Business Update – 21 March 2024

03/21/2024 | Bizink

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

40% of Canadian industries ‘highly vulnerable’ to supply shocks

Forty per cent of Canadian industries are “highly vulnerable” to external demand and supply shocks, Statistics Canada says. The federal statistic agency said on Friday those industries, which account for 25 per cent of Canada’s economic output, are exposed to risks in global supply chains.

CMHC says new home construction jumped 14% in February from previous month

The pace of new home construction climbed 14 per cent in February compared to the previous month, Canada Mortgage and Housing Corp. said on Friday, but the industry continues to struggle under cost pressures.

Job seekers could soon face an ’employer’s market’ as unemployment rate rises

Canada’s employers are still hiring, but not enough to keep the unemployment rate from rising amid a rapidly growing population, Statistics Canada said Friday.

MPs to move on AI bill without testimony from Canadian companies

The Canadian Chamber of Commerce says it is seriously concerned Canadian businesses weren’t able to testify on proposed federal artificial intelligence legislation. While the House of Commons industry committee heard from Big Tech companies, the group says Canadian businesses weren’t given the opportunity to appear in front of MPs on the newer AI piece of Bill C-27.

Canada’s economy added 41,000 jobs in February

The Canadian economy added 41,000 jobs in February, fuelled by strong population growth that continues to outpace employment gains. The federal agency’s labour force survey released Friday says the unemployment rate rose to 5.8 per cent, offsetting the decline recorded in January.

Canadian, U.S. companies start 2024 with layoffs. What to know

Companies in the United States and Canada have kicked off 2024 with thousands of job cuts across sectors, signaling that the spate of layoffs seen in 2023 could persist as they scramble to rein in costs.

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