A quickly cooling housing market, high household debt and the aggressive rate-hiking of the Bank of Canada have all raised the spectre of recession in recent months.
The economists at National Bank of Canada said 70% of the job losses in July were from workers aged 55 and over, with Statistics Canada reporting that a record 300,000 Canadians retired in the past year. “Unforced retirements, not layoffs, seem to be the main cause of the reduction,” said National. Nor is there relief on the horizon from the younger generations. The participation rate of Canadians aged 25 to 54 surged to a record high during the pandemic but has since started to decline. According to UN projections, without immigration, the number of people aged 18 to 54 will drop by 100,000 or 0.5% every year.
“Future waves should be more beneficial for the labour force but, if history is any guide, the government’s annual target of 450,000 new arrivals will still boost the labour force by only 26,000 per month, which would only marginally offset the likely number of retirees,” he wrote.Article content
Source: Financial Digest (financialdigest.net)
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