In this edition:
- Unemployment rate rises to 5.8%, economy adds modest 25,000 jobs in November
- Rate of disability has increased by 5 percentage points
- Kinepolis shelves potential bid for Canada’s Cineplex
- Ontario real estate law update with open bidding option enters into force
- 25 per cent of Canadians believe a degree is necessary for economic success
- Focus on Technology
Unemployment rate rises to 5.8%, economy adds modest 25,000 jobs in November
Statistics Canada says the unemployment rate ticked up to 5.8 per cent last month as growth in the population continued to outpace employment growth.
The federal agency released its November labour force survey today, showing the economy added a modest 25,000 jobs.
Manufacturing and construction saw the largest gains in employment, while the most jobs were shed in wholesale and retail trade as well as finance, insurance, real estate, rental and leasing.
Ontario’s seasonally adjusted unemployment rate is 6.1 per cent. St. Catharines-Niagara and Oshawa record the largest April-to-November unemployment rate increases. Among Canada’s 20 largest CMAs, the unemployment rate in November was highest in Windsor (7.6 per cent), St. Catharines-Niagara (7.3 per cent) and lowest in the CMAs of Québec, Kelowna and Victoria.
Rate of disability has increased by 5 percentage points
New findings from the 2022 Canadian Survey on Disability (CSD) showed that 27 per cent of Canadians aged 15 years and older, or 8.0 million people, had one or more disabilities that limited them in their daily activities.
The rate of disability in Canada has increased by 5 percentage points since 2017. This increase can be partially attributed to both the aging population and the large increase in mental health-related disabilities among youth and working-age adults. In 2022, the rate of disability was higher among women (30 per cent) than men (24 per cent), following the same pattern from 2017.
Kinepolis shelves potential bid for Canada’s Cineplex
Kinepolis Group NV, one of the largest theater operators in Europe, recently considered making a bid for Cineplex Inc., the No. 1 chain in Canada, but chose not to proceed after concluding a deal would struggle to win regulatory approval, according to people familiar with the matter.
Kinepolis may still pursue a deal if it can partner with another bidder to acquire some of Cineplex’s theaters, said the people, who asked not to be identified discussing non-public information.
Cineplex, run by Ellis Jacob, agreed to be acquired by Regal owner Cineworld Group Plc in 2019, just before the global pandemic shut down theaters. A Canadian court awarded Cineplex $1.24 billion in damages from Cineworld over the companies’ broken merger, but the effort to recover payment stalled after Cineworld filed for bankruptcy. Cineworld emerged from bankruptcy court protection in July.
Ontario real estate law update with open bidding option enters into force
New rules for Ontario real estate are coming into force that are meant to provide more clarity and choice for buyers and sellers, though they don’t go as far as some had hoped.
The rules, which took effect today, include the option for sellers to use an open bidding process, improvements to broker and brokerage disclosures, and ways to avoid conflicts on multiple representation.
The open bidding option gives the seller the choice to disclose submitted bid prices to potential buyers, something they were previously banned from doing.
25 per cent of Canadians believe a degree is necessary for economic success
A new survey suggests one in four Canadians believe a university degree is essential to succeed economically.
The poll from the Association for Canadian Studies and the Metropolis Institute also indicates young people are more likely to believe a university degree is essential to their financial success.
Of those between 18 and 24, 43 per cent believed in the necessity of a university degree.
But respondents past university age were less likely to value a degree when it comes to financial success.
Did you know?
Americans now have $1 trillion in credit card debt, compared to $806 billion pre-pandemic.
Focus on Technology
Managing the Risks of Generative AI
Kathy Baxter and Yoav Schlesinger; Harvard Business Review
Corporate leaders, academics, policymakers, and countless others are looking for ways to harness generative AI technology, which has the potential to transform the way we learn, work, and more. In business, generative AI has the potential to transform the way companies interact with customers and drive business growth.
New research shows 67% of senior IT leaders are prioritizing generative AI for their business within the next 18 months, with one-third (33%) naming it as a top priority. Companies are exploring how it could impact every part of the business, including sales, customer service, marketing, commerce, IT, legal, HR, and others.
However, senior IT leaders need a trusted, data-secure way for their employees to use these technologies.
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.
