Category Corrupt Canada Government

Jul 10 2024

Canada’s Job Market – Where are the Jobs?


Posted originally on Jul 10, 2024 By Martin Armstrong 

Jobs

Unemployment in Canada ticked up by 0.2% in June to 6.4%, yet the economy lost 1,400 jobs. Around 1.4 million Canadians were looking for work as of June 2024, a 42,000 person increase from May. Overall employment has fallen in eight of the past nine months to 61.1% in June. So where are all the jobs?

Canada’s population surpassed 41 million, marking an all-time high. Canada’s population has surpassed 41 million, but it is not due to new births. Statistics Canada declared that the population rose 0.6% or 242,673 people since last quarter, standing at 41,012.563 as of April 2024. The nation rose by 1.27 from 2022 to 2023 or a 3.2%. . Nearly all population growth (99.3%; 240,955 people) was solely attributed to migrants arriving in Canada.

Trudeau said that immigration was crucial for in-demand labor roles, and his “temporary immigration” laws led to more permanent residents. Jobs once secured by the youth (under 24) rose to 13.5% in June, a ten-year high. Young people are unable to enter the job market as unskilled labor positions have been filled. Statistics Canada has said that the overall workforce is up 588,500 in the past 12 months, but the economy has only added 343,400 positions, and only 165,500 of those positions are full-time.

Unemployed

Inflation has caused businesses to offshore or reduce their workforces. The Bank of Canada kept rates artificially low for over four years and then shocked the markets with swift raises. BoC Governor Tiff Macklem insists the labor market has simply “cooled,” but Canada is in trouble here.

The cost of living is up, and wages must follow. Wage growth accelerated 5.6% in June from 5.2% in May. There is a sector shift happening as well. Services have declined by 14,1000 jobs, with positions in transportation and warehousing and information, culture and recreation, declining. Agriculture and food services have seen recent  upticks instead.

Long-term unemployment, people without work for over 27 weeks, has risen to 6.4%. Analysts were expecting the job market to grow by 22,500 positions last month but Canada lost 1,400 positions.

There are too many people and not enough jobs or houses to accommodate everyone. The cost of living is simply too high. Many businesses are turning to migrants to fill labor shortages simply due to costs or offshoring roles to companies in nations like India. Students and young adults are unable to even participate in the workforce as those roles have been taken by foreigners who also likely receive aid from the government. A good portion of them are sending those paychecks back home and not recirculating their earnings into the Canadian economy. The entire Canadian economy needs a major overhaul, but this “cooling” in employment is quickly snowballing into an unemployment crisis.

Jul 23 2023

British Banks Close Accounts for Political Views – Wait for CBDC Currency to Appear


Armstrong Economics Blog/Cryptocurrency Re-Posted Jul 23, 2023 by Martin Armstrong

We have a very serious problem. Banks, Media, and Tech Companies seem to be all pushing for the end of all our civil and human rights. The truth has come out now that the Coutts Bank closed down Nigel Farage’s accounts, and it had NOTHING to do with his finances that they told everyone. That seems to be a serious case of slander and libel. If they would do this to Nigel, how many others are finding their accounts closed?

Here in the good old USA, a gold dealer just informed me that his credit line has been terminated – not because he did not pay. The excuse was that they preferred it to go to zero, not back and forth. It seems as though rumbling of this nature in the USA is increasing. Others who have cash businesses like a bar are finding that they are being discriminated against because they take in cash. Even priests are having their accounts shut down for political reasons.

It appears that the bankers are gearing up for the new CBDC system where all cash is eliminated. The government seems likely to let the banks impose a social credit score and claim it is not the government doing that, so it is not unconstitutional. I suppose they intend to prevent people from paying for medicine or buying food if banks shut down their accounts for whatever pretend reason. I guess that will be the new slow-death penalty for disagreeing with the new narrative that COVID was just the trial run for these days.