The Ups And Downs Of Capitalism.

 First the good news; on Dec.4, Stats-Canada said 62,000 new jobs were added to the economy in November. 

Now for the bad news; the economy was still short of 574,000 jobs lost from the lockdowns since March.

 That sent the unemployment rate up to 13.7 percent in May. It presently stands at 8.9 per cent. The youth unemployment rate stands at 17.4 per cent. 

The hardest hit area is the food and accommodation sector which lost 24,000 jobs in November. Royce Mendes, the senior economist at the Canadian Imperial Bank of Commerce, predicted “A decline in employment and economic activity in December.'' 

On the one hand this seems surprising considering people spend money at Christmas, but on the other; we do live under capitalism, so expect anything!

S.P.C. Members