On the economic front, we can all breathe a sigh of relief – the governor of the Bank of Canada has declared the recession over. Say what!
The unemployment rate is up (a manipulated 9.6% in Toronto), 467 000 jobs lost in the US (an accompanying picture shows a man outside his home, an old RV – complete with the American flag!); consumer prices in Canada record the biggest slide since 1955 bringing widespread fears of deflation; Britain's economy shrank by 5.6% over the last year; over 750 000 Canadians are drawing unemployment insurance, up 11% since April. The governor did have the good grace to say job recovery is expected by 2014. Now listen to another economist's whitewash of the figures (CBC radio).
The fact that so many Canadians are on unemployment is a good sign. Since only those who actively seek work can draw benefits, this shows that more people are optimistic about finding a job and signing up. I suppose they forego those benefits if they don't think their chances are good. When the figure reaches one million, we can all rejoice. Note that only about one third of workers are eligible for benefits.
John Ayers
The Glasgow & Edinburgh Branches Blog. Towards a better understanding of the world, in order to change it.
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1 comment:
It is hard to believe the recession is actually over. The job losses in Canada in July were three times as big as expected. Even though you are right and people are optimistic about looking for a job (since they can draw benefits then, as you said), it will be extremely difficult for anyone to really find one. Seems like there are just no opportunities.
Regards, Elli.
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