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economy

Canada Unemployment Surges... Looses 71,000 Jobs Last Month

Economy

https://www.bnnbloomberg.ca/canada-surprisingly-sheds-71-200-jobs-in-november-1.1358657

 

Canada's unemployment surgery from 5.5% to 5.9% in a single month after a collapse of 71,000 jobs lost in November

 

In a population proportional basis that's like if the US lost some 600,000 jobs in a single month

 

Edit: updates came in and not all news was bad. Wage growth was strong (over 4%) and the overall jobs gains for the entire year is still strong despite this being the second month in a row of job losses because of a string first half

 

Nevertheless the biggest job loss since 2009 and the fact that it followed job losses in October as well gives reason for possible concern trends could be taking a bad turn

Edited by Economy
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Economy

TF happened last month? There was job losses the month before that too :deadbanana:

 

Are we entering a recession????? :duck:

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swordstalker

Maybe it's an anomaly? Idk, but my guess is that it gets revised upward next report and the US number gets revised downward. Unemployment is the laggiest of lagging indicators at this point in the cycle and very volatile. But wage growth was 4% y/y so that's a bright spot. 

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Economy
5 minutes ago, swordstalker said:

Maybe it's an anomaly? Idk, but my guess is that it gets revised upward next report and the US number gets revised downward. Unemployment is the laggiest of lagging indicators at this point in the cycle and very volatile. But wage growth was 4% y/y so that's a bright spot. 

Yes the article has been updated with more info... The higher wage growth is encouraging as is the fact that the year as a whole is still the strongest jobs gain year in 17 years

 

Hopefully it's a blip and Canada's monthly job numbers by nature are very volatile...

 

That being said given it was the second month in a row and the drop was the biggest since 2009, that's a little worrying nevertheless

 

Guess we will have to see in the months ahead what the trend going forward is :shrug:

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March34th

the state of Canada's economy has had me so stressed the past few months. No one can seem to catch a break anywhere. Where I live is especially bad.  Here in London (Ontario, not England) we have a huge homelessness and unemployment problem and most "entry level" jobs pay like sh*t or don't have any room on schedules for employees or violate safety protocols.

I was pretty much homeless when I was 17 after leaving an abusive ex who I lived with, and have broke my ass for months working at dozens of restaurants (as culinary is where I excel and have the most experience from schooling), and trying to make ends meet, and I'm barely surviving. You'll find a job and they'd decide they don't want to have a lot of employees anymore so you end up getting fired for no reason, and employers abuse the fact that all jobs have a 3 month probation period to get rid of employees without reason. It's so disheartening. Right now there's next to no jobs in London and the only things I've found are part time that you can't survive on, or factory jobs that require you to relocate. As an almost 20 year old with no car, dealing with mental illness and stress it's really taken a toll on me. I worked six jobs in 2019 at restaurants and I don't know if it's just this particular industry but something really needs to change because it's getting hard to survive and I feel like a broken record because you rarely hear anything about it in the media or hear people talk about doing things to help unemployment rates or income inequality etc.

I've heard things are better in other cities or friends of mine who live in the GTA/Toronto aren't having as hard of a time finding a job, but it's definitely horrible in London.

It doesn't help that housing is so high. I remember back when I was 17 first starting to work again after my ex, I was looking at apartments to see what I'd be getting myself into in regards to how costly it'd be. Most 1 bedrooms/bachelor apts were relatively affordable, especially in the West end or Downtown London. You could find places like that for like $500-$800 a month utilities included. Now I see bachelor apartments going for upwards for $1300 in the worst ends of the city in buildings that look like meth houses.

It really feels like here, no one cares. Everyone just walks through the streets with tunnel vision while addicts or homeless people crack out on the streets or sleep against buildings. If you were to walk down Dundas Street (a major downtown road here in London) at noon it sometimes feels like a third world country. Beggars and drug addicts everywhere and I know why they're there. They have nowhere else to go. Friends of mine have been in situations like that (thank God they aren't anymore), where they've grown up in a lower class home and couldn't find stable work because the economy is going to sh*t then they end up on the streets. I've seen people my age homeless on the street asking for food or money. There's one man I can think of who has people ignore him when he asks for change and he still wishes them a good day/evening. These are not bad people or "sketchy" people. They're people struggling and it breaks my heart that they are but terrifies me that I could easily be in their situation.

I sincerely hope something changes. I know other cities have it worse than here but that's just my experience. It breaks my heart seeing my country go to this. I swear it didn't feel this bad a year ago.

so this is what it's like living in limbo - first I'm high then I'm so low.
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Economy
2 hours ago, March34th said:

the state of Canada's economy has had me so stressed the past few months. No one can seem to catch a break anywhere. Where I live is especially bad.  Here in London (Ontario, not England) we have a huge homelessness and unemployment problem and most "entry level" jobs pay like sh*t or don't have any room on schedules for employees or violate safety protocols.

I was pretty much homeless when I was 17 after leaving an abusive ex who I lived with, and have broke my ass for months working at dozens of restaurants (as culinary is where I excel and have the most experience from schooling), and trying to make ends meet, and I'm barely surviving. You'll find a job and they'd decide they don't want to have a lot of employees anymore so you end up getting fired for no reason, and employers abuse the fact that all jobs have a 3 month probation period to get rid of employees without reason. It's so disheartening. Right now there's next to no jobs in London and the only things I've found are part time that you can't survive on, or factory jobs that require you to relocate. As an almost 20 year old with no car, dealing with mental illness and stress it's really taken a toll on me. I worked six jobs in 2019 at restaurants and I don't know if it's just this particular industry but something really needs to change because it's getting hard to survive and I feel like a broken record because you rarely hear anything about it in the media or hear people talk about doing things to help unemployment rates or income inequality etc.

I've heard things are better in other cities or friends of mine who live in the GTA/Toronto aren't having as hard of a time finding a job, but it's definitely horrible in London.

It doesn't help that housing is so high. I remember back when I was 17 first starting to work again after my ex, I was looking at apartments to see what I'd be getting myself into in regards to how costly it'd be. Most 1 bedrooms/bachelor apts were relatively affordable, especially in the West end or Downtown London. You could find places like that for like $500-$800 a month utilities included. Now I see bachelor apartments going for upwards for $1300 in the worst ends of the city in buildings that look like meth houses.

It really feels like here, no one cares. Everyone just walks through the streets with tunnel vision while addicts or homeless people crack out on the streets or sleep against buildings. If you were to walk down Dundas Street (a major downtown road here in London) at noon it sometimes feels like a third world country. Beggars and drug addicts everywhere and I know why they're there. They have nowhere else to go. Friends of mine have been in situations like that (thank God they aren't anymore), where they've grown up in a lower class home and couldn't find stable work because the economy is going to sh*t then they end up on the streets. I've seen people my age homeless on the street asking for food or money. There's one man I can think of who has people ignore him when he asks for change and he still wishes them a good day/evening. These are not bad people or "sketchy" people. They're people struggling and it breaks my heart that they are but terrifies me that I could easily be in their situation.

I sincerely hope something changes. I know other cities have it worse than here but that's just my experience. It breaks my heart seeing my country go to this. I swear it didn't feel this bad a year ago.

Ugghhhhh not to sound unempathetic but most jobs in the Toronto area don't pay much more than minimum wage and our rents and home prices are double that of London. I think we have it even worse

 

Everyone is like renting just one floor of a house and kids can't move out of their parents home

 

The homes in my street are selling for $650,000 and I live in the old and cheaper part of Brampton. Most of the city goes for $700,000 to $800,000 and rents for a simple basement are like $1400 a month or more :madge:

 

London is actually a city my wife and I considered for a cheaper cost of living

Edited by Economy
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Alii
16 hours ago, Economy said:

Ugghhhhh not to sound unempathetic but most jobs in the Toronto area don't pay much more than minimum wage and our rents and home prices are double that of London. I think we have it even worse

 

Everyone is like renting just one floor of a house and kids can't move out of their parents home

 

The homes in my street are selling for $650,000 and I live in the old and cheaper part of Brampton. Most of the city goes for $700,000 to $800,000 and rents for a simple basement are like $1400 a month or more :madge:

 

London is actually a city my wife and I considered for a cheaper cost of living

 

 


I didn’t know that the situation was getting bad in Canada?

I thought they have been taking in a lot of immigrants lately because the economy was improving. 

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Economy
3 hours ago, Alii said:


I didn’t know that the situation was getting bad in Canada?

I thought they have been taking in a lot of immigrants lately because the economy was improving. 

Depends on how u define good economy... The unemployment rate is low (job creation up until recently has been very good) but the cost of living is terribly high especially because of the housing crisis

 

And high immigration is to keep the labor force growing and offset ageing population especially since Canada so far hadn't been willing to make reforms to retirement to deal with rising life expectancy and lower birth rates

 

The high immigration is there regardless of economic performance

 

The really big issue tho is that the housing shortage has made rents and mortgages impossibly expensive

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Alii
4 hours ago, Economy said:

Depends on how u define good economy... The unemployment rate is low (job creation up until recently has been very good) but the cost of living is terribly high especially because of the housing crisis

 

And high immigration is to keep the labor force growing and offset ageing population especially since Canada so far hadn't been willing to make reforms to retirement to deal with rising life expectancy and lower birth rates

 

The high immigration is there regardless of economic performance

 

The really big issue tho is that the housing shortage has made rents and mortgages impossibly expensive

Why exactly? 
 

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Economy
10 minutes ago, Alii said:

Why exactly? 
 

I just explained why. 

 

To help keep our population younger and grow the economy... Short term fluctuations don't affect how many immigrants we allow in

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