Briefing highlights
- Canadian jobs milestone
- Quote of the week
- Stocks, loonie at a glance
- What to watch for today
- Empire boosts dividend
- Shaw Communications posts loss
Jobs shift
Canada’s labour market has reached a milestone: The number of working seniors now almost equals that of their teen counterparts.
“This is a dramatic change – a decade ago, the ratio was more like 2.5 teenagers for every working senior, and in the early 1980s it was more like six to one,” said Bank of Montreal senior economist Douglas Porter.
“Some of this powerful shift is due to changing participation rates,” Mr. Porter said.
This rate, Mr. Porter said, has climbed sharply among senior folks since the early 2000s, while lagging for teens.
“But, of course, the much bigger change has been in the underlying population,” he added.
“In the early 1980s, there were a few more teens than those 65 or above. Now, there are almost three times as many such seniors as there are those aged 15-19.”
Take a look at this chart, which shows the steady rise of the older group, and says a lot about what’s going on.
On the one hand, the early baby boomers are now older than 65, while current birth rates are far lower than before the 1970s.
But, Mr. Porter noted in an interview, there’s more at play.
Consider that many employers have no set retirement age now, and that in general, we’re living longer, healthier lives and, thus, can work into our sunsets.
Money can also be an issue, of course, as some above 65 “feel compelled” to continue working either because they lack savings, or the returns on their savings are weak in this era of low interest rates.
So compared with the past several decades, Mr. Porter, who you might find working at a fast-food joint may look different now .
Read more
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- Remember halcyon days and times a-changin’? Canadian baby boomers now face a housing crisis
- Follow Globe Careers
Quote of the week
I don’t know about you, but I’m awfully tempted to go out and buy a Harley today (… They will be taxed like never before!”), and drive it back to Canada in my scuffed boots. The only thing stopping me is the ever-shrinking 75-cent Canadian dollar and the fact that I have no clue how to ride a motorcycle.
— David Rosenberg, chief economist, Gluskin Sheff + Associates
Read more
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- Harley-Davidson to shift some production out of U.S. to cope with EU tariffs
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Stocks, loonie at a glance
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What to watch for today
There’s a big summit of European leaders. The European Council (EC) will discuss everything from Brexit and migrants to banking and, no doubt, trade.
German Chancellor Angela MerkelHannibal Hanschke/Reuters
“The European Council meeting on Thursday will focus on immigration, allowing [German Chancellor] Angela Merkel to push for EU-wide policies which might ease dissent within her coalition,” said Jennifer McKeown of Capital Economics.
“The Euro summit later the same day is likely to confirm that very slow progress towards a euro-zone banking union and reform of the [European stability mechanism] has continued.”
They’ll also talk about Brexit bargaining at the EC gathering.
“However, given that many issues remain unresolved, the withdrawal agreement and framework on the U.K.’s future relationship with the EU are unlikely to be signed off anytime soon, possibly not until December’s European Council meeting,” said Liam Peach, Ms. McKeown’s colleague at Capital Economics.
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More news
- Sobeys parent Empire reports increased profit, raises dividend
- Shaw Communications reports loss on Corus investment charge
Michael Babad