In this edition:
Niagara employment drops by almost 10,000
The latest data from Statistics Canada showed that Niagara’s employment continued to drop in July to 218,500, down from 228,200 the month before and a peak of 232,600 in April. The size of the labour force fell by 9,200 to 229,700. The labour force is defined as persons aged 15-64 who are either working or actively seeking work.
The unemployment rate climbed slightly to 4.9% from last month’s 4.5%, but still well below March’s 6.2%. Participation and employment rates also dropped, indicating some people choosing to leave the workforce.
At the national level, employment was little changed (-31,000) in July, and the unemployment rate was unchanged at 4.9%. Employment declined among older and core-aged women, while it was up among older men.
At the industry level, a decline in the services-producing sector was offset by an increase in the goods-producing sector. A decrease in the number of employees working in the public sector was tempered by a gain among self-employed workers.
Niagara Health reports “serious shortage” of healthcare workers
Niagara Health is experiencing a serious shortage of healthcare workers, on a daily basis, across all five sites and in all areas of the hospital. Staff and physicians are working full out to maintain service levels – including taking extra shifts and postponing their scheduled vacations and the regular time off they need to rest and recover after maintaining a gruelling pace since the pandemic began.
“There is no fast fix,” said Niagara Health President Lynn Guerriero, “no one answer to address the cause, effect or solution to the challenges that have emerged from, or been exacerbated by, the pandemic.”
Niagara Health asks for understanding and patience as they work through these challenges. Please use the healthcare system wisely. Members of the public can help by visiting the ED for medical emergencies only. Health services are also obtainable through primary healthcare providers, Health Connect Ontario, urgent care centres in Fort Erie and Port Colborne, and by virtual appointment.
Canada Summer Games begin this weekend
The first competitions in the Canada Summer Games will begin Sunday, August 7, with tennis, baseball, softball, swimming, box lacrosse, and soccer events. Monday will include basketball, volleyball, triathlon and rugby sevens events.
Focus on Crypto
BlackRock Teams Up With Coinbase in Crypto Market Expansion
BlackRock Inc. is partnering with Coinbase Global Inc. to make it easier for institutional investors to manage and trade Bitcoin, taking the world’s largest asset manager into a cryptocurrency market hammered by plunging prices and government investigations.
Coinbase surged 15% to $92.61 at 1:20 p.m. in New York. The partnership with BlackRock provides some relief for the biggest US crypto-trading platform, whose stock had lost more than two-thirds of its value this year through Wednesday.
Lessons From the Turkish Government’s Hasty Attempt to Regulate Cryptocurrencies
The Turkish government’s ambitious plan to restrict the use of cryptocurrencies to protect the local currency, the Turkish lira, faced a strong challenge from the crypto communities in the country. It’s a rare example of grassroots action effectively pressuring the government, and may provide a valuable lesson for lawmakers and organizers in other countries.
Despite President Recep Tayyip Erdogan expressing urgency in December about regulating cryptocurrencies, a bill has not been introduced yet. In late December a draft version of a crypto bill supposedly backed by the ruling party in the country, the Justice and Development Party (AKP), was leaked and circulated on social media.
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.