While most Americans are likely paying little attention to the NHL strike, our friends north of the border are feeling the pain. Canada's Goal: A Pro Hockey Settlement Before NHL Slams GDP:
Doug Porter, deputy chief economist at Canada's BMO Capital Markets, said earlier in the lockout that a canceled season would shave 0.1% off Canada's annual gross domestic product. Even if both sides settle, he said, a truncated 2012-13 NHL schedule could pare 0.05% from GDP.
Molson Coors Brewing Co. blamed the NHL dispute for a 5% drop in Canadian profits in its most recent quarter. Last week, Molson Chief Executive Peter Swinburn told a national news wire that the brewer, a big NHL sponsor, might seek compensation from the league. A Molson spokesperson confirmed the boss's comments but declined to elaborate.
With a regular season even longer than Canada's northern winters, "hockey is like the sun," driving beer sales up to near-summer levels, said Cam Heaps, co-founder of the Toronto-based microbrewery Steam Whistle Brewing Inc. "If there's a hockey game, people are drinking."
No hockey, no drinking, no sun. Tough days in Canada.