{"id":7972,"date":"2024-02-15T02:00:25","date_gmt":"2024-02-15T10:00:25","guid":{"rendered":"https:\/\/bdgllp.ca\/?p=7972"},"modified":"2024-02-15T08:08:05","modified_gmt":"2024-02-15T16:08:05","slug":"business-update-february-15-2024","status":"publish","type":"post","link":"https:\/\/bdgllp.ca\/business-update-february-15-2024\/","title":{"rendered":"Business Update \u2013 February 15, 2024"},"content":{"rendered":"<p>Welcome to our Weekly Digest \u2013 stay in the know with some recent news updates relevant to business and the economy.<\/p>\n<h2>Canada\u2019s economy added 37,000 jobs in January as unemployment declines to 5.7%<\/h2>\n<p><a href=\"https:\/\/www.cbc.ca\/news\/business\/labour-force-survey-january-1.7110161?cmp=rss\" target=\"_blank\" rel=\"noopener\">Canada\u2019s economy<\/a> added 259,000 jobs in February, surpassing expectations and reducing the unemployment rate to 8.2%, the lowest since March 2020. The gains were primarily in the retail and hospitality sectors, with full-time positions accounting for 80%. However, Canada\u2019s labor market still has 599,000 fewer jobs than pre-pandemic.<\/p>\n<h2>RRSP deadline: Some experts say it\u2019s best to \u2018think twice\u2019 before contributing<\/h2>\n<p>The deadline for Canadians to contribute to their <a href=\"https:\/\/globalnews.ca\/news\/10278751\/rrsp-deadline-feb-29-2024\/\" target=\"_blank\" rel=\"noopener\">Registered Retirement Savings Plan (RRSP)<\/a> for the 2023 tax year is February 29, 2024. Contributions can reduce taxable income, potentially leading to a tax refund. Financial experts advise early and regular contributions, and warn against waiting until the last minute to contribute.<\/p>\n<h2>Misinformation now tops global risk ranking<\/h2>\n<p>The World Economic Forum (WEF) has ranked <a href=\"https:\/\/financialpost.com\/news\/economy\/misinformation-tops-global-risk-ranking\" target=\"_blank\" rel=\"noopener\">misinformation<\/a> as the top global risk in its latest report. This includes false information about COVID-19 and climate change. The WEF states that misinformation threatens societal cohesion, worsens political polarization, and hampers crisis management efforts. The report also highlights the importance of digital literacy and media integrity.<\/p>\n<h2>Canada job gains double forecasts but wage growth cools<\/h2>\n<p>Canada\u2019s job market exceeded expectations in February, adding 259,200 jobs, <a href=\"https:\/\/financialpost.com\/news\/economy\/canada-job-gains-double-forecasts-wage-growth-cools\" target=\"_blank\" rel=\"noopener\">double the forecasted growth<\/a>. Most of the gains were in part-time work and services sectors, including retail and hospitality. Despite the growth, wage expansion cooled, with average hourly wage rate growth falling to 5.8% from 6.1% in January.<\/p>\n<h2>Summary of Governing Council deliberations: Fixed announcement date of January 24, 2024<\/h2>\n<p>The<a href=\"https:\/\/www.bankofcanada.ca\/2024\/02\/summary-governing-council-deliberations-fixed-announcement-date-january-24-2024\/\" target=\"_blank\" rel=\"noopener\"> Bank of Canada\u2019s Governing Council held deliberations<\/a> on January 24, 2024. The Council discussed the global economy\u2019s impact on Canada, potential risks, and monetary policy decisions. The Council agreed to maintain the policy interest rate, citing stable inflation and moderate economic growth. Future decisions will be data-dependent.<\/p>\n<h2>\u2018All of a Sudden the Moment Is Here\u2019: What It\u2019s Like to Work As an AI Ethicist<\/h2>\n<p>Salesforce\u2019s first Chief Ethical and Humane Use Officer, Paula Goldman, <a href=\"https:\/\/canadianbusiness.com\/ideas\/ai-ethical-use-paula-goldman-salesforce\/\" target=\"_blank\" rel=\"noopener\">aims to ensure ethical use of AI<\/a>. Goldman is developing a framework to guide the ethical and humane use of technology, including AI. She emphasizes the importance of transparency, accountability, and inclusivity in AI, and is working to prevent misuse of technology.<\/p>\n<h2>5 things to watch for in the Canadian business world in the coming week<\/h2>\n<p>This week, the <a href=\"https:\/\/www.ctvnews.ca\/business\/5-things-to-watch-for-in-the-canadian-business-world-in-the-coming-week-1.6764486\" target=\"_blank\" rel=\"noopener\">Canadian business world<\/a> will focus on the Bank of Canada\u2019s interest rate announcement, Statistics Canada\u2019s jobs report, and earnings reports from several major companies. The coronavirus variant Omicron\u2019s impact on the economy and the Supreme Court\u2019s decision on the carbon pricing law will also be scrutinized.<\/p>\n<h2>Get in touch<\/h2>\n<p>Contact us if you have any questions or want to discuss the next steps for your business.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Welcome to our Weekly Digest \u2013 stay in the know with some recent news updates relevant to business and the economy. Canada\u2019s economy added 37,000 jobs in January as unemployment declines to 5.7% Canada\u2019s economy added 259,000 jobs in February, surpassing expectations and reducing the unemployment rate to 8.2%, the lowest since March 2020. The &hellip; <a href=\"https:\/\/bdgllp.ca\/business-update-february-15-2024\/\">Continued<\/a><\/p>\n","protected":false},"author":15,"featured_media":7978,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[162],"tags":[],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Business Update \u2013 February 15, 2024 - BDG Cloud Accountants LLP<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bdgllp.ca\/business-update-february-15-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business Update \u2013 February 15, 2024 - BDG Cloud Accountants LLP\" \/>\n<meta property=\"og:description\" content=\"Welcome to our Weekly Digest \u2013 stay in the know with some recent news updates relevant to business and the economy. Canada\u2019s economy added 37,000 jobs in January as unemployment declines to 5.7% Canada\u2019s economy added 259,000 jobs in February, surpassing expectations and reducing the unemployment rate to 8.2%, the lowest since March 2020. 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