In this edition:
- Services grow, goods-producing industries decline for little net GDP change
- Heddle receives contract to refit CCGS George R. Pearkes
- Niagara Health: holiday options for medical care
- Government of Canada launches consultations on establishing permanent public transit funding
Services grow, goods-producing industries decline for little net GDP change
Real gross domestic product (GDP) was essentially unchanged in May, following a 0.3% expansion in April. Growth in services-producing industries (+0.4%) was offset by a decline in goods-producing industries (-1.0%), as 14 of 20 industrial sectors increased in May.
Advance information indicates that real GDP increased 0.1% in June as output was up in the construction, manufacturing, and accommodation and food services sectors. Decreases were recorded in the mining, quarrying and oil and gas extraction sector (notably in the oil and gas extraction subsector), in the finance and insurance sector, and in the professional, scientific and technical services sector.
The transportation and warehousing sector rose 1.9% in May, up for the fourth month in a row. This is the first time since the series started in 1997 that the sector increased at such a rate or higher for four consecutive months. The industry’s GDP still remains below pre-pandemic levels, however.
Heddle receives contract to refit CCGS George R. Pearkes
Today, the Canadian Coast Guard is announcing the award of a $36.14 million vessel life extension contract for the Canadian Coast Guard Ship (CCGS) George R. Pearkes. The vessel will be dry-docked and enter an extended maintenance period designed to increase its operational life.
Niagara Health: holiday options for medical care
Niagara Health is reminding the public heading into the August holiday weekend of the importance of only visiting the Emergency Departments (ED) when in need of serious medical attention. The health system remains under unprecedented pressure, and Niagara Health asks for the public’s assistance.
For all other health concerns this long weekend:
- Contact your primary care provider (hours may vary during the holiday weekend);
- Call Health Connect Ontario to chat with a registered nurse 24/7 via phone or web chat;
- Visit our Urgent Care Centres (UCCs), which are open 24/7:
o in Fort Erie at 320 Bertie Street;
o in Port Colborne at 260 Sugarloaf Street.
Virtual appointments for urgent care are available Monday to Friday from 9 a.m. to 4:30 p.m. by visiting UrgentCareOntario.ca (closed Monday, Aug. 1, due to the holiday weekend).
Government of Canada launches consultations on establishing permanent public transit funding
Today, the Honourable Dominic LeBlanc, Minister of Intergovernmental Affairs, Infrastructure and Communities, announced the launch of public consultations on the design and implementation of Permanent Public Transit funding in Canada.
In February 2021, the Government of Canada announced an investment of $14.9 billion over eight years in reliable, fast, affordable, and clean public transit. This funding included $3 billion per year in permanent, predictable federal public transit funding, which will begin in 2026-27.
Focus on International Trade
Exxon, Chevron score record profits as markets convulse
Exxon Mobil Corp. and Chevron Corp. posted their highest-ever profits, reaping the rewards from surging commodity prices amid supply disruptions and rising demand.
Exxon, which surpassed its previous quarterly profit record by more than US$3 billion, warned Friday that global energy supplies will remain tight and expensive for the foreseeable future. Chevron, meanwhile, promised investors a massive increase in share buybacks even as it cautioned that the cost of doing business will climb.
U.S. economy shrinks for a second quarter, fueling recession fears
The U.S. economy shrank from April through June for a second straight quarter, contracting at a 0.9% annual pace and raising fears that the nation may be approaching a recession.
The decline that the Commerce Department reported Thursday in the gross domestic product — the broadest gauge of the economy — followed a 1.6% annual drop from January through March. Consecutive quarters of falling GDP constitute one informal, though not definitive, indicator of a recession.
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.