Weekly Digest – October 23 2024

Weekly Digest – October 23 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Jobs report tops economists’ expectations in September

The Canadian labour market exceeded many economists’ expectations in September, adding more than twice as many jobs as the previous month while unemployment ticked lower. Statistics Canada reported on Friday that the economy added 47,000 jobs in September, while the unemployment rate declined for the first time since January to 6.5 per cent.

Importers brace for launch of new portal to collect duties

Importers say a new online portal for collecting taxes on goods shipped into Canada is creating headaches ahead of its rollout this week, with potential implications for consumers. The federal government’s digital platform for paying duties is set to come online Monday in an effort to streamline the old, paper-based process that customs officials relied on for decades.

With inflation below target, BoC expected to deliver supersized rate cut this week

Forecasters expect the Bank of Canada to speed up the pace of interest rate cuts and lower its policy rate by half a percentage point this week. The central bank’s interest rate announcement on Wednesday comes after Statistics Canada reported the annual inflation rate in September tumbled to 1.6 per cent — below the Bank of Canada’s two per cent inflation target.

Investor confidence is waning. Here’s three ways Ottawa can restore it

Building a higher-productivity economy that benefits workers will require us to boost our capital investment and become more technology-driven. Just like a carpenter won’t hit their full earnings potential without the right tools, our economy will fail to meet its productive potential if we don’t invest in machinery and equipment, infrastructure and innovation. In the coming weeks, the federal government faces a series of crucial decisions that could shape Canada’s investment outlook for years to come. Here are a few areas where the stakes are high.

The hidden costs of uncertainty in Canada’s tax system

Government regulation and taxation are fundamental parts of any economy. These rules act as a guide for businesses and individuals to make informed short-, medium-, and long-term decisions when executed effectively. For the better part of our history, Canada’s economic advantage can be attributed to being a safe, predictable, and stable place to do business. However, changes in tax policy over the past seven years have diminished this advantage and increasingly challenge the attractiveness of the Canadian market.

Holiday shopping season: An early look at how retail stores and e-commerce are getting ready for the rush

The consumer continues to look healthy and the supply chain has regained stability as the holiday shopping season begins. That’s according to DHL Supply Chain’s new CEO for North America, Patrick Kelleher, who told CNBC the shipping company is seeing more promotional items make their way out of warehouses and to retailers, but not in a signal of increased consumer weakness compared to the prior year.

Canadian economy to see sluggish growth throughout second half of the year

The Canadian economy grew at a slower pace in the third quarter of 2024 and is likely to continue that trend in the fourth quarter, finds the latest Main Street Quarterly report by the Canadian Federation of Independent Business (CFIB).

Canada and U.S. prosperity at risk in the shadow of new tariffs

A month before a critical U.S. election, a new report from the Canadian Chamber of Commerce’s Business Data Lab (BDL) highlights just how mutually beneficial the Canada-U.S. trade relationship is and offers a stark warning about the serious economic consequences of enacting protectionist policies.

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