Much like nearly half of the country, I was hoping Prime Minister Justin Trudeau wouldn’t call an early election in the midst of a pandemic, but here we are.
Canada’s federal election will take place on Sept. 20, so the Liberals, Conservatives, New Democrats and Greens have just a few days left to convince young Canadians to vote in their favour. Top of mind for gen Zs and millennials? Employment.
Unemployment rates for young Canadians increased by six per cent from 2019 to 2020 — roughly twice that of older Canadians, a Statistics Canada study about youth employment published last month revealed. Indeed, by 2020, the unemployment rate for Canadians aged 15 to 30 who weren’t in school full-time hovered just under 15 per cent. This has been a trend since COVID-19’s arrival in March 2020 when the number of post-secondary working students dropped by 28 per cent from the previous month.
As StatsCan says, this relatively high unemployment rate suggests young Canadians joining the labour force “might see lower earnings in the years following graduation than they would have in a more dynamic labour market.”
Canada’s third COVID-19 wave creates ‘zigzag’ economy
There’s a clear need for a post-pandemic recovery plan that supports gen Zs and millennials in getting jobs. Some even had to sacrifice internships and other entry-level opportunities that would’ve given them a foot in the door because COVID-19’s arrival not only meant that working out of the office wasn’t an option, but also that many companies weren’t yet prepared for the transition to remote working.
Case in point: One of my fellows who graduated from journalism school in the spring of 2020 lost out on a school-funded reporting trip to Rwanda and an internship — which could have led to a permanent job — because the newsroom decided not to bring on interns after the pandemic’s arrival. To make matters worse, due to his unique circumstances as someone who graduated right before COVID-19 hit, he neither qualified for Canada’s Employment Insurance (EI) program nor the Canada Emergency Response Benefit (CERB) because he hadn’t started working yet.
He told me the CESB wasn’t enough to support him, so he’s been living with his parents during the pandemic. The Canada Emergency Student Benefit (CESB) provided a scant $1,250 per month for eligible students from May through August 2020, and $1,750 per month for students with dependents and those with permanent disabilities. In most major Canadian cities, that amount would barely cover the cost of one month’s rent for a studio apartment.
Young Canadians with disabilities, who are less likely to be employed than their non-disabled counterparts, have even bigger economic barriers to overcome. Indeed, the election announcement effectively killed Bill C-35, the proposed Canada Disability Benefit Act, which aims to reduce poverty and support the financial security of working-age Canadians with disabilities.
As part of Canada’s post-pandemic economic recovery plan, our parties would do well to create green jobs. Not only will they contribute to the fight against climate change, which is a priority issue for gen Zs and millennials, these jobs will also help young Canadians get back to work. They include opportunities in the sectors of renewable energy, environmental protection, sustainable urban planning and more, as well as low-carbon jobs like teaching and care-worker roles.
Canada’s job seekers may have upper hand amid labour squeeze
Despite some resistance to a snap election as the delta variant of COVID-19 picks up, our country’s politicians have an opportunity to improve the financial future of young Canadians across the country during a time when they’re struggling economically.
Now’s the time to shore up our youngest generations and future leaders.
Anita Li is a media strategist and consultant with a decade of experience as a multi-platform journalist at outlets across North America. She is also a journalism instructor at Ryerson University, the City University of New York’s Craig Newmark Graduate School of Journalism and Centennial College. She is the co-founder of Canadian Journalists of Colour, a rapidly growing network of BIPOC media-makers in Canada, as well as a member of the 2020-21 Online News Association board of directors. To keep up with Anita Li, subscribe to The Other Wave, her newsletter about challenging the status quo in journalism.
Bitcoin hovers near 6-month high on ETF hopes, inflation worries
Bitcoin hovered near a six-month high early on Monday on hopes that U.S. regulators would soon allow cryptocurrency exchange-traded funds (ETF) to trade, while global inflation worries also provided some support.
Bitcoin last stood at $62,359, near Friday’s six-month high of $62,944 and not far from its all-time high of $64,895 hit in April.
The U.S. Securities and Exchange Commission (SEC) is set to allow the first American bitcoin futures ETF to begin trading this week, Bloomberg News reported on Thursday, a move likely to lead to wider investment in digital assets.
Cryptocurrency players expect the approval of the first U.S. bitcoin ETF to trigger an influx of money from institutional players who cannot invest in digital coins at the moment.
Rising inflation worries also increased appetite for bitcoin, which is in limited supply, in contrast to the ample amount of currencies issued by central banks in recent years as monetary authorities printed money to stimulate their economies.
But some analysts noted that, after the recent rally, investors may sell bitcoin on the ETF news.
“The news of a suite of futures-tracking ETFs is not new to those following the space closely, and to many this is a step forward but not the game-changer that some are sensing,” said Chris Weston, head of research at Pepperstone in Melbourne, Australia.
“We’ve been excited by a spot ETF before, and this may need more work on the regulation front.”
(Reporting by Hideyuki Sano in Tokyo and Tom Westbrook in Singapore; Editing by Ana Nicolaci da Costa)
China’s plunging construction starts reminiscent of 2015 downturn
China’s September new construction starts slumped for a sixth straight month, the longest spate of monthly declines since 2015, as cash-strapped developers put a pause on projects in the wake of tighter regulations on borrowing.
New construction starts in September fell 13.54% from a year earlier, the third month of double-digit declines, according to Reuters calculations based on January-September data released by the National Bureau of Statistics on Monday.
That marks the longest downtrend since declines in March-August 2015, the last property malaise.
When the sector recovered in 2016 after authorities loosened their grip on purchases and development, tens of thousands of real estate firms borrowed heavily to build homes.
But as regulations tightened again this year, many of them have started to face a liquidity crunch, which was then worsened by sharply weaker demand due to tighter restrictions on speculative purchases.
Property sales by floor area dropped 15.8% in September, down for a third month, according to Reuters calculations based on the statistics bureau’s data.
The slowdown in the sector was also underscored by a 3.5% drop in property investments by developers in September, the first monthly decline since January-February last year at the height of the COVID-19 pandemic in China.
“All the data are poor,” said Zhang Dawei, chief analyst with property agency Centaline.
“Financing is hard, sales are tough, so of course, there has been no enthusiasm to build. For the first time in history, developers are encountering two blockages – blockages in sales and blockages in financing.”
The potential collapse of highly indebted real estate firms such as China Evergrande Group have raised concerns about systemic risks to the broader economy. The real estate sector accounts for a quarter of China’s gross domestic product.
Authorities will try to prevent problems at Evergrande from spreading to other real estate companies to avoid broader systemic risk, Yi Gang, governor of China’s central bank, said on Sunday.
On Friday, a central bank official said the spillover effect of Evergrande’s debt problems on the banking system was “controllable.”
“There is a likelihood that housing policies may loosen in the fourth quarter, and that would ease the pessimism in the property transaction data,” said Yan Yuejin, director of Shanghai-based E-house China Research and Development Institution.
On Friday, representatives from 10 Chinese Property Companies met government regulators to ask for an “appropriate loosening” on policy restrictions, financial news outlet Yicai reported.
China’s real estate shares have fallen 22% so far this year. On Monday, they were down 2.6% as of 0300 GMT.
In the first nine months, property investment rose 8.8% from a year earlier, slowing from 10.9% growth seen in January-August.
Funds raised by China’s property developers grew 11.1%, slower than the 14.8% rise seen in the first eight months.
(Editing by Jacqueline Wong)
Saks Fifth Avenue ecommerce unit aims for IPO at $6 billion valuation – WSJ
The ecommerce business of luxury department store Saks OFF 5TH is preparing for an initial public offering and targeting a $6 billion valuation, the Wall Street Journal reported Sunday, citing sources.
The company is interviewing potential underwriters this week for an IPO that could take place in the first half of next year, according to the report.
(Reporting by Sheila Dang; Editing by Daniel Wallis)
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