Stats Canada announced on the 9th a massive drop in the employment numbers with (March 2020) over 1,011,000 jobs lost and many other folks had significantly less hours worked. Increased jobless claims will continue to climb during this pandemic.
The unemployment rate now runs at 7.8% (March 2020), and things will only get worse for the next few months, unfortunately. What will happen as jobless claims rise?
A few more weeks into the COVID19 Lockdown of 2020 and more folks are sick, more medical staff are burning out, and we are running out of supplies. Many folks seem to be refusing to believe the seriousness of the situation, and plan parties and meetings and such.
But, we will come through this. We will learn and hopefully all of us will be a little wiser (in life and with money as well).
Easter comes and it is a time of Hope and new beginnings, but those new beginnings may not be soon. For those upset that they cannot be with loved ones, remember why.
A few new ideas over the past two week:
- My CRA Account is something that you really should have. It helps you see what is going on with your Income Tax Returns, gives you all your maximums for the year (e.g. RRSP, etc.,) but also you can watch your status for the new CERB.
- I kind of cheated claiming I wrote Henson Trusts since it really is just a link back to a great article on the Blue Bean Counter. I started writing an article, and it was just too darn complicated for me.
- SEO leads to Trolls? It actually does.
More Financial Writings for Troubled Times
Some interesting articles out there for this past little while.
- Fed should pay every American more, let hedge funds and billionaires ‘get wiped out,’ says Social Capital CEO, which is an interesting (if not controversial) concept. He didn’t say Eat the Rich, but he kind of meant it.
- Michael James points out, Rebalancing Does Its Job, even during a horrific downturn where the markets are completely unpredictable.
- Is it time to do some Spring Cleaning in Your Finances ? Well you do have a little spare time, and maybe you don’t need to make any more muffins or bread today.
- COVID-19 Government Program Updates – Plus: Why Emotions are a Poor Guide to Investing from the Blunt Bean Counter again comes through with solid information for these changing times.
- The BBC points out something I think we all could guess, Coronavirus: Worst economic crisis since 1930s depression, IMF says
Tweet of the Week
Preet is getting prodigious on his video postings during this Quarantine, amazing what being locked in your home most of the day.
Oh and do you have a HELOC?
Video of the Week
I believe the Queen said it the best this week.
The CBC wanted to talk about your finances, and brought in an old friend of this site!
Random Thoughts from the Past
- Covid-19, Stay Home and #MoneyTalk (March 27th)
- Dusty Typewriters and #MoneyTalk (November 8th)
- March Madness and #MoneyTalk (March 30th)
- Lent Begins and #Moneytalk (March 6th)
- Christmas Treats, RESPs, The Markets and Polkas and #MoneyTalk (December 17th)
- GM, PC M/C Changes, Podcasts and #MoneyTalk (November 30th)
- RDSP Awareness , Volatility and #MoneyTalk (October 12th)
- Tech Infiltration , NAFTA/USMCA, WiFi, Tornadoes and #MoneyTalk (October 5th)