Canada's economy could shrink by billions of dollars this year if a rail stoppage that began on Thursday continues for weeks, and the knock-on effects would ...
OTTAWA - Canada 's economy could shrink by billions of dollars this year if a rail stoppage that began on Thursday continues for weeks, and the knock-on effects would swell jobless numbers and consumer prices, economists and analysts warned. Canada 's two biggest freight rail operators Canadian National Railway and Canadian Pacific Kansas City locked out workers affiliated with the Teamsters union on Thursday, after both companies and the union failed to conclude labor deals.
The unprecedented simultaneous stoppage of the majority of Canada's rail freight is "growth-negative and inflation-positive," said Robert Kavcic, senior economist with BMO Capital Markets. After cutting interest rates in July for a second straight month, Governor Tiff Macklem hinted at shifting the bank's focus to boosting the economy rather than suppressing inflation.
The total rail freight cargo hauled annually in Canada tops C$380 billion, with the vast majority moving on CN and CPKC's tracks. Nvidia stock is getting more Wall Street backing ahead of the company's crucial earnings report set for next week.Haiti arrests a suspect in the May killings of a US missionary couple and a nonprofit chief
Rail Strike Canadian National Railway Canada Conference Board Of Canada Bank Of Canada Nominal GDP Billions Of Dollars
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Statistics Canada to release May GDP figures, Q2 estimate todayStatistics Canada will release its May gross domestic product report this morning.
Read more »
Statistics Canada to release May GDP figures, Q2 estimate todayOTTAWA — Statistics Canada will release its May gross domestic product report this morning.
Read more »
Bank of Canada set to cut rates, update forecasts on inflation, GDPThe Bank of Canada (BoC) is widely expected to trim its key overnight rate by 25 basis points on Wednesday amid slowing inflation, a weak job market and...
Read more »
Canada's two major freight railroads may stop Thursday if contract dispute isn't resolvedTORONTO (AP) — Canada's two major freight railroads could halt their trains Thursday if they can't agree to renewed contracts with the union representing...
Read more »
Business on edge as Canada’s railways on track for Thursday work stoppageTeamsters union serves strike notice to CPKC; CN Rail issues lockout notice
Read more »
Here's a list of July inflation rates for selected Canadian citiesOTTAWA — Canada's annual inflation rate was 2.5 per cent in July, Statistics Canada says.
Read more »