In this edition:
- Service sector leads payroll employment growth in Canada
- Ontario invests $4.8m in dual credit apprenticeship program
- Inflation relief measures should be well targeted and temporary, says Macklem
- Niagara College recognized as a top employer in the Hamilton-Niagara Region
Service sector leads payroll employment growth in Canada
The number of employees receiving pay or benefits from their employer—referred to as “payroll employees” in the Survey of Employment, Payrolls and Hours—rose by 85,300 (+0.5%) in September. Gains were largest in Quebec (+39,100; +1.0%), Ontario (+15,300; +0.2%), British Columbia (+10,500; +0.4%) and Alberta (+10,400; +0.5%).
In September, payroll employment increased by 61,400 (+0.4%) in the services-producing sector, accounting for 72% of the overall monthly increase. Overall, 9 of the 15 sectors in the services-producing sector recorded gains, led by health care and social assistance (+20,700; +0.9%), followed by accommodation and food services (+8,400; +0.7%) and retail trade (+8,200; +0.4%).
Ontario invests $4.8m in dual credit apprenticeship program
The Ontario government is investing $4.8 million to expand the dual credit program, helping prepare more students for the jobs of tomorrow by better connecting learning in the classroom to good-paying jobs. The expansion of the program will create opportunities for an additional 2,200 students to earn college credits and take apprenticeship training while still in high school and help to build interest in skilled trades as a rewarding career.
Inflation relief measures should be well targeted and temporary, says Macklem
Governments looking to provide inflation relief to Canadians should choose measures that are well targeted and temporary, says Bank of Canada governor Tiff Macklem.
At a House of Commons committee meeting Wednesday, Conservative MP Adam Chambers asked the governor which of two options is a better way to deliver relief without fuelling inflation: direct transfers to low-income Canadians or energy relief packages.
In response, the governor said targeted and temporary measures fuel inflation less than broad-based ones.
Niagara College recognized as a top employer in the Hamilton-Niagara Region
Niagara College has been named a Hamilton-Niagara Region top employer for 2023.
Now in its 16th year, the Hamilton-Niagara’s Top Employers competition recognizes and celebrates employers in the Hamilton-Niagara area of Ontario that lead their industries in offering exceptional places to work.
“Niagara College’s recognition as a top employer is a testament to the excellence of faculty, staff and administrators who continuously support student success and prioritize the student experience in all that they do,” said Sean Kennedy, President, Niagara College. “Together we have created an inclusive, welcoming and student-focused workplace culture that supports employee growth and encourages organizational development.”
Focus on Markets
Effect of rate hikes on economy will be more powerful than people think: Poloz
Former Bank of Canada governor Stephen Poloz says the effect of interest rate hikes will be larger than people anticipate.
Speaking at a conference in Ottawa hosted by Western University’s Ivey Business School, the former governor warns today’s economy is more sensitive to interest rates than it was 10 years ago.
Poloz estimates annual inflation will fall to about four per cent on its own as external factors, such as higher commodity prices, ease.
Has inflation peaked? Economists expect slowdown in coming months
As we near the Bank of Canada final policy rate decision on the year, some economists say we could start seeing inflation decline in the months ahead.
Inflation remained steady in October at 6.9 per cent year-over year, far from the Bank of Canada’s two per cent target. The central bank has delivered six consecutive rate hikes this year, all done with the goal of bringing inflation under control. Its next policy rate decision will take place on Dec. 7.
Peter Dungan, an economics professor at the University of Toronto’s Rotman School of Management, said in a phone interview on Monday that it is “certainly possible” inflation has peaked.
The beginning of the year was marked by large increases to the cost of oil and food, which both feed into the consumer price index (CPI), Dungan said. Since the CPI measures current costs against the previous year, Dungan said inflation could abate as food and fuel prices recede.
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