For the fifth consecutive month, the national unemployment rate is down.
According to Statistics Canada, 31,000 jobs were created in October, bringing the unemployment rate down to 6.7% from 6.9 previously.
John McCallum, senior researcher at the University of Manitoba’s Asper School of Business, said Manitoba’s performance in October was “very good.”
âWe have lost 3,100 jobs. We lost 2,100 full-time jobs and 1,000 part-time jobs, so it wasn’t a good month but 3,100 [jobs] is very small in a province of this size, so these are probably only temporary ups and downs.
McCallum says Manitobans leaving the workforce or looking elsewhere bring the provincial unemployment rate to 5.3 percent, the lowest in the country.
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And he says we should be more concerned about the Bank of Canada’s latest inflation projections, which we’ll be feeling at the pumps, in the grocery store, and in energy.
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âTheir latest forecasts for 2021, 2022 and 2023 show that prices are expected to rise, they say, by nearly 10%. It comes directly from people’s income. You will therefore have a rising inflation rate but your income does not follow it. As your income increases it is taxed whereas with inflation there is no tax relief.
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McCallum says tackling rising inflation rates is not an easy or attractive task.
âThe only way to fight inflation is to raise interest rates and that comes from people’s mortgages and a lot of people have variable rate mortgages. “
According to Statistics Canada, 72,000 jobs have been created in the retail trade, bringing employment in the industry back to pre-pandemic levels for the first time since March 2021. Most of these numbers are full-time jobs. in Ontario and British Columbia.
As the holiday season approaches, experts warn of supply chain shortages, an issue McCallum does not expect to persist in the long term.
âAt the moment, the channel is blocked for various reasons. There will definitely be shortages in stores this year, but as we move into next year and into next spring, I suspect that this supply chain discussion will sort of disappear. “
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