Connect with us

Economy

Study shows economic impact e-scooters have on Lethbridge economy

Published

 on

E-scooters rolled into the Lethbridge transportation scene this spring. A recent survey shows the two-wheeled rides have been good for business.

“What we saw was an increase in local traffic, like that Main Street traffic,” said Cyndi Bester with the Lethbridge Chamber of Commerce. She added that they partnered with Neuron Mobility, the e-scooter provider in Lethbridge to gather some critical data,  putting a dollar value on each rental.

“It was about $22 per ride that people invested in different businesses whether it was a restaurant or a local retail store or whatever so it did create some economic drive and ease of access,” said Bester.

Genius Dog 336 x 280 - Animated

Downtown business owner, Penny Warris with Analog Books said they have enjoyed seeing the e-options downtown, “it’s not just functional, it’s super fun.”

Warris added the option has given shoppers a fun way to get around the city, while helping with one of the downtown challenges — parking.

“We are such a busy street — parking is always an issue so anytime you can alleviate just a few parking (spots) it’s totally worth it. And when its fun on top of that, it’s just so much better and it’s just a quick thing to stop in,” said Warris.

According to Neuron, e-scooter riders have been responsible for injecting an estimated $3.2 million a year into Lethbridge’s economy with each scooter contributing $6,300.

“Ridership this year has been phenomenal in Lethbridge in terms of the over 400 thousand kilometers of rides that have been traveled in the city since we launched earlier this year and, as such, the uptake has resulted in a significant economic impact,” said Isaac Ransom, head of government relations in Canada for Neuron Mobility.

He added more kilometers will continue to be logged even when the snow flies with no plans to park them for the winter.

Source link

Continue Reading

Economy

Ontario Continues to Strengthen the Economy | Ontario Newsroom – Government of Ontario News

Published

 on


[unable to retrieve full-text content]

Ontario Continues to Strengthen the Economy | Ontario Newsroom  Government of Ontario News



Source link

Continue Reading

Economy

Domestic demand drags Czech economy in Q3 as recession looms

Published

 on

PRAGUE — The Czech economy shrank less in the third quarter than initially suggested, with domestic demand the main weak spot, while other data pointed to another decline in the fourth quarter, signaling the economy has likely entered a recession.

Czech gross domestic product (GDP) dropped 0.2% in July-September from the second quarter, the first quarterly decline since early 2021. On an annual basis, GDP rose 1.7%, the Statistics Office said on Friday.

An initial estimate in early November suggested a quarterly decline of 0.4% and showed 1.6% growth year-on-year.

“On the demand side, domestic demand was the main factor of the quarter-on-quarter GDP decrease (in the third quarter). Especially final consumption expenditure of households decreased. External demand had a positive influence,” said Vladimir Kermiet, director of the national accounts department at the statistics office.

Genius Dog 336 x 280 - Animated

Some help may have come from the Czech car sector where producers like Volkwagen’s Skoda Auto have been working through backlogs caused by supply snags. The car industry accounts for one quarter of Czech industrial output.

Elsewhere in the region, Poland’s economy grew 0.9% in the third quarter, while Hungary reported a quarterly drop of 0.4%.

Surveys on Thursday pointed to more trouble ahead in the region as they showed manufacturing was in steep decline in Poland and the Czech Republic in November.

“One can talk of a high probability of a recession, because the fourth quarter can hardly be expected to show economic growth,” said Petr Dufek, chief economist at Banka Creditas. (Reporting by Robert Muller Editing by Mark Potter)

Source link

Continue Reading

Economy

Why Mark Zandi says the US economy will narrowly avoid a recession

Published

 on


New York
CNN Business

Inflation is cooling. Consumers are still spending. And hiring is slowing — but not collapsing. That’s why Moody’s Analytics chief economist Mark Zandi is increasingly confident that the American economy will — narrowly — escape a recession.

“It’s going to be a struggle. It’s going to feel uncomfortable. But I think we are going to thread the needle,” Zandi told CNN Business in a phone interview earlier this week.

Zandi, whose forecasts are often cited by the White House, pointed to recent economic and market indicators that suggest the economy is not falling off a cliff despite widespread fears of a recession.

“The data over the last couple of months have been better than I would have thought. None of the financial market indicators suggest we have a recession dead ahead,” Zandi said.

Genius Dog 336 x 280 - Animated

New numbers released on Thursday show inflation, as measured by the Federal Reserve’s favorite metric, eased in October. That is raising hopes the US central bank can slow the pace of its massive interest rate hikes as soon as this month.

The US economy also grew faster in the third quarter than initially estimated, bouncing back from two quarters of contraction.

And in a big positive for inflation-weary consumers, gas prices have plunged. The national average for regular gas is now below where it was when Russia invaded Ukraine and down sharply from the record high in June.

“My baseline is still no recession. That has not changed. But I do feel more confident than I did a few months ago,” said Zandi. “Inflation is moderating. Oil prices are stable to down. Employment growth is slowing. Layoffs are normalizing.”

Manufacturing stumbles, layoffs increase

Of course, there remains a great deal of uncertainty about what lies ahead and there are many reasons to be concerned about a potential downturn — including the most aggressive interest rate hikes from the Federal Reserve in decades.

Zandi said he wouldn’t argue with those who forecast a recession, conceding it’s going to be a “close” call.

A slew of major companies have announced layoffs of more than 1,000 jobs apiece in recent days, including AMC Networks, DoorDash and crypto exchange Kraken. That’s on top of mass layoffs that have wiped out tens of thousands of jobs in the tech sector, including major cuts at Amazon, Twitter and Facebook owner Meta.

Factories are also coming under significant pressure. A survey released Thursday by the Institute for Supply Management found that manufacturing activity contracted in November for the first time since May 2020.

“Overall, things are worsening,” one executive from a maker of electrical equipment, appliances and components said in the ISM survey. “Housing starts are down. We’re doing well against our competitors, but the industry overall is down. We’re sitting on cash (that is) tied up in inventory.”

‘Mild’ recession still a risk

Some business leaders are warning a downturn is likely still in the cards.

Bank of America CEO Brian Moynihan told CNN’s Poppy Harlow on Tuesday that the economy will probably slip into a recession next year — though he’s hopeful it will be a “mild” one.

In a report on Monday, S&P Global Ratings said just one of the nine leading economic indicators it tracks was in positive territory through October. S&P reiterated it expects the US economy to fall into recession next year, though it expects a “mild” recession in line with the 1969-1970 downturn. S&P forecasts peak-to-trough US GDP will decline by just 0.8%.

Zandi said he thinks all of these recession fears could end up working to the economy’s advantage by discouraging risky behavior, forcing businesses to keep cash on hand and persuading officials in Washington to make prudent decisions.

For instance, he pointed to President Joe Biden’s decision this week to call on Congress to act to prevent a crippling freight rail strike.

“I bet if we weren’t worried about a recession, the president wouldn’t have been so quick to go to Congress,” Zandi said. “Everyone is on high alert and very cautious. The fact we are so nervous about a recession makes it less likely something will go wrong.”

Source link

Continue Reading

Trending