🇨🇦 unemployment rate surges to a 2024 high
How much worse can it get? pic.twitter.com/WBLniTglOw
— Shazi (@ShaziGoalie) December 6, 2024
Bank of Canada on track for another JUMBO rate cut? $CAD pic.twitter.com/XICTWFJCxC
— IceCap (@IceCapGlobal) December 6, 2024
"🇨🇦 Economy is on the Brink"
A 100% chance of Bank of Canada 50bps rate cut signals a desperate bid to hold back collapse.
Is 🇨🇦 economy unraveling beneath the surface? https://t.co/v0HwgWWQm9
— Shazi (@ShaziGoalie) December 6, 2024
The economy is on the brink, and it’s hard to ignore the signs. The unemployment rate has surged to a 2024 high. According to the U.S. Bureau of Labor Statistics, the unemployment rate for November 2024 was 6.8%, a significant increase from earlier in the year. This spike is alarming and signals a potential downturn in the job market.
In response to this economic pressure, the Bank of Canada announced a looming 50 basis points rate cut in November 2024. This move is seen as a desperate attempt to stimulate the economy and encourage borrowing and spending. However, such a significant rate cut also highlights the severity of the economic challenges we’re facing.
One of the most shocking details is the rise in long-term unemployment. The number of people unemployed for 27 weeks or more has increased from 1.3 million a year earlier to 1.6 million in November 2024. This indicates that many people are finding it difficult to re-enter the workforce, which can have long-term negative effects on their career prospects and financial stability.
Sources:
https://www.bls.gov/charts/employment-situation/civilian-unemployment-rate.htm
https://www.bls.gov/news.release/pdf/empsit.pdf
https://www.bankofcanada.ca/2024/10/fad-press-release-2024-10-23/
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