Weekly Digest – 8 November 2023

Weekly Digest – 8 November 2023

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

Interest rates could stay higher for longer. What that means for your portfolio

Higher interest rates have weighed on many Canadian’s portfolios so far this year.  Here’s how fresh expectations for the Bank of Canada’s rate path might affect markets.

Plateauing Canada’s immigration levels ‘step in the right direction,’ say economists

Prime Minister Justin Trudeau’s government’s decision to not increase its immigration targets this week is being described as a step in the right direction by economists, but they’re urging Ottawa to provide more insight on how they plan to deal with the steep rise in the number of temporary residents.

Average rental prices in Canada surge to record highs in October 2023

Rental prices in Canada reached a new high with the average asking price of $2,149 per month, according to a new report compiled by a Canadian rental listings website.

Companies are a lot more willing to raise prices now — and it’s making inflation worse

High inflation has given corporations cover to raise their prices, and central banks are now taking notice. That may not come as much of a surprise to anyone who has browsed a grocery aisle, kicked the tires at a car dealership or filled up a gas tank of late, but even the Bank of Canada is starting to take notice of the trend, as the central bank continues its battle to wrestle inflation into submission.

Is Canada in a recession? Latest monthly GDP numbers show economy hasn’t expanded since May

Canada’s economy is showing clear signs of a slowdown, as after shrinking in June, the total value of all goods and services sold was essentially unchanged in July and August — and likely September, too. Statistics Canada reported that the country’s gross domestic product was flat in August, as the service sector expanded a little but output from goods-producing industries shrank.

Meagre job gains in October

Forecasters more certain rate hikes are over as recession talk grows over GDP numbers

The Canadian economy may have entered a technical recession as high interest rates weigh on consumer spending, preliminary data from Statistics Canada suggests.

Canadian business insolvencies surge almost 42% from last year

Canadian business insolvencies were up 41.8% from a year earlier in the third quarter, surpassing pre-pandemic levels. The Office of the Superintendent of Bankruptcy said 1,129 businesses filed for a bankruptcy or proposal in the third quarter, up 3.6% from the second quarter.

Forty-eight governments pledge not to pay ransomware gangs

Forty-eight countries, including Canada and the U.S., have agreed their governments shouldn’t give in to ransomware demands. The promise came at the end of the third annual meeting in Washington of the International Counter Ransomware Initiative (CRI).

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