The Bank of Canada is increasingly expected to keep its benchmark interest rate on hold later this month after the labour market delivered a surprise hiring surge in June.
The lowest it’s been since 1990 is 4.5%, and that was a post-pandemic bounce-back in 2022. It’s been over 10%, but the average is 6.6%. We are only slightly above that, which is amazing considering we are under direct attack from the States.
I would expect those number to drop as Canada severs ties with the US and builds a more robust internal economy.
And remember, every time you “buy Canadian” over something that would have come from the States, you are adding jobs to our workforce while taking them away (hopefully) from the American labour pool 🤗
None of these numbers really matter unless we also consider the percentage of those jobs that are full time vs part time. The wages of those jobs should also be considered if we really want to be doing fair comparisons.
Stats Canada didn’t have those figures in the data I was looking at, but yes, that’s important! There are so many other important metrics, too: affordability vs wages; commute times (then vs. now), etc.
If only one metric moved for the better, are we really better off?
Depends on your perspective.
The lowest it’s been since 1990 is 4.5%, and that was a post-pandemic bounce-back in 2022. It’s been over 10%, but the average is 6.6%. We are only slightly above that, which is amazing considering we are under direct attack from the States.
I would expect those number to drop as Canada severs ties with the US and builds a more robust internal economy.
And remember, every time you “buy Canadian” over something that would have come from the States, you are adding jobs to our workforce while taking them away (hopefully) from the American labour pool 🤗
None of these numbers really matter unless we also consider the percentage of those jobs that are full time vs part time. The wages of those jobs should also be considered if we really want to be doing fair comparisons.
Stats Canada didn’t have those figures in the data I was looking at, but yes, that’s important! There are so many other important metrics, too: affordability vs wages; commute times (then vs. now), etc.
If only one metric moved for the better, are we really better off?