Different Countries, Similar Challenges

2025-01-07 10:02:00 ET

Summary

• Canada's unemployment rate rose to 6.9% in December, now up 210 basis points from the 4.8% low in June 2022.
• The U.S. unemployment rate, at 4.2%, has risen 80 bps since it bottomed in April 2023.
• Most developed economies have simultaneously reached the point of faltering economic momentum, rising unemployment, record debt, and uneconomic asset prices.

Canada's unemployment rate rose to 6.9% in December, now up 210 basis points (bps) from the 4.8% low in June 2022 (below in blue). The U.S. unemployment rate, at 4.2%, has risen 80 bps since it bottomed in April 2023. There has never been a time when unemployment has increased this much outside of recessions....

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