Yukon saw a major spike in business closures in April as the economic fallout from COVID-19 began to take hold.
But figures from the statistics bureau show the territory might be at least staying afloat.
Preliminary figures released by the Yukon Bureau of Statistics show that 129 businesses closed in April, compared to 66 businesses that opened. Closures continued to outweigh openings in May with 79 shuttered and 50 opened.
By June, the most recent month for which figures are available, the trend had reversed: 88 new businesses opened and 65 closed.
Yukon’s Liberal government holds this up as evidence that policies aimed at keeping businesses afloat are working. In the fall economic update released last week, finance officials project that Yukon’s GDP will grow by 0.8 per cent in 2020.
That’s a far cry from the 6.2 per cent growth predicted in the March budget, but so far it appears the Yukon has avoided a recession.
Still, acting Yukon Party leader Stacey Hassard criticized the Liberals for offering GDP figures as good economic news.
Yukon Premier Sandy Silver acknowledged the economy has suffered but said the mining industry and government support programs for businesses have helped. (Chris Windeyer/CBC)
GDP figures ‘cold comfort’ for jobless, Hassard says
“The government is bragging about the GDP growth,” Hassard said in question period Monday. “Well, GDP numbers are cold comfort for out-of-work Yukoners.”
Premier Sandy Silver said the modest GDP growth doesn’t mean the government doesn’t recognize the impact the pandemic has had on the territorial economy. He said territorial and federal programs designed to cover fixed business expenses such as rent and utilities is helping to limit the economic damage.
“Do we believe that we’re out of the woods? No, we don’t,” Silver said. “Are we concerned about the businesses that have gone under and the other ones that have to switch and have [had] their lives turned upside down? Absolutely.”
All told, there are 100 fewer businesses open in the Yukon now than before the pandemic started. And the territory’s unemployment has doubled to eight per cent.
Acting Yukon Party Leader Stacey Hassard said 0.8 per cent GDP growth is “cold comfort” to people who’ve lost their jobs due to the pandemic. (Chris Windeyer/CBC)
Data in the fall economic update suggested the Yukon shed 4,000 jobs between March and June, effectively wiping out a decade of employment growth. A massive drop in tourism hit the service and accommodation sectors especially hard: the number of jobs in those sectors dropped by half.
The pandemic has also wiped out a modest $4.1-million surplus in the March budget. The supplementary budget now forecasts a deficit of $31.6 million for the next fiscal year.
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.
