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.
COVID-19 timeline
- On May 6th, the Government of the Northwest Territories announced it had extended the State of Emergency in the City of Yellowknife until May 20th. On May 20th, the Government extended the State of Emergency until June 3rd.
- On May 11th, the Government of the Northwest Territories announced it had extended the territory-wide Public Health Emergency until May 25th. On May 25th, the Government extended the Public Health Emergency until June 8th.
- On May 11th, the Government of British Columbia announced it had formally extended the provincial state of emergency until May 25th. On May 25th, the Government extended the state of emergency until June 8th.
- On May 14th, the Government if Nova Scotia announced it was renewing the state of emergency, effective May 16th, until May 30th. On May 28th, the Government renewed the state of emergency until June 13th.
- On May 27th, the Government of Nunavut announced it had extended the territory's public health emergency until June 10th.
- On May 27th, the Government of the Yukon announced it was extending the State of Emergency for up to 90 days.
- On May 28th, the Government of Manitoba announced it was further extending the state of emergency for a period of 30 days.
Selected COVID-19 responses
- The Government of the Northwest Territories announced on May 3rd that due to a recent outbreak at a school, new measures would be introduced, including:
- Closing all schools in Yellowknife, Dettah, Ndilǫ̨ and Behchokǫ̀ to in-class learning until further notice;
- Suspending all extracurricular, club, and sports activities for kids under the age of 18; and
- Recommending non-essential travel in and out of Yellowknife be cancelled or deferred at this time.
- The Government said all daycare and day homes are able to stay open.
- On May 12th, the Government announced it was removing the temporary COVID-19 restrictions put in place for school closures in Yellowknife, Ndilǫ̨, Dettah, and Behchokǫ̀ effective May 17th.
- The Government of Nunavut announced on May 3rd it had suspended Nunavut's Common Travel Area with the Northwest Territories (NWT), effective immediately, and that anyone travelling to Nunavut from the NWT must isolate in Yellowknife for 14 days before returning into the territory.
- The Government of Alberta announced on May 4th that effective May 5th the following mandatory health measures would apply to all communities with more than 50 cases per 100,000 people and with 30 or more active cases:
- All outside social gatherings must be limited to no more than five people, a decrease from the previous 10-person limit;
- All indoor social gatherings are still prohibited;
- All indoor fitness must close;
- No more than 10 people can attend funeral services, a decrease from the current limit of 20 people;
- Retail services must limit customer capacity to 10%;
- All post-secondary learning must shift to online learning only;
- Working from home remains mandatory; and
- Any workplace with transmission of three or more cases will be required by health officials to close for 10 days.
- Effective May 7th:
- All kindergarten to Grade 12 students will temporarily shift to at-home learning.
- Effective May 9th:
- In-person dining on patios is prohibited;
- Hair salons, barbers, nail salons, estheticians, tattoos and piercing, must close;
- All outdoor sports and recreation are now prohibited except with members of your household;
- All indoor sport and recreation is prohibited; and
- All indoor performance activity is prohibited.
- On May 19th, the Government announced that kindergarten to Grade 12 students would return to classrooms in all regions except for the Regional Municipality of Wood Buffalo.
- On May 26th, the Government released its Open for Summer Plan, a three-stage road map to lifting health restrictions based on vaccination rates and COVID-19 hospitalizations. The Government said the province would enter Stage 1 on June 1st.
- The Government of Quebec announced on May 4th the end of special emergency measures and the application of the maximum alert level (red) measures for the Capitale-Nationale, Chaudière-Appalaches, and the Outaouais regions, and that:
- High school students will go back to school;
- The curfew will begin at 9:30 p.m. rather the current 8:00 p.m. start; and
- Non-essential businesses will be able to reopen.
- On May 8th, the Government announced it would move the Estrie region to the maximum alert level (red) effective May 10th and that measures would include:
- The closure of restaurants, except for delivery and take-out;
- A limit of 25 people in places of worship;
- Outdoor sports or leisure activities permitted only with people residing at the same address or by a group of 8 people with distancing;
- The closure of gyms; and
- Indoor sports and leisure activities are permitted with occupants of the same private residence including swimming pools, skating rinks and places for playing tennis and badminton.
- The Government said primary and secondary schools will remain open.
- On May 11th, the Government announced that effective May 17th, special emergency measures in the city of Gatineau and in the Les Collines-de-l'Outaouais and Pontiac RCMs would end.
- On May 19th, the Government announced that the special emergency measures in effect in the MRC du Granit (Estrie region), MRC des Etchemins, Beauce-Sartigan and Robert-Cliche (Chaudière-Appalaches region), and the MRCs of Kamouraska, Témiscouata, Rivière-du-Loup and Les Basques (Bas-Saint-Laurent region) may be lifted effective May 24th. The Government also said that effective May 28th, the following restrictions will take effect in all regions of Quebec:
- The curfew will be lifted;
- Outdoor private gatherings will be permitted on private grounds with a maximum of 8 people;
- Outdoor terraces of restaurants will open to customers;
- Travel between regions will be permitted; and
- Large rooms and outdoor stadiums will be able to accommodate a maximum of 2,500 people.
- On May 25th, the Government announced that the regions of the Capitale-Nationale, Laurentides, Lanaudière, Montérégie, Outaouais, Bas-Saint-Laurent, Chaudière-Appalaches, and Estrie would move from the maximum alert level (red) to the orange level and that the following measures would now apply:
- The reopening of restaurants, with restrictions;
- The return to full-time class for students in 3rd, 4th, and 5th secondary;
- A maximum of 100 people in places of worship.
- The Government of Canada announced on May 5th it authorized the use of the Pfizer-BioNTech COVID-19 vaccine in children 12 to 15 years of age. On May 20th, the Government announced it was extending travel restrictions on non-essential international travel and non-essential travel with the United States until June 21st. On May 21st, the Government announced it was extending the suspension of all direct flights from India and Pakistan into Canada until June 21st.
- The Government of Nova Scotia announced further restrictions on May 7th and that effective May 8th:
- Nova Scotians will have to designate one shopper per household and retail stores that offer in-person shopping will impose a limit of one shopper per household; and
- Retail stores that primarily offer products and services that are essential to the life, health or personal safety of people and animals can continue to provide limited in-person service only to a maximum of 25% of the store capacity.
- The Government also said that new border measures would take effect on May 10th, including:
- Nova Scotia's border will close to people intending to move here; and
- The border will close to people coming from Prince Edward Island and Newfoundland and Labrador.
- On May 10th, the Government announced new border measures took effect and that only permanent residents of Nova Scotia and people travelling for essential reasons can enter the province.
- On May 19th, the Government announced that current public health restrictions will remain in place across Nova Scotia until at least the second week of June and that public and private schools will continue at-home learning for the remainder of the school year.
- On May 28th, the Government announced it will gradually reopen under a five-phase plan based on COVID-19 activity, public health and testing capacity, hospitalizations, and vaccination rates. The Government said restrictions would be easing effective June 2nd. The Government also said that in-person classes would resume on June 2nd at all Nova Scotia public and private schools outside of Halifax Regional Municipality and Sydney.
- The Government on Manitoba announced on May 7th that the following additional public health order restrictions would be in effect from May 9th until May 30th:
- Outdoor gatherings in public places that include people from multiple households are limited to a maximum of five people;
- Restaurants, bars and patios will close to in-person dining but can still provide take-out and delivery services;
- Gyms and fitness centres will close;
- Casinos remain closed and VLTs will close;
- Museums, galleries and libraries will close;
- Indoor community, cultural, and religious gatherings are prohibited;
- Personal services such as estheticians, barbers, salons, and tanning salons will close;
- Indoor sports and recreation, including after-school activities, will close;
- Outdoor sports and recreation activities will have a maximum of five participants and organized team games will not be permitted;
- Dance, theatre, and music schools will close;
- Day camps will close; and
- Retail stores, markets, and garden centres will be able to open at 10% capacity and malls will be open to a maximum of 10% of the facility's capacity.
- On May 9th, the Government announced that all kindergarten to Grade 12 schools in the City of Winnipeg and the City of Brandon will move to remote learning effective May 12th until May 30th.
- On May 20th, the Government announced that the following additional restrictions would be in effect from May 22nd until May 26th:
- Outdoor gatherings with anyone from outside a household are no longer allowed and this applies to all recreation spaces including playgrounds, golf courses, parks, and sports fields; and
- Only one person per household will be allowed to enter a business.
- On May 25th, the Government announced that the current public health orders that were put in place for the May long weekend would remain in effect until May 29th and include:
- Indoor public gatherings are not permitted and visitors are not permitted on private property;
- Outdoor gatherings with anyone from outside a household are not allowed and this applies to all recreation spaces including playgrounds, golf courses, parks, and sports fields;
- Retail businesses may only operate at 10% and only one person per household will be allowed to enter a business; and
- Many businesses and organizations will remain closed for in person service including gyms and fitness clubs, restaurants and bars, personal service businesses, museums, galleries, and libraries.
- On May 27th, the Government announced the following public health orders would be put in place effective May 29th for the next two weeks:
- Indoor public gatherings are not permitted;
- Requirements for employers to allow employees to work from home as much as possible;
- Outdoor gatherings with anyone from outside a household are not permitted;
- Retail businesses may only operate at 10% capacity and only one person per household will be allowed to enter a business;
- Increased requirements for malls to manage capacity and access to eliminate gatherings and ensure compliance with shopping; and
- Many businesses and organizations will remain closed for in-person service, including gyms and fitness clubs, restaurants and bars, personal service businesses, museums, galleries, and libraries.
- The Government also said that Kindergarten to Grade 12 schools currently learning remotely in the cities of Winnipeg and Brandon, and in the Red River Valley and Garden Valley school divisions, will continue until June 7th. Schools in Dauphin will continue remote learning until June 9th.
- The Government of Saskatchewan announced on May 9th it had set May 30th as the target date for the commencement of Step One of the Re-Opening Roadmap, and that at that time the following changes would be made:
- Restaurants and bars open with restrictions;
- 30% capacity at places of worship;
- Group fitness classes involving intense training, like aerobics and spin, can resume; and
- Competition and game play for outdoor team sports can proceed.
- On May 16th, the Government announced that effective May 17th, all Regina restaurants and licensed establishments would be able to resume in-person dining according to the guidance currently applicable province-wide.
- On May 24th, the Government announced that the province had reached the Step Two threshold on the province's Re-Opening Roadmap and that effective June 20th Step Two would begin.
- On May 13th, the Government of Ontario announced it had extended the Stay-at-Home Order until at least June 2nd and that all public health and workplace safety measures under the provincewide emergency brake would also remain in effect. On May 20th, the Government released its Roadmap to Reopen, a three-step plan to reopen the province and lift public health measures. The Government said it expects to enter Step One of the Roadmap the week of June 14th and that the provincewide emergency brake restrictions remain in effect while the province assesses when it will be moving to Step One.
- The Government of Yukon on May 21st announced it would begin lifting public health restrictions on May 25th, including:
- Fully vaccinated people will no longer need to self-isolate upon entry to the territory;
- Bars and restaurants will be able to return to full capacity for table service;
- Social bubbles can increase to 20 individuals;
- Social gathering sizes can increase, with indoor gatherings rising to 20 individuals and outdoor gatherings up to 100 individuals;
- Organized indoor and outdoor gatherings and events can increase to 200;
- Funerals, weddings, and faith-based services can increase to 200 individuals;
- Gyms and recreation centres can increase to 200 individuals; and
- Camps and recreational programs can increase to 20 individuals indoors and 100 individuals outdoors.
- The Government of Newfoundland and Labrador announced on May 24th that all communities along the Trans Canada Highway Route 1 from Gambo to Badger will move to Alert Level 4, as well as communities along the Trans Canada Highway Routes 320, 330, 340 and 350 and most of the branches of these routes. On May 30th, the Government said that communities in the St. George's – Stephenville – Port au Port area on the west side of the Trans Canada Highway would move to Alert Level 4.
- The Government of British Columbia announced on May 25th that the province was moving forward with the first step of a four-step plan to restart and that the following restrictions would apply immediately:
- Maximum of five visitors or one household allowed for indoor personal gatherings;
- Maximum of 10 people for outdoor personal gatherings;
- Maximum of 10 people for seated indoor organized gatherings;
- Maximum of 50 people for seated outdoor organized gatherings;
- Recreational travel only within travel region (travel restrictions extended);
- Indoor and outdoor dining for up to six people;
- Resume outdoor sports (games) with no spectators, low-intensity fitness;
- Start gradual return to workplaces; and
- Return of indoor in-person faith-based gatherings with reduced capacity.
- The Government of Prince Edward Island on May 27th released its Moving Forward plan, a five-step approach to relaxing COVID-19 public health measures based on vaccine rates, disease transmission, outbreak risks, and health care system and public health capacity. The Government said Step 1 was projected for June 6th.
- The Government of New Brunswick on May 27th announced guidelines outlining the path toward the Green level of the COVID-19 recovery plan, a three-phase approach to loosen restrictions, with target dates based on anticipated vaccination rates and low numbers of COVID-19 hospitalizations. The Government said the first phase is expected to come into effect on June 7th.
Resources
- The Government of Canada announced it had approved the NOVA Gas Transmission Ltd. (NGTL) North Corridor System Expansion Project and that the proponent must comply with 37 binding conditions related to safety, environmental and wildlife protection, Indigenous engagement, and protection of Indigenous rights and interests.
Manufacturing
- Oshawa-based General Motors of Canada announced it is accelerating the start of production of full-size trucks at Oshawa Assembly to the fourth quarter of this year, ahead of the previous target of January 2022. The company said the $1.3 billion investment is helping to create nearly 1,700 new jobs and indirect supplier jobs.
- British Columbia-based Paper Excellence and Domtar Corporation of South Carolina announced they had entered into a strategic business combination under which the Paper Excellence group of companies will acquire all of the issued and outstanding shares of Domtar common stock for an enterprise value of approximately USD $3.0 billion. The companies said the transaction is expected to close in the second half of 2021, subject to regulatory and Domtar shareholder approval and other customary closing conditions.
Transportation
- Burlington, Ontario-based Greyhound Canada announced it had discontinued all operations on its remaining routes in Ontario and Quebec and will permanently close all services in Canada effective May 13th.
- Toronto-based Porter Airlines Inc. announced it was resetting its tentative date for resuming flights to July 20th.
- Montreal-based Air Transat announced that, due to continued travel restrictions both in Canada and in the destinations it serves, its operations are temporarily suspended until July 29th.
Other news
- The Government of Canada announced on April 30th that Bill C-29 had received Royal Assent and that the general strike at the Port of Montreal will end and all port operations must resume effective May 1st.
- The Office of the Superintendent of Financial Institutions (OSFI) announced that, effective June 1, the revised calculation of the minimum qualifying rate for uninsured mortgages (i.e., residential mortgages with a down payment of 20% or more) will be the greater of the contract rate plus 2.00% or 5.25%. The Government of Canada later announced that it will align with OSFI by establishing a new minimum qualifying rate for insured mortgages, subject to review and periodic adjustment.
- Quebec's minimum wage increased from $13.10 per hour to $13.50 per hour on May 1st.
- Washington State-based Amazon.com, Inc. announced it was hiring 75,000 people in its fulfilment and logistics network across the United States and Canada and that hiring is now underway.
United States and other international news
- The Bank of England's Monetary Policy Committee (MPC) voted to maintain the Bank Rate at 0.1%. The MPC also voted to maintain the stock of sterling non-financial investment-grade corporate bond purchases at £20 billion, and to continue with the existing programme of UK government bond purchases, maintaining the target for the stock of these government bonds at £875 billion and the total stock of asset purchases at £895 billion.
- The Reserve Bank of Australia (RBA) maintained the targets for the cash rate and the yield on 3-year Australian Government bonds at 0.10%. The last change in the target for the cash rate was a 15 basis points reduction in November 2020. The RBA also maintained the parameters of the Term Funding Facility and the government bond purchase program.
- The Monetary Policy and Financial Stability Committee of Norway's Norges Bank decided to keep the policy rate unchanged at 0.0%. The last change in the policy rate was a 25 basis points reduction in May 2020.
- The Reserve Bank of New Zealand (RBNZ) kept the Official Cash Rate (OCR), its main policy rate, unchanged at 0.25%. The last change in the OCR was a 75 basis points reduction in March 2020. The RBNZ also kept the Large Scale Asset Purchase and the Funding for Lending programmes unchanged.
- On May 8th, Georgia, U.S.-based Colonial Pipeline Company announced it had been the victim of a cybersecurity attack and, as a result, took certain systems offline to contain the threat, resulting in the temporary halting of all pipeline operations. On May 12th, the company said it had initiated the restart of pipeline operations and on May 17th, the company said it was fully operational and transporting refined products (gasoline, diesel, and jet fuel) at normal levels.
- Texas-based AT&T Inc. and Discovery, Inc. of New York announced a definitive agreement to combine WarnerMedia's entertainment, sports, and news assets with Discovery's nonfiction and international entertainment and sports businesses to create a standalone global entertainment company. The companies said that under the terms of the agreement, AT&T would receive USD $43 billion and that the transaction is expected to close in mid-2022, subject to regulatory and Discovery shareholder approvals and customary closing conditions.
Financial market news
- West Texas Intermediate crude oil closed at USD $66.32 per barrel on May 31st, up from a closing value of USD $63.58 at the end of April. Western Canadian Select crude oil traded in the USD $47 to $54 per barrel range throughout May. The Canadian dollar closed at 82.84 cents U.S. on May 31st, up from 81.40 cents U.S. at the end of April. The S&P/TSX composite index closed at 19,730.99 on May 31st, up from 19,108.33 at the end of April.