2 August 2009, Vol. 13, No. 36
Economic Indicators:
• According to Statistics Canada, food service sales at Quebec food and drinking establishments rose 0.5% in May to $820.22 million (over April/seasonally adjusted).
• Statistics Canada has revised its capital spending intentions of private and public organizations for 2009. Quebec non-residential construction spending is forecast to increase 1.8% and spending on machinery and equipment to fall 21.1%.
• Standard & Poor’s has upgraded the Caisse de dépôt’s credit rating to AAA with a “stable” outlook.
• The Conference Board of Canada issued revised economic growth forecasts for 2009. The Board forecasts that Quebec’s GDP will decline by 0.9% in 2009.
Jobs:
• According to Statistics Canada, the number of Quebecers on payroll fell 0.5% in May to 3.336 million (over April/seasonally adjusted). Since December 2008, the number has dropped 1.7%, compared to a 2.2% drop in Ontario.
• Average weekly earnings in Quebec (including overtime) fell 0.7% in May to $754.09 (over April/seasonally adjusted).
• The number of Quebecers on employment insurance rose 2.6% in May to 206 720 (over April/seasonally adjusted). Since May 2008, the number is up 33.8%, compared to a 100.5% increase in Ontario, a 236.3% jump in Alberta and a 115.2% increase in B.C.
• The number of Montrealers on employment insurance increased 53.6% in May to 64 300 (over May 2008/unadjusted), compared to a 108.3% rise in Toronto, 161.6% in Vancouver and a 339.5% rise in Calgary.
Contracts:
• Montreal-based World Color Press (formerly Quebecor World) has signed a contract extension with ESPN The Magazine.
• Avantech has signed a $14 million contract to supply satellite communications to an undisclosed South American telecom.
Real Estate:
• According to National Bank Financial Group, Montreal area home prices rose 1.5% in May (over April). Across Canada, home prices increased by 0.7%.
Source: Forum Action Québec & PIRA Communications.
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