Canada’s labor market is stronger than expected, but most weren’t expecting much. Today’s Statistics Canada (Stat Can) Labor Force Survey (LFS) update shows the economy added more jobs than expected in November. However, the data also revealed more laborers were added than work, boosting unemployment. The trend is seen continuing near-term, with recent immigrants bearing the brunt. Most were struggling to find the relevant work they were sold on at record low unemployment. It doesn’t get easier as competition rises for roles in a downturn.
We are a Banana Republic.
