Canadian economic output plunged by a near record 8.2% annualized rate in the first quarter, as household spending collapsed on coronavirus-induced shutdowns. Exports also fell markedly.
Canada
The Bank of Canada anticipates providing the economy with sizable stimulus for the foreseeable future to help the country rebuild from the damage caused by the pandemic, Governor Stephen Poloz said.
Canada’s annual inflation rate sank into negative territory in April, the first year-over-year price decline in over a decade, largely attributable to a sizable drop in gasoline.
The head of Canada’s state-owned mortgage insurer warns the income shock from the coronavirus pandemic could leave a fifth of all the country’s mortgages in arrears.
A member of the Canadian air force’s acrobatic Snowbirds team was killed Sunday and a pilot injured after a plane crashed in western Canada while performing in support of front-line health-care workers.
Canada’s data-gathering agency suspended its practice of providing select senior government officials a sneak peek of its market-moving employment report after the April figures were leaked and published.
Canada said it would investigate how sensitive employment data for April were distributed before the official release Friday, triggering brief trading activity on foreign-exchange markets.
Job losses in Canada nearly doubled in April from the previous month to mark a new record, and over a third of the labor force were either unemployed or underutilized.
Tiff Macklem will become the Bank of Canada’s next governor, a surprise choice that will see the central bank’s former No. 2 official lead the institution during the biggest global economic downturn since the Great Depression.
The five missing Canadian air force and navy officers aboard a military helicopter that crashed off the coast of Greece following a training exercise are now presumed dead, bringing the toll to six.
Canada banned over 1,500 models of military-style assault firearms, effective immediately, a move that Prime Minister Justin Trudeau says is required to bring an end to a spate of gun violence in the country.
One member of Canada’s navy is dead and five other service members are missing after a helicopter that was on a North Atlantic Treaty Organization training mission crashed off the coast of Greece.
A 14-hour shooting spree left shoreline communities grieving and cast a shadow across a region where residents had long assumed they were secure.
Canadian police now believe 23 people died in a two-day shooting rampage over the weekend in Nova Scotia, and revealed their investigation is looking into whether the suspect had accomplices.
Royal Canadian Mounted Police said at least 19 people were dead after the crime spree, with officials saying they have identified 16 separate crime scenes in the province of Nova Scotia and warning new victims might emerge from searching five burned-down properties.
Employment in Canada cratered in March, with over one million jobs lost, wiping away over three years of job creation in a single month and underlining the economic pain the pandemic has swiftly delivered in North America.
The vital daily flow of nurses from across the border in Windsor has become a heated issue as some of them become infected and the White House threatens to cut off the flow of U.S.-made masks to its northern neighbor.
The nation’s central bank lowered its benchmark overnight interest rate to 0.25% to address the economic consequences of the new coronavirus pandemic.
Canadian officials said the country’s economy is shedding jobs at an accelerated pace, forcing the government to expand its original fiscal-stimulus package.
Canada announced a fiscal-stimulus and tax-deferral package amounting to nearly 4% of its gross domestic product, marking an aggressive effort to contain economic damage caused by the coronavirus pandemic and lower oil prices.
