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Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Bank of Canada cuts key interest rate again, signals more cuts ahead

The Bank of Canada may adjust the pace of interest rate cuts if warranted, governor Tiff Macklem said after announcing a third consecutive interest rate cut. The quarter-percentage-point reduction was widely expected by forecasters, given ongoing softness in the economy and easing inflation.

Fall housing market could be ripe for 1st-time buyers. Here’s why

Some long-unaffordable pockets of Canada’s housing market could open up to first-time homebuyers this fall as interest rates decline but experts expect prices will hold relatively flat.

Drivers see cheaper prices at the pump as crude oil slumps

The average gasoline price in Canada was 152.1 cents per litre Friday morning, according to price tracking website GasBuddy.com. That’s down more than 10 cents from the average price in August, and more than 14 cents from one year ago.

Here’s what jobs Statistics Canada estimates will survive in the AI boom

A study published Tuesday by Statistics Canada sheds light on how different occupations may be affected by the AI boom, including those who might lose their jobs in a more automation-driven future.

Canada’s services economy contracted for third straight month in August

Canada’s services economy contracted for a third straight month in August as firms employed less workers and wildfires contributed to a slowdown in new business, S&P Global Canada services PMI data showed on Thursday.

Immigration pivot forces Canada to reckon with approach to labour shortages

The government’s decision to reel in the temporary foreign worker program after loosening the rules to help businesses find workers after the pandemic is sparking a debate about whether governments should even try to address labour shortages.

Engines of growth

The Business Council of Canada’s report, “Engines of Growth”, calls for a shift in how policymakers view economic strategy. An economic agenda that benefits workers requires a Canadian economy that is more technology driven – one that focuses on production over consumption and encourages competition at scale in technologically advanced industries. The report concludes with seventeen concrete recommendations to ignite Canada’s economic growth engines.

Canadian economy grew in 2nd quarter, mostly from government spending and higher wages

Growth was better than expected with Government spending leading some of the quarterly growth, rising on higher wages for public employees and with an increase in hours worked across all levels of government.

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