Economy and economic indicators

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OTTAWA—Of every dollar spent on higher prices in the last two years, 47 cents was converted into corporate profits in four industries, led by mining, oil and gas extraction, explains a new report by the Canadian Centre for Policy Alternatives (CCPA). In Where are Your Inflation Dollars Going, CCPA Senior Economist David Macdonald examines what’s driving inflation in Canada, using a new approach. It shows four industries are dominating in inflationary corporate profits. Of every additional dollar spent on inflation:
Issue highlights:
OTTAWA—Inflation is holding back a worker-led pandemic economic recovery, but corporate profits have captured more in this recovery than after any previous recession, according to new analysis by Canadian Centre for Policy Alternatives (CCPA) Senior Economist David Macdonald. Macdonald examined how corporations and workers fared following the six recessions over the past 50 years and discovered corporate profits went up by an unprecedented 2.8 points of GDP amid the COVID-19 pandemic.
This spring, Global Affairs Canada sought advice on the development of a reciprocal procurement policy that would “reduce access to Canadian federal procurement opportunities for foreign suppliers, goods, and services from countries that do not provide a comparable level of access to Canadian suppliers.” The department frames the policy as a means of ensuring fairness and mutual benefit in Canada’s international trade relationships. 
OTTAWA—Nearly two-thirds of Canadian workers’ wages are falling behind rising inflation, leaving them increasingly in a pressure cooker situation, according to a new report from the Canadian Centre for Policy Alternatives (CCPA). The report, Pressure Cooker: Declining real wages and rising inflation in Canada during the pandemic, 2020-2022, examines wages across all industries and finds 64 per cent of Canadian workers have experienced real wage losses over the past two years, after adjusting for inflation. 
Ce rapport décrit la composition de la population active au salaire minimum et explique en quoi la hausse du salaire minimum dans l'Ontario en 2018 a affecté l’écart salarial racial des hommes et des femmes qui travaillent. Lorsque le salaire minimum de 14 $ l'heure a été introduit, les lobbyistes du monde des affaires ont fait de sombres prédictions. En fait, la hausse des salaires en Ontario a été loin d’être une « tueuse d’emplois » : l’emploi total a affiché une croissance de 1,7 % en 2018 et de 2,8 % en 2019.
This report examines the impact of increasing Ontario's minimum wage to $14 per hour in 2018.  Despite dire predictions that increasing minimum wage would eliminate jobs, employment actually increased in the period after the change. The study, funded by the Canadian Race Relations Foundation (CRRF), also found racialized workers, especially women, benefitted from the minmum wage increase, largely due to the gendered and racialized nature of low-wage work. Employment in almost all industries with lower-than-average wages increased. 
A version of this was printed in the Winnipeg Free Press March 18, 2022
TORONTO— La décision de l'Ontario en 2018 d'augmenter le salaire minimum a permis de réduire l'écart salarial racialisé, en particulier pour les femmes, parallèlement à une croissance de l'emploi, selon une nouvelle étude du Centre canadien de politiques alternatives (CCPA).
 TORONTO—Ontario’s move in 2018 to raise the minimum wage reduced the racialized wage gap, particularly for women, amid rising employment, according to a new study from the Canadian Centre for Policy Alternatives (CCPA). When the $14-per-hour minimum wage was implemented in 2018, business lobbyists made dire predictions that it would lead to massive job losses. That simply didn’t happen. In fact, far from being a “job-killer,” wages grew in Ontario while total employment increased by 1.7 per cent in 2018 and by 2.8 per cent in 2019, according to the new report.