Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Inflation rate eases, cementing case for Bank of Canada rate cut
Canada’s inflation rate is steadily moving back down to the Bank of Canada’s 2-per-cent target, solidifying an already strong case for the central bank to cut interest rates again next month.
EI benefit claims are up for working-age men and women
A growing number of men and women in Canada’s working-age population are getting unemployment benefits, recent data shows. Statistics Canada reported that the number of men aged 25 to 54 years old who received regular Employment Insurance benefits increased by almost 13 per cent in June compared to the same time last year.
Microsoft, cyber firms to meet after CrowdStrike crash
Microsoft Corp. is planning a meeting next month with cybersecurity companies that operate at the core of its Windows systems to discuss ways in which they can keep last month’s worldwide computer crash from happening again.
‘Dangerous precedent’: Union reacts to board ordering rail employees back to work
After a bitter contract dispute shut down the country’s two major railways, the federal labour board ordered thousands of rail employees back to work on Saturday. Federal Labour Minister Steven MacKinnon asked to send the parties to binding arbitration while an agreement is hammered out between Canadian National, Canadian Pacific Kansas City and the Teamsters union representing thousands of their workers.
Tariffs, trade, and economic security: insights on Canada’s latest consultation
Global Affairs Canada (“Global Affairs“) launched a 45-day public consultation to explore new strategies for safeguarding and enhancing Canada’s economic security. Open until September 23, 2024, these consultations are designed to inform the Government of Canada’s efforts to strengthen the country’s economic resilience against threats posed by both state and non-state actors, which could undermine Canadian interests and the international rules-based order.
Canada real estate: Housing affordability improves as income required to buy a home falls
Housing affordability improved across the country in July, as mortgage rates softened with the Bank of Canada easing monetary policy. According to an analysis conducted by Ratehub.ca, the minimum income required to purchase an average-priced home fell in the 13 markets examined from June to July. That marks the first time that affordability has improved since January, the report says.
Canada’s productivity issues ‘could require structural change’
Canada’s productivity issues could require structural changes to address, according to a report, and the longer the issue persists the more likely it is to get embedded into financial assumptions going forward. Beata Caranci, SVP and chief economist at TD Bank, released a report Thursday that said healthy productivity is essential to maintaining quality public services for a country with an aging population as well as public health and pension programs.
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