilton, Ont. 9.2 per cent (8.9)
St. Catharines-Niagara, Ont. 7.5 per cent (8.7)
Kitchener-Cambridge-Waterloo, Ont. 10.8 per cent (12.2)
Brantford, Ont. 7.2 per cent (8.1)
Guelph, Ont. 8.3 per cent (9.6)
London, Ont. 8.9 per cent (8.9)
Windsor, Ont. 10.8 per cent (9.8)
Barrie, Ont. 9.2 per cent (9.4)
Greater Sudbury, Ont. 7.9 per cent (8.5)
Thunder Bay, Ont. 7.6 per cent (8.3)
Winnipeg 8.7 per cent (9.4)
Regina 6.1 per cent (7.4)
Saskatoon 8.1 per cent (9.2)
Calgary 11.3 per cent (12.6)
Edmonton 12.0 per cent (12.6)
Kelowna, B.C. 6.2 per cent (8.0)
Abbotsford-Mission, B.C. 8.6 per cent (8.0)
Vancouver 9.7 per cent (11.1)
Victoria 7.6 per cent (9.1)
This report by The Canadian Press was first published Nov. 6, 2020.
TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
