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Semelhante a The Great Recession? What Happened to Economic Security in 2009
Semelhante a The Great Recession? What Happened to Economic Security in 2009 (20)
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The Great Recession? What Happened to Economic Security in 2009
- 3. The Great Recession Poverty and Unemployment Rates, 1976-2007
- 10. The Great Recession Change in social assistance caseloads
- 15. The Great Recession Consumer Bankruptcies and Insolvencies
Notas do Editor
- Based on a paper coming out next week looking at poverty trends during the recession. 10 key economic indicators: unemployment, Employment Insurance, social assistance, employment, income, cost of living, housing, debt and bankruptcy and food bank use.
- Historic correlation between poverty rate and unemployment rate Except for a three year divergence following the last recession – attributed to changes in UI, which became EI, and changes to welfare Following three year divergence, rates returned to their habitual correlation, except farther apart
- Unemployment actually peaked at 8.7% in August 2009 Increase in poverty rate represents an additional 900,000 Canadians, meaning that more than 3.9 million people are now in poverty Last recession: initial recovery of 6 months was followed by another 6 months of declining employment Without concerted government effort, it could take years for unemployment and poverty in Canada to decline to their 2008 levels
- Job loss is from October 2008 to October 2009 More men than women lost their jobs, but parents of young children suffered heavy job losses – over 153,600, both two-parent families and single-parent families
- Numbers are from October 2008 to October 2009 Despite increase in coverage, nearly half of the unemployed are still not receiving EI benefits As many as 500,000 workers have likely exhausted their benefits by now without finding new work Maximum benefit available is $447 a week; average benefits during the recession were $343.80 a week. Both are a poverty income if a household does not have another source of income.
- Ontario, Alberta and BC had the largest job losses and significant increases in unemployment
- But they also had the lowest coverage of EI, both at the beginning of the recession – and despite changes in coverage throughout the recession – towards the end of the recession
- Increase in social assistance caseloads across the country correlated with EI coverage – those provinces with the lowest EI coverage had the highest increase in welfare caseloads, and those provinces with the highest EI coverage had the lowest increase in welfare caseloads.
- Social assistance caseloads increased across the country. 8 provinces had their 2009 peak month in December; 7 of these 8 have already published an increase in January 2010. Suggests that we haven’t seen the summit yet for rising caseloads – particularly as EI benefits are running out.
- Prior to the recession, 1 in 3 jobs was precarious or non-standard We lost more full-time jobs than part-time jobs during the recession. Job creation in the past 6 months has been more part-time than full-time (January and March – both months we lost full-time jobs, but had net job growth because there were so many part-time jobs created). Permanent jobs replaced with temporary jobs 3.9% growth in self-employment Average wages increased, but largely due to decline in lower paid employment. Actual take home earnings of part-time workers increased less than inflation because of reduction in working hours Lowest income deciles lose proportionally far more of their income during a recession, and don’t recover as well as higher income deciles.
- Four of these items – flour, bananas, baked beans and baby food – increased more than 20% between December 07 and December 09.
- Average debt per household increased 5.7% in 2009 Consumer bankruptcies rose 36.4% between the third quarter of 2008 and the third quarter of 2009 Consumer insolvencies (bankruptcies + proposals) grew at the same rate