THIS JUST IN: Canada’s largest trading partner turns around and kicks it and itself in the balls for no reason. Could this cause a recession!?!?
Obviously yes. How the fuck is this even news.
joe4942 on
> Poloz said the economic trajectory for both Canada and the United States is “not a positive one.”
> “What we’ve got is two economies, actually, that are sliding, let’s say, not in recession, probably, but sliding in that direction,” he said.
> The slowdown is visible in the labour market numbers, Poloz said. Canada’s unemployment rate jumped to 7.1 per cent in August as the economy shed 66,000 jobs for the month — its highest level since May 2016, excluding the pandemic period.
> Youth unemployment has risen to 14.5 per cent, double the national rate, which Poloz called “quite worrying,” suggesting artificial intelligence may be having an influence.
> “We may be beginning to see the first concrete evidence that AI is having a wider impact on labour markets. It’s going to happen at that entry level. That’s where we’re going to see it first,” he said.
> While the United States has not felt the level of economic turmoil Canada has, Poloz said there are signs of an economic downturn, with housing and labour markets doing poorly. Consumption spending is holding up for now, he pointed out, but Poloz warned that would be the next to fall.
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THIS JUST IN: Canada’s largest trading partner turns around and kicks it and itself in the balls for no reason. Could this cause a recession!?!?
Obviously yes. How the fuck is this even news.
> Poloz said the economic trajectory for both Canada and the United States is “not a positive one.”
> “What we’ve got is two economies, actually, that are sliding, let’s say, not in recession, probably, but sliding in that direction,” he said.
> The slowdown is visible in the labour market numbers, Poloz said. Canada’s unemployment rate jumped to 7.1 per cent in August as the economy shed 66,000 jobs for the month — its highest level since May 2016, excluding the pandemic period.
> Youth unemployment has risen to 14.5 per cent, double the national rate, which Poloz called “quite worrying,” suggesting artificial intelligence may be having an influence.
> “We may be beginning to see the first concrete evidence that AI is having a wider impact on labour markets. It’s going to happen at that entry level. That’s where we’re going to see it first,” he said.
> While the United States has not felt the level of economic turmoil Canada has, Poloz said there are signs of an economic downturn, with housing and labour markets doing poorly. Consumption spending is holding up for now, he pointed out, but Poloz warned that would be the next to fall.
https://www.ctvnews.ca/politics/article/canada-and-us-sliding-in-the-direction-of-a-recession-poloz/
Headed we are already in it. Once numbers get revised someday. Or at least it feels that way form my area of United States
Believe it or not, calls.
Amazing to hear AI everytime, meanwhile added literally millions of teenagers to the economy taking every single minimum wage job..
Canada is the country of TFW , i think they make up 45% of the people employed in Canada.