One possible reason why the marginal consumer is tapped out and reluctant to spend is because he’s no longer employed.
Canada’s unemployment rate jumped to 6.6 per cent in August, Statistics Canada said on Friday, more than economists expected as the labour market added a net 22,100 jobs largely in part-time work.
The unemployment rate is now at its the highest level since May 2017, outside of the COVID-19 pandemic, as job growth has failed to keep up with a surge in Canada’s population.
But not to worry. The Bank of Canada will just slash interest rates and fix everything.
Traders in overnight index swaps boosted bets that the Bank of Canada would need to cut by 50 basis points at its next meeting in October, according to Bloomberg data.

FDR began the food stamp Program in 1939.


One of Venezuela’s top election officials, in a declaration sure to jolt the crisis-weary nation, said in an interview that he had no proof that Venezuela’s authoritarian president won last month’s election.