Spotlight on Industry Headlines
JOB SEARCHES RISE IN CANADA AFTER COVID AID WINDS DOWN
T he U.S. Department of Labor announced that Feder - al contractors will be guaranteed an hourly minimum wage of at least $15 in all new contracts with govern - ment agencies beginning on Jan. 30, 2022. President Joe Biden had signed the executive order lifting the hourly rate for federal contractors from $10.95 in April. The change is expected to impact some 327,000 workers, including food-service employees and nursing assistants who current - ly make less than $15 an hour. The order will also lead to the end of the tipped minimum wage for federal contractors, which is now $7.65 an hour, by 2024. MINIMUM WAGE FOR WORKERS ON NEW FEDERAL CONTRACTS ON THE RISE
T he number of Canadians searching for work jumped last month, just as pandemic-related government support pro - grams were wound down. The share of people actively looking for employment rose to 30% last month, up from 25% in September, according to a report published from an online survey of 4,000 Canadians aged 18 to 64 was taken between October 11th to October 20th, 2021. The increase was largely driven by unemployed workers who described their search as immediate. Among those looking for work, 39% characterized the situation as “urgent,” up from 32% in September.
HOME SALES ROSE IN OCTOBER
S ales of previously owned homes in October rose 0.8% to a seasonally adjusted annualized rate of 6.34 million units, according to the National Association of Realtors. ales were 5.8% lower than October 2020. October of last year was the cyclical high in the market. The latest read on sales of newly built homes from Septem - ber showed a 14% jump from August. Builders continue to see strong demand, due to the low supply of existing homes for sale. Some of the largest national builders, however, have said they are slowing sales due to supply chain and labor is - sues. They are concerned they might not be able to deliver the homes on time. Realtors are now predicting full-year sales of over 6 million, which would be the highest number of sales since 2006.
RENT FOR SINGLE-FAMILY HOMES SURGED 10% IN SEPTEMBER R ents for single-family homes increased 10.2% nationally for the U.S. for September year over year, up from a 2.6% rise in September of last year, according to a new report fromCore - Logic. Improved job growth and sky-high prices in the for-sale housing market added to already strong demand for single-family rentals fueled by the coronavirus pandemic. While 93% of con - sumers said they believe owning a home is a good investment, according to a separate CoreLogic report, competition in the buying market is forcing more potential buyers to remain renters.
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NOVEMBER/DECEMBER 2021 • SPOTLIGHT ON BUSINESS MAGAZINE
SPOTLIGHT ON BUSINESS MAGAZINE • NOVEMBER/DECEMBER 2021
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