Firms within Canada are cutting down employees, which had caused Canadian unemployment to be the highest it has been within 22 months. While beating some expectations within job gains, the Canadian markets are seeing losses due to higher competition within financial services and real estate.
Canada may also see higher unemployment rates than the USA due to most of their industry being seasonal. Those industries being mostly within lumber and farming. There may also be a bloated rate due to a large minority of Canada's population being in more remote areas that have less jobs than cities like Ontario. The government of Canada also has more relaxed immigration policies, so there is a larger influx if immigrants than there would typically be.
https://www.bloomberg.com/news/articles/2023-12-01/canada-unemployment-rate-rises-to-5-8-job-gains-top-forecast
https://sustainablesociety.com/236-why-unemployment-persists/#:~:text=Canada's%20unemployment%20rate%20in%20Canada,match%20up%20with%20potential%20workers
Canada is facing current economic challenges, with increased unemployment reaching a 22-month high as companies cut jobs. Despite some unexpected job gains, heightened competition in financial services and real estate is causing losses in the Canadian markets.
ReplyDeleteThe observation about higher unemployment rates compared to the USA due to seasonal industries like lumber and farming is an interesting point. The impact of the geographical distribution of jobs, with a large minority in remote areas, adds another layer of complexity to the situation. It's evident that these factors are contributing to the overall employment challenges in the country.
ReplyDeleteConsidering the extra complexity of permissive immigration laws and increased immigrant inflow, how should the Canadian government respond to the issues of rising unemployment, especially in seasonal industries and distant areas?
ReplyDeleteAre the seasonal industries a large problem for GDP in Canada? Is it easy to predict what will happen in financial markets due to this?
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