Omicron heaps on economic tremors, Canadian outlook flickers mild optimism

Key takeaways: 

• This week’s jobs, GDP totals allow strength for seasonal cheer amidst hand-wringing above the world’s obstacles.
• A passenger wearing personal protecting equipment comes at the international terminal of the Sydney Airport in Australia on Monday, among concerns of the latest omicron variant of COVID-19.

Omicron fears all over the world: 

Titles that make the heart heat may be good for the news business, but they aren’t so furious for economic balance.

Amidst a fireworks show of telling stories that involve signs of a new and possibly worse COVID-19 variant of worry, Friday’s stock market tumble, grieving inflation updates and a fresh round of supply chain difficulties begun by B.C.’s flooding, data out this week on the Canadian economy is required to be reassuringly mild.

And after a weekend of hand-wringing, there are rising signs — at least in economic circles — that notwithstanding a name that seems like a Marvel Comics villain, the omicron variant is simply more of the very.

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Commodities and oil rebound

“Investors are betting that the impact of the omicron COVID-19 variant will be less profound than initially feared,” the Wall Street Journal proclaimed Monday, as commodities and oil rebounded from “their largest one-day percentage decline since April 2020.” Source – cbc.ca

Of course, there continue lots to study about the newest coronavirus variant and its effect on the Canadian economy, but a distinct stream of business news out this week — including the nation’s increase rate, unemployment numbers and the state of Canada’s banks — is assumed to be reassuring.

While Canadian inflation wavering near five per cent continues a problem, new data for gross domestic product, out next this morning, is not anticipated to show the kind of economic growth that would be sent inflation rising.