Hub Podcasts Canadian unemployment hits 7.1%. Is a recession upon us?
Sep 5, 2025
The latest jobs report reveals a concerning spike in Canadian unemployment, reaching 7.1%—the highest since 2016. Analyzing the implications of this trend, the hosts highlight potential recession risks and the government's struggle to balance spending against economic pressures. They delve into Pierre Poilievre's provocative stance on ending the Temporary Foreign Worker program and its potential economic benefits. The discussion emphasizes the need for proactive leadership to instill confidence and navigate these challenging times.
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August Jobs Report Signals Recession
- The August jobs report showed a loss of 66,000 jobs and the unemployment rate hit its highest since 2016.
- Sean Speer argues this strongly signals Canada may already be in a recession given Q2 contraction and falling participation.
Austerity Message Targets Bond Markets
- Carney used 'austerity' alongside 'investment' to signal different messages to different audiences and markets.
- Rudyard Griffiths suggests the austerity word aimed at international bond markets to calm borrowing-cost concerns.
Revenue Drop Will Worsen Deficit
- Declining GDP and job losses will shrink federal revenues, worsening deficits even without new spending.
- Sean Speer warns the government's deficit will likely be larger than projected before any program cuts.