Big congrats to anyone who works for Ford on your big raise. Next round is on you!

Driving the news: Workers at Ford’s Canadian facilities voted to ratify a deal negotiated between their union, Unifor, and the automaker that includes a 15% wage increase over the next three years.

On this week’s episode of Free Lunch by The Peak, we sat down with Brendon Bedard, Senior Economist at Indeed, to talk about the weakening labour market, and what it means.

Young people hoping to start a family in Canada are taking one look at their grocery bill and saying “maaaaybe a dog?”

Driving the news: The rising cost of living in Canada has created a quality of life crisis for young people, leading many of them to not have kids, per a new StatCan report. Over a third of young adults don’t think they can afford to have a child in the next three years.

Looking to put some extra muscle into your side hustle? Look no further than our robot pals.

Driving the news: A new Morgan Stanley survey found that the incomes of gig workers who used generative AI were 21% higher compared to those who didn’t. The report’s most optimistic reading projects AI to add US$1.4 trillion to the side hustle economy by 2030. 

If the Bank of Canada (BoC) is looking for a new mantra during these trying times, might we suggest, “What goes up must come down… to the 2% inflation target.” 

What happened: Canada's annual inflation rate in August jumped to 4% from 3.3% in July, increasing the odds of a rate hike at the BoC’s next meeting on October 25. To make matters worse, core measures that filter out extreme price changes also rose to 4% from 3.75%. 

Stop us if you’ve heard this one before: Your phone rings, you pick it up, and within 0.01 seconds, you realize it’s a scammer. You hang up and swear off answering calls for good. 

Turns out the same thing is happening to most of us.

Driving the news: Nearly half of Canadians have been targeted by a scam attempt recently, per a new TransUnion report, and the most commonly reported type of scam was “vishing,” which you might know better as “those scam phone calls I get at every waking hour.” 

Heading west for a gold rush? So 19th century. It’s 2023: Miners these days want to hear about lithium “in dem thar hills.”

Driving the news: New analysis found that a volcanic crater in Nevada could hold the largest deposit of lithium in the world. 

The latest job numbers are in, and they’re sending more mixed signals than a crush who likes all of your Instagram stories but won’t answer any of your texts.

Driving the news: 39,900 net new jobs were added to the economy in August, doubling expectations and keeping the unemployment rate steady at 5.5%, Stats Canada reported.

As Labour Day fades from sight in the rearview mirror, more Canadian employers are telling, not asking, employees to return to the office for at least a few days of the week. 

Driving the news: Among Canadians with hybrid work setups, about 60% are fully remote, down from 75% earlier this year, per a report from Indeed. With the summer holiday season over and businesses looking to start fresh for the fall, that number is poised to fall even further.

The Bank of Canada held its policy interest rate steady at 5% yesterday, but don’t call it a pivot—they’re ready to hike again if that’s what it takes to whip inflation, and they want to make sure everyone knows it.

Driving the news: The BoC said, “evidence that excess demand in the economy is easing” justified holding interest rates steady, but emphasized that it was “prepared to increase the policy rate further if needed.”