Wave of retirement hits Canadian workforce as healthcare, education lose workers
BNN Bloomberg
Canada is facing a wave of retirements driven by workers in high-pressure sectors, with an increasing number retiring before they turn 65.
A new analysis of labour force survey data by the Canadian Centre for Policy Alternatives (CCPA) found that 73,000 more people retired in the year ending August 2022 compared to a year earlier, a jump of 32 per cent.
Two-thirds of those excess retirements were in four industries: health care, construction, retail trade, and education and social assistance.
Senior economist David Macdonald said it’s highly unusual to see retirements at this level. But a closer look at some of the industries in question paints a picture of burnout, stress and ongoing pandemic difficulties leading to workers retiring earlier than they perhaps planned.
Jay Allen is a fan of U.S. President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.
Another climb for oil prices sent the U.S. stock market sharply lower, as hopes collapsed for a possible cut to interest rates by the Federal Reserve.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country’s energy minister, says he had warned officials and executives of just such a danger should Iran’s own sites be hit.
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