It comes as no surprise to anyone that the Canadian economy is severely weak at this current moment in time. Stats Canada has reported that around 22,500 people between 15-24 years old have left the workforce in the past month alone! That is a staggering decline in the unemployment rate, and the system is calculated in such a bizarre manner that they people who have stopped working are no longer considered employed.
Young Canadians are already living in weak economy, and it is definitely not a good sign to see that so many of these people have given up on finding work. The job quality has gotten worse, and it is now all about full-time jobs vs. part-time jobs. The number of full-time jobs reduced by 31,000 in the past month, while the there were 34,000 part-time job created in that time period.
However that number doesn’t adequately cover the combined loss of part-time jobs, along with the people who have given up finding work. The second matter of contention is that wages are growing at their weakest rate in decades. In fact it is the worst wage growth, since Stats Canada started to keep an official record way back in 1997. This has translated into the economy getting weaker, with no wage growth for people, and inflation getting higher. This doesn’t mean that people don’t have jobs, there are lots of jobs available out there, and it’s just that the salary being offered at these jobs isn’t aligned with the cost of living, which is rising. This has seen the rich getting richer, and the majority of Canadians getting poorer, because the government is increasing taxes on top of the failing economy.
The future doesn’t look too bright for Canada, especially since young Canadians will continue leaving the labor market in the near future as well.