Ron Butler@ronmortgageguy
Jul 5
6 tweets
Canadian Job Numbers All BAD News & The Worst Part: It's Just The Beginning
Unemployment Rate rises to 6.4% with negative job creation
Should we assume it will get worse? Yeah, we absolutely must assume that
Maybe much worse: right up to over 8%
What could make it better?
2/
The only truly dynamic force for new jobs in Canada is Government
For the last few years all levels of Government has been hiring enthusiastically
On the private side what sectors will likely keep shedding jobs:
Financials - layoffs will continue to trickle along
3/
Manufacturering - zero growth with the tiny exception of Government sponsored EV plants
Retail - Large Ticket has hit a real slump as Real Estate & New Construction craters
Transport - one of the worst years in Trucking in Decades
Services - discretionary spending slump
4/
Construction - The VERY worst news, this section of the economy is going experience the biggest drop in Employment in nearly 30 years as all New Building Starts decline rapidly
New builds other than PB Rentals & Government related projects STOPPED in Ontario 14 months ago
5/
By now most observers have figured out that they only thing propping up the Canadian economy has been having nearly 3M immigrants arrive in 30 months
Without that stimulus the Canadian economy would be in much worse shape today
But the International Student Fraud is ending
6/
Immigration will slow significantly in 2025
We are about to learn just how damaging Unemployment is to an economy with some of the highest consumer debt loads on the face of the Earth
Ron Butler
@ronmortgageguy
The big, old, overly opinionated mortgage broker is worried about the future of housing for average Canadians
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