According to Statistics Canada wages have been steadily dropping since last spring. Canada's unemployment rate remains high at 7.3 % and the majority of new jobs created since the recession are low wage. The drop in wages is making it hard for Canadian consumers to deal with inflation. Making matters worse Canadian's household debt is at record levels. Read more in the Globe and Mail.
The new Vital Signs report is out and it doesn't paint a pretty picture. Although Canada's youth unemployment hasn't reached the same crisis levels as some European countries, it is still high at 16%. The NEET (Not in Education, Employment or Training) phenomena could potentially manifest serious social unrest and economic problems if not addressed quickly. The same report shows that obesity rates are climbing due to increased sedentary jobs, and time shortages.
A new survey by the Canadian Payroll association shows that 57% of workers don't have enough money saved to last them should their paycheque be delayed even by a week. Nearly 75% of Canadians are not reaching their savings goals for retirement and 40% are planning to delay their age of retirement. Read more in the Globe and Mail.
A new report says the Northern Gateway pipeline would boost crude oil prices $2 to $3 per barrel annually over the next 30 years, causing significant damage to consumers, businesses and the Canadian economy.
The economic assessment of the $5.5-billion project by former Insurance Corporation of British Columbia CEO Robyn Allan says the price shock will have "a negative and prolonged impact on the Canadian economy by reducing output, employment labour income and government revenues."
