This module provides a concise summary of selected Canadian economic events, as well as international and financial market developments by calendar month. It is intended to provide contextual information only to support users of the economic data published by Statistics Canada. In identifying major events or developments, Statistics Canada is not suggesting that these have a material impact on the published economic data in a particular reference month.
All information presented here is obtained from publicly available news and information sources, and does not reflect any protected information provided to Statistics Canada by survey respondents.
Wildfires
Yukon
- On August 8th, the Government of Yukon declared a state of emergency under the Civil Emergency Measures Act for Mayo and surrounding areas affected by, or at risk of, wildfire. The Government said this was a localized state of emergency that covers a 15 km radius from the centre of the community.
Nunavut
- On August 11th, the Government of Nunavut (GN) announced it had declared a state of emergency under Nunavut's Emergency Measures Act in the area of Bathurst Inlet due to a wildfire that started August 9th. On August 17th, the GN announced it had ended the territorial state of emergency in Bathurst Inlet.
Northwest Territories
- The Government of Canada announced that on August 12th it had approved a Request for Federal Assistance from the Government of the Northwest Territories (GNWT) to support their efforts to combat the wildfires. On August 15th, the GNWT declared a Territorial State of Emergency under the Emergency Management Act. On August 29th, the GNWT renewed the Territorial State of Emergency until September 11th.
British Columbia
- On August 18th, the Government of British Columbia announced it was declaring a provincial state of emergency, under the authority of the Emergency Program Act, due to wildfires. The Government of Canada announced that on August 19th it had approved a Request for Federal Assistance from the Government of British Columbia to support the province's efforts to combat the wildfires. On August 25th, the Government of Canada announced it approved a Request for Federal Assistance to provide additional fire-fighting resources.
Quebec
- On August 24th, the Government of Quebec announced it had completely lifted the prohibition on access to forests on public lands.
Other news
- The Government of Canada announced draft Clean Electricity Regulations designed to help Canada achieve a net-zero electricity grid by 2035. The Government said the final regulations are expected in 2024.
- The Government of Alberta announced that starting August 3rd, the Alberta Utilities Commission (AUC) would pause approvals of new renewable electricity generation projects over one megawatt until February 29, 2024, and review policies and procedures for the development of renewable electricity generation.
- The British Columbia Maritime Employers Association (BCMEA) announced on August 4th that the International Longshore and Warehouse Union Canada (ILWU Canada) had ratified the four-year negotiated tentative agreement.
- Detroit-based Ford Motor Company, along with EcoProBM and SK On Co., Ltd. of South Korea, announced an investment of $1.2 billion to build a cathode manufacturing facility in Bécancour, Quebec that will provide materials that ultimately supply batteries for Ford's future electric vehicles. The companies said construction has begun on the site that will house approximately 345 new jobs and that production is expected to begin in the first half of 2026.
- On July 28th, Unifor announced that frontline grocery workers at 27 Metro stores in the Greater Toronto Area (GTA) would begin strike action on July 29th, with picket lines forming at each store at 8:00 a.m. On August 31st, Unifor announced that frontline grocery workers at Metro had ratified a new collective agreement, ending the strike.
- Texas-based Occidental Petroleum Corporation announced that a wholly owned subsidiary had entered into a definitive purchase agreement to acquire all the outstanding equity of Carbon Engineering Ltd. of Squamish, British Columbia for total cash consideration of approximately USD $1.1 billion. Occidental said the transaction is expected to close before the end of 2023, subject to Canadian court reviews, Canadian and U.S. regulatory approvals and other customary closing conditions.
- Vancouver-based TELUS announced it was seeking to reduce 6,000 staff positions across its global footprint, representing approximately 4,000 reductions at TELUS and 2,000 at TELUS International, including offering early retirement and voluntary departure packages. Telus said it now expects incremental restructuring investments of up to $475 million in 2023.
United States and other international news
- On August 10th, U.S. President Joseph R. Biden, Jr. declared that a major disaster exists in the State of Hawaii and ordered Federal aid to supplement state and local recovery efforts in the areas affected by wildfires beginning on August 8, 2023, and continuing.
- On August 31st, U.S. President Joseph R. Biden, Jr. declared that a major disaster exists in the State of Florida and ordered Federal aid to supplement State, tribal, and local recovery efforts in the areas affected by Hurricane Idalia beginning on August 27, 2023, and continuing.
- The Bank of England's Monetary Policy Committee (MPC) voted to increase the Bank Rate by 25 basis points to 5.25%. The last change in the Bank Rate was a 50 basis points increase in June 2023.
- The Reserve Bank of Australia (RBA) left the target for the cash rate unchanged at 4.10%. The last change in the target for the cash rate was a 25 basis points increase in June 2023.
- The Reserve Bank of New Zealand (RBNZ) left the Official Cash Rate (OCR), its main policy rate, unchanged at 5.50%. The last change in the OCR was a 25 basis points increase in May 2023.
- The Monetary Policy and Financial Stability Committee of Norway's Norges Bank raised the policy rate by 25 basis points to 4.0%. The last change in the policy rate was a 50 basis points increase in June 2023.
Financial market news
- West Texas Intermediate crude oil closed at USD $83.63 per barrel on August 31st, up from a closing value of USD $81.80 at the end of July. Western Canadian Select crude oil traded in the USD $60 to $70 per barrel range throughout August. The Canadian dollar closed at 73.90 cents U.S. on August 31st, down from 75.89 cents U.S. at the end of July. The S&P/TSX composite index closed at 20,292.62 on August 31st, down from 20,626.64 at the end of July.