ECON 1010 Lecture : Monitoring Jobs and Inflation
Document Summary
The canadian economy is an incredible job-creating machine. 17 million people had jobs in 2008. However, on any given day about 1 million people are unemployed. This rises during a recession, and falls during a boom. The worst case was during the great depression when one in every 5 was unemployed. The loss of income is devastating for those who must bear it. Employment benefits create a safety net, although they do not fully replace lost wages. Not everyone is entitled to these benefits. Prolonged unemployment permanently damages a person"s job prospects by destroying their human capital. Statistics canada conducts a monthly population survey to determine the status of the. Information is also gathered through the census. It is too costly to ask everyone each month to gather this information. Randomized selections of people are asked each month and are used to be representative of the population.
