And the return of our old friend, “unexpectedly”.
The Canadian economy lost the most jobs since January 2022, and excluding the pandemic, it’s the largest drop in seven years.
Employment fell by 40,800 positions in July, driven by decreases in full-time work, while the jobless rate held firm at 6.9%, Statistics Canada data showed Friday. The number of job losses surpassed even the most pessimistic projection in a Bloomberg survey of economists.
The monthly decline was concentrated among youth ages 15 to 24, who are usually among the first to experience a labor-market downturn. Their unemployment rate reached 14.6%, the highest since September 2010 outside of the pandemic. The employment rate for youth fell to the lowest since November 1998, excluding the years impacted by Covid-19.
The Canadian labor market failed to sustain its strong momentum from June, when it surprisingly added the most jobs in six months. The Bank of Canada held its policy interest rate at 2.75% for a third straight meeting last week, but said the labor market remains soft, with the unemployment rate rising from 6.6% at the beginning of the year.
Many traditional starter jobs for our youth are filled by subsidized TFW’s from India
The sheet metal shop where I work has been going full tilt for the last year, but a couple of months ago the order book started slowing down measurably. One of our big clients is not getting nearly the number of contracts that they used to. Yesterday a young guy came in looking for work as a welder. He said no one is hiring in Winnipeg.
Living near Yonge and St. Clair, the epicentre of smug Liberal Toronto, I hear first hand from idiots who think it’s all Trump’s fault. I let them vent all their anger, and ask them what the tariff situation should be. That alone usually staggers them, but the most common response is “Why can’t we just go back to the way things were?”. Then I ask them, given that 90% of our trade was and continues to be 90% duty and tariff free, and we were and want to continue to charge tariffs up to 300% on dairy, eggs, and etc., why aren’t the Americans allowed to levy a 35% tariff of their own? That usually reignites their anger, and turns it into personal vitriol.
Losses for all my Canadian friends, now available in graph form!
https://x.com/Tablesalt13/status/1953807745246744600
Here’s a suggestion for fighting poverty. Instead of raising the minimum wage, get rid of minimum wage laws altogether. Let wages rise or fall based on supply and demand, instead of government dictat.
Imagine a society where anybody who wanted a job could find one, and there was no unemployment. No one had to go on disability because they gave up trying to find a job.
Imagine a society where employers competed for workers, instead of workers competing for jobs.
Imagine Singapore, which has no minimum wage laws, where per capita GDP is US$133,000 versus Canada’s US$60,000
If you can’t find a job, the minimum wage is always $0
Stop Making Sense!
I’ll go one better: imagine a world with regressive income tax. The higher the income bracket, the less percentage you pay. Incentivize taxpayers to be more productive, in order to keep more of their income. It’s an idea so crazy it must might work.
While the congenitally retarded King Charles of Canada, and his lackey minion Carney are busy permanently destroying 41,000 Canadian jobs this month, my President is hosting Putin and Zelensky in Alaska to stop that crazy corrupt war.
Cray, cray.
Look out, the Monroe Doctrine might bite back!