Weekly Digest – 21 June 2023

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

Unemployment rate rises for the first time in nine months

After holding steady at 5.0% for five consecutive months from December 2022 to April 2023, the unemployment rate rose 0.2 percentage points to 5.2% in May. This was the first monthly increase since August 2022. See the latest Labour Force Survey from Statistics Canada.

Bank of Canada has 18 months to rein in inflation or risk a ’70s rerun, warns David Dodge

The Bank of Canada has 18 months to bring inflation back to its 2% target, according to former Governor David Dodge, or risk a return to the “pretty awful era” between the mid-1970s and ’80s characterized by a lack of pricing predictability and social upheaval.

Temporary foreign workers need more paths to immigration, experts say

Experts are calling for more pathways to immigration for Temporary Foreign Workers (TFWs). They argue that TFWs should be given more opportunities to become permanent residents, as they are an important part of the Canadian workforce and economy. They suggest that the government should create more pathways to permanent residency for TFWs.

Giant U.S. subsidies begin luring Canadian clean tech companies and talent to move south

U.S. President Joe Biden’s Inflation Reduction Act (IRA) is driving many Canadian clean energy startups to shift their focus and resources south of the border to capitalize on the subsidies and the related influx of activity.

Call2Recycle applauds Canadians for crossing 40-million-kilogram milestone of used batteries recycled across the country

Call2Recycle, a battery recycling program, has announced that Canadians have recycled 40 million kilograms of used batteries across the country. Call2Recycle has been at the forefront of the effort to reduce these waste-related emissions since 1997, working with battery manufacturers, retailers, provincial governments, and municipalities, to build an efficient collection program and support battery initiatives everywhere across the country.

Millions of Americans caught in MOVEit hacks

Millions of people in the U.S. states of Oregon and Louisiana have become victims of hacked databases from organizations using Progress Software’s MOVEit file transfer application. Oregon’s Department of Transportation said data on 3.5 million residents of the state was copied. It can’t say specifically what was copied, but those with active Oregon ID or drivers’ licences should assume related information was involved. Meanwhile Louisiana’s Office of Motor Vehicles said all residents with a state-issued driver’s licence, ID or car registration had personal data copied.
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Innovative North Vancouver company receives more than $2 million to market welding robots internationally

The Government of Canada is making investments in British Columbia to fuel economic growth and support high-tech manufacturers to increase their global sales. Novarc Technologies is a North Vancouver-based full-stack robotics company specializing in the design and commercialization of robots and AI systems for robotic welding applications.

Why the U.S. Fed rate hold is good news for the loonie — and the Bank of Canada

The U.S. Federal Reserve’s decision to hold interest rates steady as the Bank of Canada reignites its rate-hike cycle could be good news for the Canadian dollar and the inflation fight north of the border, according to a BMO economist.

Creative Export Canada launches new export development stream

The Creative Export Canada (CEC) Program was recently awarded an additional $11 million per year to support Canadian small business exporting projects to increase export profitability for Canada’s Creative Industries.

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