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November 16, 2020

Nearly Half Of Canadian Manufacturers Have Let Go Of Workers

 

  • Statistics Canada recently released data exploring layoffs due to COVID-19 by business sector. The information indicates more than 47 percent of manufacturers have laid off at least one person while 45 percent of wholesale trade businesses and nearly 43 percent of construction businesses have done the same. Click here to see the complete data.
  • According to the U.S. Department of Labor, there were 4 million jobs open in the United States in September, including 456,000 manufacturing jobs. The Labor Department also announced that 709,000 individuals filed for federal unemployment benefits during the week that ended November 7, down 48,000 from the previous week’s level. The four-week moving average of first-time claims was 755,250, a decrease of 33,250 from the previous week. The number of individuals who continued to receive jobless benefits also fell, dropping to 6.786 million during the week that ended October 31, a decrease of 436,000 from the previous week. The four-week moving average of continuing claims also dropped.
  • The National Federation of Independent Business’s (NFIB) Small Business Optimism Index remained at 104 points in October, unchanged from September and a historically high reading. One worrying note, however: NFIB’s uncertainty reading was at its highest level since November 2016 due to concerns that more business shutdowns would follow rising COVID case numbers. Specifically, the number of owners who said they expect better business conditions over the next six months declined five points last month to a net 27 percent. Click here to read the full report.
  • In other economic news: real average hourly earnings for all U.S. employees increased 0.1 percent from September to October; the U.S. Producer Price Index for final demand rose 0.3 percent from September 2020 to October 2020; and while the U.S. Consumer Price Index was unchanged from September 2020 to October 2020, it rose 1.2 percent from October 2019 to October 2020.