All Economy stories

Canada courts digital nomads

Picture the life of a digital nomad: You’re probably thinking of oceanfront workplaces, rainforest yoga, and drinking out of coconuts. But what about just heading to Toronto?

Driving the news: Per Bloomberg, the list of picturesque destinations cutting the red tape and offering remote work visa schemes is growing, including places like Barbados, Portugal, and Germany. Some are even extending visas in hopes of boosting business and innovation. 
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Are more strikes on the horizon?

As the calendar turns and labour unrest in Canada continues, the Summer of Strikes is evolving into the Autumn of Arbitration (which is way less catchy, but just as important). 

Driving the news: Per a new RBC report, amidst a surge of high-profile strikes, first-year raises for union workers are up 7.1% as of July — the highest rate since the early 1990s.
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Ford workers win big pay bump

Big congrats to anyone who works for Ford on your big raise. Next round is on you!

Driving the news: Workers at Ford’s Canadian facilities voted to ratify a deal negotiated between their union, Unifor, and the automaker that includes a 15% wage increase over the next three years.
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Brendon Bernard on Canada’s labour market

On this week’s episode of Free Lunch by The Peak, we sat down with Brendon Bedard, Senior Economist at Indeed, to talk about the weakening labour market, and what it means.
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Young Canadians can’t afford younger Canadians

Young people hoping to start a family in Canada are taking one look at their grocery bill and saying “maaaaybe a dog?”

Driving the news: The rising cost of living in Canada has created a quality of life crisis for young people, leading many of them to not have kids, per a new StatCan report. Over a third of young adults don’t think they can afford to have a child in the next three years.
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AI is a side hustle sidekick

Looking to put some extra muscle into your side hustle? Look no further than our robot pals.

Driving the news: A new Morgan Stanley survey found that the incomes of gig workers who used generative AI were 21% higher compared to those who didn’t. The report’s most optimistic reading projects AI to add US$1.4 trillion to the side hustle economy by 2030. 
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The Bank of Canada has a lot more work to do

If the Bank of Canada (BoC) is looking for a new mantra during these trying times, might we suggest, “What goes up must come down… to the 2% inflation target.” 

What happened: Canada's annual inflation rate in August jumped to 4% from 3.3% in July, increasing the odds of a rate hike at the BoC’s next meeting on October 25. To make matters worse, core measures that filter out extreme price changes also rose to 4% from 3.75%. 
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Don’t pick up the phone

Stop us if you’ve heard this one before: Your phone rings, you pick it up, and within 0.01 seconds, you realize it’s a scammer. You hang up and swear off answering calls for good. 

Turns out the same thing is happening to most of us.

Driving the news: Nearly half of Canadians have been targeted by a scam attempt recently, per a new TransUnion report, and the most commonly reported type of scam was “vishing,” which you might know better as “those scam phone calls I get at every waking hour.” 
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Lithium deposit found in US may be world’s largest

Heading west for a gold rush? So 19th century. It’s 2023: Miners these days want to hear about lithium “in dem thar hills.

Driving the news: New analysis found that a volcanic crater in Nevada could hold the largest deposit of lithium in the world. 
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Jobs report sends mixed signals

The latest job numbers are in, and they’re sending more mixed signals than a crush who likes all of your Instagram stories but won’t answer any of your texts.

Driving the news: 39,900 net new jobs were added to the economy in August, doubling expectations and keeping the unemployment rate steady at 5.5%, Stats Canada reported.
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