One possible reason why the marginal consumer is tapped out and reluctant to spend is because he’s no longer employed.
Canada’s unemployment rate jumped to 6.6 per cent in August, Statistics Canada said on Friday, more than economists expected as the labour market added a net 22,100 jobs largely in part-time work.
The unemployment rate is now at its the highest level since May 2017, outside of the COVID-19 pandemic, as job growth has failed to keep up with a surge in Canada’s population.
But not to worry. The Bank of Canada will just slash interest rates and fix everything.
Traders in overnight index swaps boosted bets that the Bank of Canada would need to cut by 50 basis points at its next meeting in October, according to Bloomberg data.
Same news here in the ‘States. We’ve had a net LOSS!! of full-time (family-supporting, have a career) jobs since 2021, all of our job growth is due to part-time jobs since then. And of those part-time jobs they’re going to, uh, “new arrivals”.
Frog Capital
@FrogNews
“Table A-7
It’s tough to go month to month on July vs August because of summer jobs.
But over the past year:
Employed:
Foreign Born: +1.24 Million.
Native Born: -1.32 Million.”
https://x.com/frognews/status/1832045668434628637?t=z7S-uN3flOn-qrtEr-qf1g
What sort of job qualifications did those couple millions of new canadians bring to Canada? How many of them are qualified for anything in Canada?
There’s only so many floor sweepers and grocery baggers a country needs. After that segment is full, I don’t know how the non English speakers are supposed to keep hunger at bay. It’s difficult enough for those who are qualified for actual non gov’t jobs here and speak English well enough to understand basic instructions.
Ha. “grocery baggers?!” How quaint, given that I bag my own groceries with my own stinking bags.
You’re experiencing communism differently
It’s hard to believe how badly Canada, and the West in general, has been run for the past 40 years. Those running it , AKA Globalists, are doing just peachy AOK. Time to revisit Prague.
I can for sure recommend Prague. A very safe, centrally located, low cost (compared to US/Canada), and beautiful city.
If the lying sacks of crap at Bloomberg and Yahoo say there’s a little problem then there must be a big problem that they can’t entirely ignore. Big media and their bosses like things the way they are.
Optimism and all that.. I see no reason to give a government who hates me a good economy.. Get to work migrants, that’s your job.. Pfft..
In a nutshell, (with the emphasis on ‘nut’), many/most of those running for office are leftwing morons, and way too many of those voting them into office are school/university influenced know nothings who believe that Tinker Bell will fly again if you just clap your hands.
For the apparent majority, reality is simply a myth.
We need more immigrants! We cannot find Canadian railway workers who are willing to work for less than $200,000 per year plus pension and benefits; we can bring in immigrants who can to it for $70,000 per year. We cannot find teachers teachers who want to work for a measly $105,000 per year so we should bring in foreign teachers who will teach for a reasonable salary. More foreign workers will be a win/win situation. The greedy union workers will be free to earn what they are worth in the private sector and perhaps taxes/costs can be reduced for the proletariat.
Why do these people thank it is OK to bring in large numbers of workers to take jobs from others but it is not OK for immigrants to take their jobs?