COVID-19 roundup: The Canadian economy’s Polaroid moment

Minister of Finance Bill Morneau rises in the House of Commons on Parliament Hill in Ottawa, as Parliament was recalled for the consideration of measures related to the COVID-19 pandemic in April 2020. The Canadian Press/Justin Tang

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It’s day 120 since Canada’s 100th coronavirus case. The number of cases is 106,367 as of publication time, up 201 since yesterday—a 16 per cent decrease from the seven-day prior average of 238 new cases. At its peak on May 3, the seven-day average was 1,603 new cases a day. 

The “lipstick index”—the idea that, during economic downturns, consumers turn to affordable pick-me-ups like a new lipstick—may be over in the age of face masks. The pandemic has instead given way to “the nail polish effect.” 

The cost of a crisis: Finance Minister Bill Morneau’s “snapshot” suggests the federal government believes it has kept the economy afloat through the COVID-19 crisis. But Ottawa is looking to employers to fuel the post-pandemic economic recovery, signalling an expansion to its wage-subsidy program to incentivize hiring as the deficit climbs to near-record levels.

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