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
- The Government of Nunavut announced on September 2nd it had extended the territory's public health emergency until September 16th. On September 16th, the public health emergency was extended until September 30th.
- The Government of Nova Scotia announced on September 3rd it was renewing the state of emergency, effective September 5th, until September 19th. On September 17th, the state of emergency was renewed until October 3rd.
- The City of Calgary announced on September 3rd it had declared a State of Local Emergency to support efforts to combat the spread of the COVID-19 virus.
- The Government of the Northwest Territories announced on September 14th it had extended the territory-wide Public Health Emergency until September 28th. On September 28th, the Government extended the Public Health Emergency until October 12th.
- The Government of Alberta on September 15th declared a state of public health emergency.
- The Government of Manitoba announced on September 21st it would continue the extension of the state of emergency, effective September 22nd, for a period of 30 days.
- The Government of New Brunswick on September 24th announced it was reinstating a state of emergency.
Selected COVID-19 responses
- On September 1st, the Government of Ontario announced it would require people to be fully vaccinated and provide proof of their vaccination status to access certain businesses and settings, including restaurants and bars, facilities used for sport and fitness activities, sporting events, casinos, concerts, theatres, and cinemas, starting September 22nd.
- On September 2nd, the Government of Manitoba announced new public health orders that made mask use mandatory at indoor public places, and that, effective September 7th:
- The maximum number of people allowed at outdoor gatherings, including summer fairs and festivals, was lowered to 500 from the current limit of 1,500;
- Museums and galleries would be allowed to open but will be required to ask for proof of vaccination from visitors to access indoor areas; and
- Wedding receptions held in licensed premises would be subject to the same rules as restaurants and licensed premises, and guests will have to show proof of vaccination.
- On September 3rd, the Government of Alberta announced temporary measures to reduce transmission and prevent the health-care system from being overwhelmed, and that effective September 4th:
- Masks will be made mandatory for all indoor public spaces and workplaces;
- Restaurants, cafés, bars, pubs, nightclubs, and other licensed establishments will be required to end alcohol service at 10 p.m.;
- It is strongly recommended that unvaccinated Albertans limit their indoor social gatherings up to a maximum of 10 people; and
- It is recommended that plans for in-person return to work be paused, and that employers revert to work-from-home where possible.
- On September 15th, the Government announced that new temporary health measures to help slow the spread of COVID-19 would apply provincewide, and that the following measures would take effect on September 16th:
- Mandatory work-from-home measures are in place;
- Indoor private gatherings for fully vaccinated individuals are limited to a maximum of 10 people;
- Attendance at any indoor private social gathering is not permitted for those who are unvaccinated;
- Outdoor private social gatherings are permitted to a maximum of 200 people;
- Mandatory masking for students in grades 4 and up, plus staff and teachers in all grades; and
- Spectator attendance at children's sport/performance/recreation is limited to one-third capacity.
- The Government said that the following measures would take effect on September 20th:
- Outdoor dining only with a maximum of six individuals per table;
- Attendance is limited to one-third capacity for retail, entertainment, and recreation facilities, including indoor venues, libraries, conferences, rental spaces, concerts, nightclubs, casinos, and similar;
- No indoor group classes or activities are permitted for adult sport, fitness, performance, and recreation and indoor competitions are paused; and
- Individuals will be required to provide government-issued proof of immunization, or a negative privately paid COVID-19 test, to access a variety of participating social, recreational, and discretionary events and businesses throughout the province, including restaurants, bars, and indoor organized events.
- On September 30th, the Government announced it was implementing a proof of COVID-19 vaccination policy for all Alberta Public Service employees. The Government said employees will have until November 30th to submit proof of full vaccination.
- On September 7th, the Government of Prince Edward Island announced that Step 5 of the Moving Forward plan would be implemented over time, with border and travel measures, including screening, testing, self-isolation, and the PEI Pass remaining in place until at least mid-October. The Government also said that as of September 3rd, unvaccinated or partially vaccinated staff in long-term care facilities and licensed nursing homes and community care facilities across P.E.I. are required to be routinely tested for COVID-19.
- On September 15th, the Government announced that effective September 17th:
- Personal gatherings will be limited to 20 people;
- Non-medical masks will be mandatory for all Islanders in indoor places;
- P.E.I. residents should not travel off-Island unless it is necessary; and
- Border screening, testing, and isolation for unvaccinated and partially vaccinated people coming to P.E.I. will remain in effect until at least mid-October.
- On September 8th, the Government of Nova Scotia announced it would move into Phase 5 of its reopening plan on September 15th and that wearing masks in indoor public places would no longer be mandatory but remain strongly recommended. The Government said masks would be required in schools until September 20th to allow students, staff, and teachers time to transition to Phase 5. The Government also said it would start requiring proof of full vaccination to participate in discretionary, recreational or non-essential activities such as dining out, going to a fitness facility, or going to a movie, theatre performance, concert, or sporting event as of October 4th.
- On September 14th, the Government announced that due to current epidemiology in the province and Atlantic region, it would delay starting Phase 5 of its reopening plan until October 4th, when the proof of full vaccination policy begins for certain events and activities.
- On September 29th, the Government announced that effective October 4th, everyone coming to Nova Scotia from other Canadian provinces and territories will need to complete the Nova Scotia Safe Check-in form and that their isolation will be based on vaccination status and testing. The Government also announced that Nova Scotians working in healthcare and education must be vaccinated under a new COVID-19 vaccine mandate and that they have until November 30th to be fully vaccinated.
- On September 15th, the Government of New Brunswick announced that beginning September 22nd, people would be required to show proof of vaccination when accessing certain events, services, and businesses, including:
- Indoor festivals, performing arts, and sporting events;
- Indoor and outdoor dining and drinking at restaurants, pubs, and bars;
- Movie theatres, nightclubs, and amusement centres;
- Gyms, indoor pools, and indoor recreation facilities;
- Indoor group exercise facilities; and
- Visiting a long-term care facility.
- The Government also said that anyone entering New Brunswick must preregister their travel.
- On September 24th, the Government announced a mandatory order would come into effect on September 25th and that the following measures would be implemented:
- People must limit their contacts to their household plus 20 consistent contacts;
- Indoor private gatherings will be limited to 20 consistent contacts;
- There will be no limits on outdoor gatherings;
- Businesses and events where people gather or exercise, including museums, cinemas, arenas, live entertainment venues, gyms, and similar venues must ensure all employees are fully vaccinated or are continuously masked and tested regularly; patrons and participants remain required to be fully vaccinated; and
- Physical distancing is required at businesses, services, or events where proof of vaccination is not required, such as grocery and retail stores, private businesses, and libraries.
- On September 16th, the Government of Saskatchewan announced new measures to address health care capacity pressures caused by rising case rates, and that effective September 17th, an interim province-wide mandatory masking order will be implemented for all indoor public spaces. The Government said that effective October 1st, a provincial requirement for proof of vaccination or negative test will be implemented for public access to a list of establishments, businesses, and event venues that bring groups of people together, including:
- Indoor dining at restaurants;
- Nightclubs, bars, taverns, and other licensed establishments;
- Event and entertainment venues, including conference centres, casinos, movie theatres, concert venues, museums, and indoor facilities hosting ticketed sporting events; and
- Indoor fitness centres, and gyms.
- The Government also said that employees of all Government of Saskatchewan ministries, crowns, and agencies will be required to be fully vaccinated with the COVID-19 vaccine by October 1st.
- On September 21st, the Government of the United States announced it was extending restrictions on non-essential travel at land and ferry crossings with Canada and Mexico until October 21st.
- On September 22nd, the Government of Nunavut announced the easing of public health restrictions in Arviat effective immediately, including the no travel recommendation and the isolation advisory for individuals not fully vaccinated, as well as:
- There is no limit to the number of people for outdoor gatherings;
- Indoor gatherings in dwellings increase to 15 people, plus household members;
- Indoor public gatherings, including places of worship, gyms, fitness centres, and swimming pools, are increased to 75% capacity;
- Libraries and galleries may allow 50% capacity;
- Public places may allow group tours, group workouts and singing;
- Team sports may resume;
- Restaurants and licensed establishments are restricted to 75% capacity;
- Group counselling sessions increase to 20 people; and
- Parks buildings may open.
- On September 27th, the Government announced that effective November 1st it will limit travel exemptions for unvaccinated workers or those workers who have yet to receive a second dose of a Government of Canada approved COVID-19 vaccine. The Government said that unvaccinated or partially vaccinated workers will have to isolate for 14 days at a Government of Nunavut Isolation location prior to being allowed entry to Nunavut.
- On September 27th, the Government of the Northwest Territories announced that as of November 30th it will require employees who interact with vulnerable members of the public in the health care, education, and corrections sectors, and employees travelling to remote communities on duty travel, to be fully vaccinated against COVID-19.
Resources
- Calgary-based Suncor Energy Inc. announced that the co-owners of the Terra Nova Floating, Production, Storage, and Offloading facility and associated Terra Nova Field had finalized the agreement to move forward with the Asset Life Extension Project. Suncor said the project is expected to extend production life by approximately 10 years, providing an additional 70 million barrels of resource, and that it anticipates a return to operations before the end of 2022.
- Calgary-based Enbridge Inc. announced the substantial completion of the Line 3 Replacement Project and the establishment of an in-service date of October 1st. Enbridge said this step marks the full replacement of the entire 1,765-kilometre-long pipeline from Edmonton, Alberta to Superior, Wisconsin and restores the full pipeline capacity of 760,000 barrels per day.
- Enbridge Inc. announced it had entered into a definitive purchase agreement with EnCap Flatrock Midstream to acquire Moda Midstream Operating, LLC, of Texas for USD $3.0 billion in cash. Enbridge said the transaction is expected to close in the fourth quarter of 2021, subject to customary regulatory approvals and closing conditions.
- Agnico Eagle Mines Limited and Kirkland Lake Gold Ltd., both of Toronto, announced they had entered into an agreement to combine in a merger of equals. The companies said the transaction is expected to close in December 2021 or in the first quarter of 2022, subject to Ontario court, shareholder, and applicable stock exchange approvals and closing conditions customary on transactions of this nature, including receipt of Competition Act (Canada) and Foreign Acquisitions and Takeovers Act 1975 (Australia) clearance.
Finance and insurance
- Toronto-based Canadian Imperial Bank of Commerce (CIBC) announced it had signed a long-term agreement to become the exclusive issuer of Costco Mastercard in Canada. CIBC said it will also acquire the existing Canadian Costco credit card portfolio, which has over $3 billion in outstanding balances. CIBC said it expects the purchase of the current Costco co-brand credit card portfolio to close and convert to CIBC in early 2022, subject to customary closing conditions.
Other news
- The Bank of Canada announced it held its target for the overnight rate at the effective lower bound of 0.25%. The target for the overnight rate was reduced by 150 basis points during March 2020. The Bank also said that it was maintaining its quantitative easing (QE) program at a target pace of $2 billion per week.
- The Northwest Territory's minimum wage increased from $13.46 per hour to $15.20 per hour on September 1st.
- Washington State-based Amazon.com, Inc., announced that Amazon Canada will hire 15,000 full-and part-time employees throughout the fall. Amazon said full-and part-time employees will also receive an additional $1.60 to $2.20 per hour, starting immediately, regardless of the tenure with the company.
- Toronto-based Porter Airlines announced that flights to Toronto, Montreal, Ottawa, and Thunder Bay would restart on September 8th, and that flights to Halifax, Quebec City, St. John's, and Moncton would start within the next 10 days. Porter said that U.S. destinations in Boston, Chicago, New York, and Washington would return on September 17th.
United States and other international news
- The U.S. Federal Open Market Committee (FOMC) maintained the target range for the federal funds rate at 0.00% to 0.25%. The last change in the target range was a 100 basis points decrease announced in March 2020. The FOMC also said it would continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage-backed securities by at least $40 billion per month and that a moderation in the pace of asset purchases may soon be warranted.
- The European Central Bank (ECB) announced (i) the interest rates on the main refinancing operations, the marginal lending facility, and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50%, respectively; (ii) net purchases under the asset purchase programme (APP) will continue at a monthly pace of €20 billion; and (iii) the Governing Council will continue to conduct net asset purchases under the pandemic emergency purchase programme (PEPP) with a total envelope of €1,850 billion until at least the end of March 2022. The Governing Council said it judges that favourable financing conditions can be maintained with a moderately lower pace of net asset purchases under the PEPP than in the previous two quarters.
- 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 U.K. government bond purchases, maintaining the target for the stock of these government bond purchases at £875 billion.
- The Bank of Japan (BoJ) announced it will apply a negative interest rate of -0.1% to the Policy-Rate Balances in current accounts held by financial institutions at the BoJ and that it will purchase a necessary amount of Japanese government bonds (JGBs) without setting an upper limit so that 10-year JGB yields will remain at around zero percent.
- 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 said it would purchase government securities at the rate of AUD $4 billion a week until at least mid-February.
- The Monetary Policy and Financial Stability Committee of Norway's Norges Bank decided to raise the policy rate from 0.0% to 0.25%. The last change in the policy rate was a 25 basis points reduction in May 2020.
- The Executive Board of Sweden's Riksbank left the repo rate unchanged at 0.00% and said the rate is expected to remain at this level for the entire forecast period. The Riksbank also said it will continue to purchase securities during the fourth quarter, in line with its earlier decision.
- On September 2nd, United States President Joseph R. Biden, Jr., declared that an emergency exists in the States of New York and New Jersey and ordered Federal assistance to supplement State, tribal, and local response efforts due to the emergency conditions resulting from the remnants of Hurricane Ida beginning on September 1, 2021, and continuing.
- On September 13th, United States President Joseph R. Biden, Jr., declared that an emergency exists in the State of Louisiana and ordered Federal assistance to supplement State, tribal, and local response efforts due to the emergency conditions resulting from Tropical Storm Nicholas beginning on September 12, 2021, and continuing.
- OPEC and non-OPEC members announced they had resolved to adjust upward their overall production by 0.4 mb/d for the month of October 2021.
- Michigan-based Ford Motor Company announced that it and SK Innovation Co. Ltd. of South Korea plan to invest USD $11.4 billion to build two new campuses in Tennessee and Kentucky that will produce electric F-Series trucks and the batteries to power future electric Ford and Lincoln vehicles. Ford said the investment will create nearly 11,000 new jobs, with production to start in 2025.
- Netherlands-based Royal Dutch Shell plc announced that its subsidiary, Shell Enterprises LLC, had reached an agreement for the sale of its Permian business to ConocoPhillips Company of Texas for USD $9.5 billion in cash. Shell said the transaction is expected to close in the fourth quarter of 2021, subject to regulatory approvals.
- Minnesota-based U.S. Bancorp announced it had entered into a definitive agreement to acquire MUFG Union Bank's core regional banking franchise from Mitsubishi UFJ Financial Group of Japan for approximately USD $8 billion. The company said the transaction is expected to close in the first half of 2022, subject to customary closing conditions, including regulatory approvals.
- California-based PayPal Holdings, Inc. announced it had agreed to acquire Japan-based Paidy, a two-sided payments platform and provider of buy now, pay later solutions in Japan, for approximately USD $2.7 billion. PayPal said the transaction is expected to close in the fourth quarter of 2021, subject to customary closing conditions, including receipt of regulatory approvals.
Financial market news
- West Texas Intermediate crude oil closed at USD $75.03 per barrel on September 30th, up from a closing value of USD $68.50 at the end of August. Western Canadian Select crude oil traded in the USD $56 to $64 per barrel range throughout September. The Canadian dollar closed at 78.49 cents U.S. on September 30th, down from 79.26 cents U.S. at the end of August. The S&P/TSX composite index closed at 20,070.25 on September 30th, down from 20,582.94 at the end of August.