Labour market mismatch will limit BoC's elbow room: economist
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- Опубліковано 18 чер 2024
- Benjamin Tal, deputy chief economist at CIBC, joins BNN Bloomberg to discuss impact of the labour market on BoC rate path.
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Canada deleted it's apprenticeship programs. Most high schools do not have a shop class or an automotive/mechanical class. In the 1990s Canada wanted to climb the value added food chain and pump out tonnes of engineers and computer programmers. Those jobs did not materialize in large numbers like they did in the States. So many Canadian graduates moved south. That was a lot of wasted training and a massive amount of brain drain.
Canada should focus on what it has abundance of: Resources, primary and secondary industry. Bring back shop class and rebuild an apprenticeship program so that high school graduates can enter the workforce and earn a wage sooner.
Not sure if that would be the best thing to do. It basically means increased population of blue collar workers. It sounds like a good plan in current situation where we have many people looking for jobs but it’s not good in long run. We should aim for white collar high paying jobs, specialized niche skills, nurturing entrepreneurs. It’s the only way to increase productivity and boost the economy. Not many people know that big players like Loblaws pay govt to bring in more labour(students) into the country to keep wages low and abundance of supply.
@@CanadaTop5 Canada can do both. Pursue high end jobs, but also build out what it has in abundance: resources, like massive untapped hydro potential, minerals of every sort, oil and gas and etc. And not just export the raw material, but refine it here as well. IE do not just export iron ore, process the ore and export steel. Do not just export crude, process it and export diesel and gasoline and plastics. etc.
Wages need to increase or you will have no middle class to prop up the whole economic system.
It's been increasing past inflation for two years straight.
wages in toronto wil never match cost of living since people are willing to commute 4-6 hours per day. companies know this.
@@John.F_Kennedy I’d like to learn more about the geographic location your comment is based on. It’s nowhere close in my province. They still post jobs for 16-17 dollars an hour for entry level and line cook positions here. While the price of a house has doubled wages grew a few dollars an hour. The math isn’t mathing
@@danimal_666 The math is statscan. Anecdotes aren't the same as data.
@@John.F_Kennedy could you lead me to those stats. I’m not willfully ignorant. Just lost as to these claims.
Benjamin Tal may just be the first economist that doesn't sound full of shit and didn't contradict himself over and over. This was a great listen. The ending was just the cherry on top.
Putting well-earned money into the stock market can be over emphasized for first-time investors, unlike a bank where interest is sure thing! Well, basically times are uncertain, the market is out of control, and banks are gradually failing. I am working on a ballpark estimate of $5M for retirement, and I have a good 6-figure loaded up for this, could there be any opportunity for a boomer like me? I'm nearly 60
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Amazing analysis. Benjamin is always on point and completely agree that education is out of step with our labour market needs.
Education institutions should only offer programs in areas that would help with our shortages in the labour market instead of focusing on milking international students.
Blink, Benjamin, blick!!
Seriously!
Exactly. 0 rates ain’t coming back. Can you send the memo to all those condo investors please.
investor here. C1/C8 all up YTD. All Toronto condos up last 3 weeks. Rates headed down. no memo needed. thanks
@@vert911 obviously you are a realtor as well. How’s that working for you?
@@jeffotoole4509 im an architect with an investment property.
@@vert911this guy is on every chat video about housing market trying to spark FOMO. Look their are no more greater fools, best to claim bankruptcy. And start building your wealth again. I have had to do this in my life. Its doable and i am immensly stronger for it. Life goes on. You will be ok. I do wish you good luck, its not an easy thing to come to terms with. The faster you do it, the faster you start climbing again. You will be ok.
They got the memo alright. Trying to offload their overpriced bags.
Labor market numbers and job openings are misleading. Most job openings are dummy and fake. These are posted to expire and then sell it under LMIA.
The modus operandi is as follows:
1. Get a business to post a job opening with well below wage as per market & position. e.g need a manager with 10 yrs exp in supply chain. Wage $19 hour
2. No one applies for the it and even if someone still applies. Don’t select them or callback.
3. After a month of posting, sell the job as an LMIA to someone who is on a visitor visa or student for 40-60k. Lawyer takes 5-10k.
4. The candidate still works on below market wage without complains as he needs job for PR
5. Everyone is happy.
6. Stats Canada gets fooled and projects wrong numbers
Unemployment is as lowest as it can be, we got a high subsidy and high immigrant Liberal gov
Don’t know whose wages are going up 5%, my wages didn’t go up 5% in last 5 years, maybe it’s the average includingCEO ultra hikes and public servants wages.
We need negative interest rates .
3% would be fine
@@vert911 What's special about 3%.
@@JessT-vg7ib It would lessen the impact of the renewal cliff for many families renewing shortly. It's also within that 1% range of the target inflation rate of 2%. It would also allow people to approve for mortgages and bring buyers back. Technically at 2% inflation we should be targeting 4% rates, but I'm thinking that inflation will not be stopping at 2% (core inflation is currently under 2%) and that in a bad recession it will come closer to 1% inflation, in which case 3% rates are within that 2% window of 1% inflation. I think its best to plan for the worst and hope for the best.
@vert911 Actually we need interest rates to stay at what they were before the cuts started. For every up there's a down, let's stop prolonging the inevitable already. You're going to lose your shirt on that million dollar apartment, get over it. Time to give generations the same home buying opportunity you had.
@@legendaryfire64 I'm on adjustable variable, no impending doom headed my way. People were saying the same thing to me 2 years ago, yet here i am, head higher above the water, with prices rising. I got in with 40 year amort 0 down payment. THis doesnt exist anymore. The generations are screwed. Has nothing to do with me. Complain to the banks and government. I bet you vote liberal. You caused this.
Germany/Switzerland/Austria have apprenticeships. Less than 20% graduate high-school.
Gotta give all them debters a bit of hope. Might give up otherwise.
I like to sit around and get paid
Toronto C1/C8 condos have only gone up in price YTD. The last 3 weeks ALL Toronto condos are up in price. Don't get caught up in the fake news about investor selloff and price decline.
COPE
@@CorporateShill66 must suck living with your parents. RIP
So emotional. Cope
This guy is a sensationalist. Whatever the popular economic opinion is, he says the opposite. Complete rubbish.