Governments are fixated on policies to expand social programs rather than get people back to work. Read more
With current labour shortages, many companies are finding they must hire workers by raising compensation or leave customers wanting. Rising interest rates in the coming months will reduce demand for goods and services but many sectors still need workers just to catch up. Hence, GDP has stalled in many countries while employment and wages keep rising.
In Canada, 34,000 jobs were lost in the past three months with virtually no GDP growth. The largest employment losses since April have been concentrated in key sectors: manufacturing , natural resources , trade , education , health care and social assistance . Don’t worry folks — public administration has expanded by another 23,000 jobs.
Underlying these trends is Canada’s aging workforce that has declined by an astounding 113,000 workers in the past three months. This labour force shrinkage would have translated into a deeper job loss had it not been for 79,000 unemployed Canadians willing to work rather than claim social benefits.
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