In this edition:
- Product prices up in August but remain lower than 2022 peak
- Homebuilding investment declines to lowest level since 2020
- Unifor contract with Ford set to expire tonight as negotiations continue
- Ontario elementary teachers hold strike votes until Oct. 17
- Minister O’Regan draws attention to continuing inequity on International Equal Pay Day
- Niagara Region receives $1.1m to help support asylum claimants as part of province-wide funding
- Canada’s Competition Summit 2023 to explore policy approaches to unlock competition
- Reading Recommendations: Small Business
Product prices up in August but remain lower than 2022 peak
Prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 1.3% month over month in August and fell 0.5% year over year, new data released today by Statistics Canada has revealed. Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased 3.0% on a monthly basis in August and posted a 4.3% year-over-year decline.
Higher prices for refined petroleum energy products (+10.6%) led the monthly increase in IPPI. Prices for chemicals and chemical products also increased 3.5% month over month in August 2023, following seven months of consecutive declines.
Homebuilding investment declines to lowest level since 2020
Investment in building construction declined 2.6% to $17.5 billion in July. The residential sector decreased 4.1% to $11.5 billion, while the non-residential sector was up 0.5% to $5.9 billion, Statistics Canada has reported.Single-family home construction investment declined 5.5% to $5.8 billion, the lowest level since August 2020, with Ontario accounting for most of the fall. Multi-unit construction investment was down 2.8% to $5.7 billion in July 2023, the ninth consecutive monthly decrease.
Unifor contract with Ford set to expire tonight as negotiations continue
Unifor’s contract with Ford Motor Co. is set to expire at 11:59 p.m. ET tonight. The union is negotiating with Ford in hopes of reaching an agreement that can be used as a blueprint for workers at General Motors and Stellantis. Unifor has said it is focused on improving pensions, increasing wages and securing good jobs in a future set to be dominated by electric vehicles.
Unifor members at Ford have voted 98.9 per cent in favour of a strike if the bargaining committee fails to secure a new collective agreement.
Ontario elementary teachers hold strike votes until Oct. 17
Monday marked the start of strike votes for Ontario’s public elementary school teachers, with their union and others frustrated with the slow pace of more than a year of bargaining for a new contract.
The Elementary Teachers’ Federation of Ontario is holding in-person strike votes for its members between Monday and Oct. 17, with teachers in various regions voting on different days. The first meetings and votes were set Monday for teachers in the Ottawa-Carleton and Upper Grand school boards.
ETFO President Karen Brown said if members vote in favour of a strike, it doesn’t necessarily mean teachers will walk off the job.
Minister O’Regan draws attention to continuing inequity on International Equal Pay Day
“For every dollar a man earns in Canada, a woman earns about 90 cents. For a woman of colour, that gap is even bigger,” remarked the Minister of Labour, Seamus O’Regan Jr., in a statement issued today. “Not only do women earn less on average – they’re less likely to receive bonus pay. When they do, it’s more likely to be less than their male counterparts.
“If trends continue, it will take around 268 years to close the gender pay gap worldwide.
“This time next year, employers who are subject to the Pay Equity Act will post their first pay equity plan and notice of pay increases. This will bring tangible change to workplace by reducing the pay gap and protecting pay equity for roughly 1.4 million workers in Canada.”
Niagara Region receives $1.1m to help support asylum claimants as part of province-wide funding
The Ontario government is investing another $42 million through the Canada Ontario Housing Benefit (COHB) program to support impacted municipalities across the province in providing urgent assistance to a rapidly growing number of asylum claimants and other at-risk populations.
The Regional Municipality of Niagara will receive $1,147,900 as part of this funding package.
Canada’s Competition Summit 2023 to explore policy approaches to unlock competition
On October 5, 2023, the Competition Bureau will host Canada’s Competition Summit, where expert speakers and panelists will explore how competition considerations can be factored into policy development across all levels of Canadian government.
The Summit will feature esteemed speakers, including opening remarks from the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry and a keynote address from Tim Wu, former Special Assistant to the President of the United States for Competition Policy.
Did you know?
Focus on Small Business
How to use the Offers view on your Google Business Profile
From discounts to deals, everyone loves a good offer. Whether they’re shopping at a favorite clothing boutique or trying a local coffee shop for the first time, an offer can attract people to businesses. To help people find these promotions, we’re making offers more prominent on Business Profiles on Google. The new layout introduces a dedicated space for business owners to feature their most recent offers—making a quick decision for their potential customers even easier.
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.