Canada loses nearly 2 million jobs in April (estimate 4 million) Unemployment rate spike to 13%. (1.47 million full-time jobs, 522,000 part-time)
This is a key statement from Stats Canada which could point to a faster rebound. "In April, almost all (97.0%) of the newly-unemployed were on temporary layoff, indicating that they expected to return to their former employer as the shutdown is relaxed."
Other Stats Canada labour survey nuggets...
1.1 million people stopped looking for work in April due to reduced job opportunities (so, add those to the headline total) More than a third of the workforce didn't work or had reduced hours.
An estimated 5 million Canadians worked from home in April (up more than 3 million from a typical month) 75% working from home in professional, scientific, and technical services. 65% in Finance, insurance and real-estate. Just 8% working from home in hotel and food services.
Shocking stats. 1.6 million Canadians in economic families (including people living alone) now in a household where no one is employed (up 23.5%). The number of single parents unemployed up 126,000.
Source, Stats Canada
Young Canadians hardest hit by age group as more likely to work in less-secure jobs, employment down 34% from Feb. to Apr. for those aged 15 - 24. April job loss #'s were larger for men than women nearly balancing the 2 month totals.
BrokeMillennial wrote: ↑ And on the US side, 20.5million job losses....yet the stock markets are up.
Go go cash printing machine!
Original reports were deaths in the millions in the US so people freaked out. Plus many thought the virus death rate would be much higher given the magnitude of measures implemented by governments. As the increases on cases/deaths subside, investors start jumping back in. Many states are starting to reopen as are parts of Canada and other countries which will cause a big decline in unemployment numbers in the months ahead as a majority of the job losses were a result of government mandating shutting down non-essential parts of the economy. The stock market factors in the current situation with a future outlook as well.BrokeMillennial wrote: ↑ And on the US side, 20.5million job losses....yet the stock markets are up.
Go go cash printing machine!
This is what I'm having trouble with also. The news is still bad, there is no vaccine, according to https://corona.help there are 4,015,416 confirmed cases and yet the markets are up? Mostly likely due to the government's stimuli however, governments are going to be running record and perhaps unsustainable debts paying out all this stimuli and yet the markets are still climbing...sounds like a ponzi scheme building to me. Dmehus has raised some excellent points to note.BrokeMillennial wrote: ↑ And on the US side, 20.5million job losses....yet the stock markets are up.
Go go cash printing machine!
Apparently Trudeau still found $800 million to gave away to foreign interests.Frankie3s wrote: ↑ This is what I'm having trouble with also. The news is still bad, there is no vaccine, according to https://corona.help there are 4,015,416 confirmed cases and yet the markets are up? Mostly likely due to the government's stimuli however, governments are going to be running record and perhaps unsustainable debts paying out all this stimuli and yet the markets are still climbing...sounds like a ponzi scheme building to me. Dmehus has raised some excellent points to note.
I was like wtf as well, DJI has been shooting up this past few days.BrokeMillennial wrote: ↑ And on the US side, 20.5million job losses....yet the stock markets are up.
+1FrancisBacon wrote: ↑ Unemployment has never been a forward looking indicator. It reflects what has already happened.
The stock market attempts to forecast the future.
inflation = buy gold and holdFiftyYardFistFight wrote: ↑ +1
If inflation is predicted, equities may hold value better than cash. If the index is up 10% and inflation is up 10% though, are you ahead in real terms? Those dividend amounts may be inflated too.
paper money...and watch for another erasure of paper wealth later this year at the usual time as all the free money runs out, real unemployment numbers and the real economy (or lack of it) becomes evident..its a sit back , wait and save economic environment right now.FiftyYardFistFight wrote: ↑ Yes. I was more trying to rationalize why the stock market was performing as it has.
I mean nearly all stocks are still down from their ATHs. The run-up to Covid was incredible for markets but only a few stocks have fully recovered to those levels (Amazon, Shopify, etc.).BrokeMillennial wrote: ↑ And on the US side, 20.5million job losses....yet the stock markets are up.
Go go cash printing machine!
