It's Just Money

We're not generating it but, like the Wiemar Republic and Zimbabwe, we will rue the day we let it all get out of hand:

Statistics Canada says the economy added 246,000 in August as the pace of job gains slowed compared with July, when 419,000 jobs were added.

 

Yes, about that: 

Labour data for August coming out at the end of this week should give us a more up-to-date measure of the pace of recovery, after the economy contracted 38.7 per cent in the second quarter.

TD Bank expects 225,000 new jobs being created in August, down from the 418,000 jobs seen in June and 953,000 in July.

“This reflects a pause, or plateau, in re-opening plans after emergency measure rollbacks bolstered the performance in the early stage of the recovery,” Rishi Sondhi, economist at TD, said in a note over the weekend. “While third quarter growth will almost assuredly be extremely strong, it can’t grow that way forever and momentum is predictably slowing.”

** 

As well, the number of Canadians working less than half their usual hours — likely due to COVID-19 — fell by 14.6 per cent. That leaves some 713,000 workers still working fewer hours, down from the 2.5 million peak in April.

 

Even those simply returning to work are not working at peak hours.

But, hey!  Throw around some numbers until everyone is confused.

It's not like math is this country's strong suit anyway.

**

The most senior public servants in a number of federal government departments were instructed by their ministers to come up with “bold and ambitious” ideas to reimagine Canada. Deputy ministers asked about spending parameters and were told there were none.

The consequence of that process will be seen in the throne speech later this month.

The number being bandied around Ottawa is $100 billion – that is, another $100 billion will be added to a deficit that is already approaching $400 billion this fiscal year.

 **

CBC-TV advertising revenues collapsed by a fifth in the first quarter. The Crown broadcaster warned of ongoing “economic pressures” for the next two years: “It is anticipated the effects of Covid-19 will persist.”

 

(Sidebar: not even people stuck at home because of unemployment will watch the CBC? I'm stunned but not really.)