All Economy stories

The wealth gap widens

The gap between the richest and poorest Canadians is growing, but the reason why may surprise you.

Driving the news: The wealth gap between the top 20% of earners and the bottom 40% widened by 1.1 percentage points in the first quarter of the year, the fastest pace on record, per new Stats Canada data.  

BC port strike enters fourth day

A union representing BC port workers has extended their long weekend until further notice. 

What happened: A strike affecting BC ports has entered its fourth day and could potentially impact the flow of goods from the province’s coast—worth about $800 million every day. 

We're finally making it easier for people to work in their field

Canada has become pretty good at growing by attracting newcomers from abroad: The population is increasing by nearly 3% per year and recently crossed the 40 million threshold.

Yes, but: When it comes to making it easy for people to work in their field, it’s been a different story, with many professionals trained overseas unable to get credentials to work in Canada. Thankfully, that’s starting to change. 

Job ads show a wage growth slowdown

Wage growth in Canada has been flying high this year, to the point where it has actually outpaced inflation. But new data from Indeed suggests it could be coming down to Earth. 

Driving the news: Advertised pay rates for new openings have been steadily decelerating, per Indeed, settling in at a 4% year-over-year increase in May, down from a peak of 5.3% last August. Deceleration was mainly driven by slowing wage growth for higher-paying jobs. 

Regulator calls for more competition in Canada’s grocery sector

The most-anticipated release of the summer just dropped: The Competition Bureau’s report on Canadian grocers.

Catch-up: The Bureau launched a probe into Canadian grocers last October to determine whether a lack of market competition had contributed to elevated food prices for Canadians. 

Inflation slows, but still has a way to go

A new round of inflation data shows that rate hikes are slowing down the economy, but it’s too soon to start celebrating just yet. 

Driving the news: Canada’s annual inflation rate slowed a full percentage point to 3.4% in May, setting the stage for the Bank of Canada’s next interest rate decision in July. 

The IMF has some advice for Canada

What will central banks do next?

About a year into their bare-knuckle brawl against inflation, the world’s central banks have found themselves in the middle of the least fun game of ‘would you rather’ ever. 

Driving the news: Central bankers across the world are making like degenerate gamblers and hammering the over on inflation, prepping for further interest rate hikes as they bet prices will stay elevated even as red-hot food and energy costs have cooled, per The WSJ.

Will Canada become uninsurable?

Besides displacing thousands of people, polluting the air, and making New Yorkers mad at us, Canadian wildfires could also start driving up our insurance premiums.  

Driving the news:
Canada’s current spate of wildfires is expected to drive up home insurance prices across the country, industry experts warned The Globe and Mail.

Start your economic engines

Max Verstappen and Lewis Hamilton aren't the only ones looking to cash in this Canadian Grand Prix weekend. The city of Montréal is bracing for an $80 million economic windfall. 

Driving the news: As the Formula 1 Canadian Grand Prix kicks off this weekend, Montréal is set to welcome a mob of deep-pocketed, yacht-charting fans for what has become one of the hottest tickets in the country and the fastest-selling races on the Formula 1 calendar.