Truckers Freedom Convoy Effect: Canadian economy adds 337,000 jobs in February, unemployment rate falls to pre-pandemic level? 🤷 That’s what the Government data says – March 11, 2022,
I have seen buildings being built so I can confirm that there are people working, but I live in what used to be a rather busy area of the city and it certainly doesn’t look like the economy is back to pre-pandemic levels. The data points to a growth in private sector employment, my first guess was that public sector employment grew, but no, the data points to growth happening in the private sector, furthermore, the data suggest that fewer people are working from home?
Well, when I go outside, it certainly doesn’t look like it, but hey, maybe the growth is happening in other regions in Ontario, I’m open, to looking outside the box. The data shows that wages were up 3%, as we all know inflation has eaten away at those wage gains, but I’m not going to harbor on the obvious. Do these labor numbers look suspect? Ofcourse they do, but I’m not in a position to deny the stats. You can type “Labour Force Survey, February 2022” into Google to read the full details yourself.
My personal thoughts on the matter is that a recession shouldn’t happen if this data is correct. Now, where the problems arise, is the cost of living, it’s costing people more money to be productive, and quite frankly I don’t know what that will mean, because this is all new. The Labour force Survey in January differed greatly, but I must point out that the Truckers convoy equated to some provinces changing their stance on covid-19 restrictions.
In Ontario, as an example, more restrictions will ease in the coming months and there’s a possibility that employers may have been training and hiring employees in anticipation of an opening economy? Can I confirm this, No! But I do think there is a possibility of this. What I will say is visually, what I’m seeing outside where I live, it doesn’t look or feel like the economy is back to prepandenmic levels.
I’m seeing fewer people on the streets and fewer cars on the road, the bus stops aren’t as full as they were. As gas prices rise, I assume some people would opt to take the bus or walk? But I don’t see more people in the bus shelters, people can time the buses prior to arrival, but during rush hour buses appear frequently. I do not see more cars on the road? Prior to the pandemic, traffic was crazy where I live, highway traffic is nothing like it was pre-pandemic, but I digress.
The numbers suggest we’re back to pre-pandemic levels, I’ve stopped trusting government data, but I do accept it. Moving forward, the better question to ask is what effect will the higher cost of living have on the workforce? If the numbers are positive, Trudeau has the Freedom Convoy to thank for it, because of them, restrictions were eased by provinces.
Interesting times ahead!
