Live news: PwC cuts 2% of Canadian workforce
PricewaterhouseCoopers International Ltd., the global accounting firm, has cut its workforce in Canada by two per cent as sustained high interest rates push the nation’s economy toward a recession.
A spokeswoman for PwC confirmed the reduction, reported earlier by the Globe and Mail newspaper, without giving further details of the layoffs. With the company’s website saying it employs about 7,700 people in Canada, the cut would amount to about 150 people.
The Canadian economy looks to have entered a technical recession this year as the Bank of Canada holds interest rates at multi-decade highs to combat inflation.
Preliminary data show output contracted 0.1 per cent in the third quarter after registering a 0.2 per cent decline in the previous three months, meeting the two-consecutive quarters of slowing activity needed to qualify as a recession.
Stocks fell and gold climbed to a six-month high as data showed a sharp slowdown in China’s industrial profits, which reinforced investor concerns about its sluggish economy.
The Stoxx 600 index fell 0.3 per cent and Nasdaq futures retreated 0.2 per cent. Treasury 10-year yields climbed as much as five basis points to 4.51 per cent, the highest in more than a week. Gold climbed to the highest since May, while the dollar was little changed.
In Canada, the S&P/TSX composite index closed down slightly, falling 13.55 points to 20,103.11.
Today is Cyber Monday, with retailers promising more promotions and deals after Black Friday to draw sales.
The First Nations Climate Initiative is hosting a briefing to coincide with the release of its independent study, Western Canadian Gas Exports: Opportunities and Risks in a Low Carbon World.
We’ll also get data on new United States home sales for
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