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Monday’s CPI Could Decide Your Next Mortgage Payment

  Canada lost 68,000 jobs in September. Inflation is sitting at 3%. The Bank of Canada has to decide on October 28 which of those facts matters more, and on Monday morning one more number lands to help it choose. If you carry a variable-rate mortgage, a HELOC or a renewal this winter, that number has a price tag. Two reports pulling in opposite directions The jobs data came first. Statistics Canada reported on October 9 that employment fell by 68,000 in September, pushing the unemployment rate to 6.5% from 6.4%. It followed a drop of about 42,000 in August, which means more than half of the 181,000 jobs gained between April and July have now been wiped out. Ontario shed 20,000 positions on its own. Markets reacted within hours: the odds of a quarter-point Bank of Canada hike on October 28 dropped to roughly 25% from about 40%, according to LSEG data reported by Reuters. Inflation is telling the opposite story. The consumer price index rose 3.0% year over year in August, matching Ju...
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U.S. Urges Canada to Collaborate on Curbing Imports of Forced-Labour Goods from China

 

The U.S. State Department’s top human rights official, Uzra Zeya, has called for Canadian cooperation in addressing the importation of goods made from forced Uyghur and Tibetan labor in China. Zeya emphasized the need for joint efforts to combat this pressing issue.

Key Points:

  1. Uyghur Forced Labor Prevention Act: The U.S. has taken a strong stance against forced labor by passing the Uyghur Forced Labor Prevention Act. This law presumes that any goods from China’s northwestern region of Xinjiang are made using coerced labor of Muslim Uyghurs. Importers must demonstrate that products are not produced under forced servitude, or shipments from the region are blocked.

  2. Canada’s Commitment: Under the United States-Mexico-Canada Agreement (USMCA), Canada pledged to bar imports manufactured with forced labor. However, as of December 2023, Ottawa had not halted any shipments of such goods entering the country since the agreement took effect in July 2020.

  3. Collaboration and Accountability: Zeya highlighted the importance of collaboration between the U.S. and Canada to prevent forced-labor products from entering North America. She expressed readiness to share experiences and best practices to tackle this issue effectively.

  4. Global Impact: Democratic Senator Jeff Merkley raised concerns that Chinese companies have redirected goods made in Xinjiang to Canada and Europe following the U.S. ban. The Global Slavery Index estimates that over $18.5 billion worth of goods imported annually into Canada are at risk of being produced with forced labor.

As the international community grapples with this human rights challenge, joint efforts between the U.S. and Canada can play a crucial role in ensuring the integrity of supply chains and protecting vulnerable workers.



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