The trucker convoy has shuttered the Canadian economy, with consequences reaching far beyond cross-border trade and encompassing the supply chain, inflation, the labor market and economic growth. The protests, which led Prime Minister Justin Trudeau to declare a national public order emergency on ... READ MORE >
Canada runs a trade deficit as imports surge
Canada’s merchandise trade balance in December turned to a deficit after six consecutive monthly surpluses as imports of consumer goods surged and oil prices dropped, according to data released by Statistics Canada on Tuesday. Import and export values reached record highs last year because of higher ... READ MORE >
Although U.S. jobs report outshined Canada’s, Canadian outlook remains promising
Recent jobs reports have left some Canadians feeling out in the cold, especially when comparing numbers to our neighbors in the United States. However, as the initial shock of the Feb. 4 Canadian jobs report wears off, it’s clear that Canada is still firmly on the road to strong economic growth in 2022 ... READ MORE >
Labor shortage remains a major challenge for oil and gas: Spring 2022 outlook
At a glance Oil and gas companies are facing a labor shortage that poses serious risk to the industry’s efforts to recover from the tumult of the past two years. Some workers are moving to the renewable energy space, while others are leaving the industry altogether to join other, more lucrative or ... READ MORE >
Canada’s unemployment rate rises as omicron spreads
Canada lost 200,000 jobs in January as the omicron variant led to tightened restrictions across the country, according to data released by Statistics Canada on Friday. Unemployment rose for the first time in nine months by 0.5 percentage points to 6.5%. Workers who had to quarantine without ... READ MORE >
Canada’s GDP surpasses pre-pandemic level
Canada’s gross domestic product in November rose by 0.6%, surpassing the pre-pandemic level by 0.2% thanks to growth across almost all sectors of the economy, according to data released by Statistics Canada on Tuesday. November’s strong growth can be credited to Canada’s high vaccination rates. With ... READ MORE >
This week in energy: Oil releases, Ukraine tensions, Canada investments
In this week's energy industry analysis, we take a look at the release of more oil from U.S. strategic reserves, the swing in natural gas prices amid tensions between Ukraine and Russia, and an anticipated spike in oil and gas investment in Canada. Efforts continue to boost oil supply The U.S. ... READ MORE >
Bank of Canada keeps rates steady but prepares for rate hikes ahead
The Bank of Canada kept its policy rate at 0.25% at its January meeting on Wednesday as it prepares to hike rates in March and subsequently draw down its balance sheet. In its announcement, the central bank has removed its exceptional forward guidance on its policy rate, saying that “the economic ... READ MORE >
Canada inflation highest since 1991 as supply chain disruptions continue
Canada’s consumer price index hit 4.8% in December, the highest since 1991 as supply chain disruptions continued, according to data released by Statistics Canada on Wednesday. The inflation is driven by supply chain disruptions, pent-up demand and inflation expectations. While pent-up demand is ... READ MORE >
Housing starts in Canada fall as materials remain in short supply
Canada’s housing starts in December fell to 236,100, a drop of 22.3% from November because of material shortages following the floods and landslides in British Columbia that kept construction materials stranded at the Port of Vancouver, according to data released by the Canada Mortgage and Housing ... READ MORE >