Canada Recession Warning? The Jobs Numbers Don’t Add Up

[00:00:00] Speaker 1: What the hell just happened to Canada's job market and is Canada in a recession? Well, we've finally got some sort of an answer from the Prime Minister, the bankster himself. But first of all, I just want to show you this quick clip here because it is really going to make you laugh here from Mario. Oh, look, an old clip of Carney defining a recession in exactly the same way the Conservatives are being attacked for. This couldn't be more funny. Obviously, it's from years ago, but just take a listen to this because you'll hear his response later on from today. What would it feel like? [00:00:43] Speaker 2: Well, look, the technical definition of a technical recession is just that it's two quarters of flat or negative growth. [00:00:51] Speaker 1: So there you go, two quarters of flat or negative growth. So trying to get away and say, well, you know, it's not too bad. And the jobs report is out. We're going to be getting into all that data. And I kind of had this feeling that the jobs market, the jobs report, beg my pardon, was is going to be good today. And that's because they teed up this on June 3rd here. Canadian economy expected to strengthen after technical recession, according to the OECD, one of bankster Mark Carney's friends there. So basically, economy adds 88,000 jobs as unemployment rate falls. We're going to be getting into that data. It was pretty broad across the board, mints in my words there, as we're going to get into. So very, very interesting. As you can see, added a surprise 88,000 jobs in May. So I'll let you be the judge of whether this is a recovery from a recession. Maybe let me know in the chat. Do you think Canada's in a recession? Take a look at this chart. This is the unemployment change net for the past 12 months, if you can even believe this data. But as you can see, it's been all over the place. And if you start right here where my mouse is on January 2026, this is this year, 2026. And you can see it's been all over the place so far in 2026. So you've had this gain here, but there was a massive loss in February. You've had a loss in January, a loss in April. You've had a slight gain in March. So on net balance, the jobs are actually down year over year. And I don't even believe these numbers anyways. And if you take a look at the actual chart here for the unemployment rate, I've plotted it out there where the unemployment rate is right now. Just forget the pandemic spike there. All the transfer payments, all that stuff that happened. And take a look at where it is. And it's pretty much at the highest levels going back to 2016, around 2014, 2015, 2016, when Canada's economy was historically weak as well. But the jobs report came in and it was gains across the board. So you've got public sector employees. Obviously, they were up. You've got private sector employees that are up 56,300, which is pretty good for a private sector gain there. And you've got self-employed that is up, even though year over year, it's actually down. So you can see, I mean, the public sector is still growing way faster than the private sector. But it's interesting. Nevertheless, I kind of had this feeling because, you know, we've had such bad jobs reports for such a while now that we were going to get one that was positive. I didn't think it would be this positive. If you look at the unadjusted rate, it's at 9%. So the lowest so far this year. And it has dropped significantly. If you look at where the gains were as well, pretty surprising, actually. Construction gained a lot of jobs there. You've got wholesale and retail trade that lost the most jobs there. And as you draw in, you've got natural resources somehow losing jobs in 2026. Considering everything that's going on with the demand for energy, you would expect that to be booming right now. I mean, it's no wonder Alberta wants to leave Canada, right? Because the reason why this isn't booming is because Canada has a stranglehold on that industry. It essentially has its foot over its neck and it's struggling to breathe. And you can basically see here that, yeah, the losses weren't that bad. You had finance, insurance, real estate, rental and leasing that was down as well. Some flat, but mostly gaining there, as you can see, which is pretty interesting. And if you take a look across the provinces here as well, pretty much broad-based gains. It was only in Saskatchewan, really, and Manitoba, where unemployment was up significantly. And obviously, you've got some of those Atlantic provinces, which are typically more volatile. But as we've seen with the economy, you know, everything is up and down. And one jobs report like this is not changing the trend. Again, you have to go back to the unemployment rate. But the thing is, I think it speaks to a wider manipulation because, I mean, how funny is it? Or how much of a coincidence is it? You have a headline that comes out like this. You have the prime minister who's pushing back, won't admit that Canada is in a recession. And then you have a blowout jobs report just a couple of days later. Coincidence or not a coincidence? I'll let you be the judge of that. And then basically, people are still blaming Donald Trump for all their problems. I mean, take a listen to this because Pierre Polyev, he puts it really well here. And it is true. [00:06:19] Speaker 3: It seems like Canadians are laying the blame for their economic troubles with Mr. Trump. But you don't agree with that. [00:06:25] Speaker 4: Well, maybe you are. Maybe you are protecting Mr. Carney from his economic record. But here's the reality. Mr. Trump's policies are affecting all G7 countries and none of them are in recession. Mexico shares a border with the United States. Mexico is not in recession. Only Canada, under Mark Carney's liberal policies, is in a recession. [00:06:52] Speaker 1: And that is totally true when you really think about it. Like, why is everyone blaming Donald Trump for the problems? And it's just a scapegoat. You know, people always want to blame some type of bogeyman. The government always wants to deflect onto some other external event that's happening, whether it's going to be the pandemic, whether it's going to be the war in Ukraine, which was, you know, not affecting North America, whether it's going to be the Middle East. There's always going to be some place where the government is going to go and lay the blame at that. But Mark Carney just won't even admit that Canada is in a recession. As we'll get into, he's had multiple opportunities, keeps just avoiding the question. But as we saw here, you know, those two negative quarters of GDP, that's technically what the recession is. So take a listen to this from Ryan, because, I mean, it's kind of hilarious, but a lot of people don't even know that this news came out because it's being suppressed so hard. Take a listen to this. Not hear that yet. I'm surprised. I thought we were doing better than the U.S. The U.S. actually had a blowout jobs report. Their unemployment rate is like 30 percent, more than 30 percent less than Canada's unemployment rate. So I don't know how anybody could really say, oh, yeah, the U.S. is doing much worse. I mean, that's just clearly not the case. Canada is the one that's suffering. And as Pierre rightly pointed out, you know, Mexico is an even bigger trading partner with the U.S. now than Canada. And they're not in a recession either. And they're actually going to the negotiating table, trying to negotiate as well. But, you know, this is just how people think. They think just blame it on the U.S. The U.S., oh, they must be collapsing down there when actual fact millions of people want to flee to the U.S. And if they could, they would just get up and leave because the economic environment in Canada is just so damn bad. And then this was what the prime minister's word salad response was when he was first asked if Canada was in a recession this week. Take a listen. [00:09:15] Speaker 4: Do you feel we're in a recession? Are we in a recession? [00:09:19] Speaker 2: The, I'll say this about the economy, which is that, you know, we're in the process, this government's been in the process of laying the foundations for a stronger, more resilient, more independent Canadian economy. A net zero one. That process is settling in during that time as we make major investments, major changes to how the government operates, how we do major projects, how we have new trade agreements with other countries. There's something big in a second here. It's always difficult. I should always remember to go up the stairs more slowly or get in better shape. As we do all that. It's all that fine wine. The data is going to be uneven and, you know, we see some weakness in part because of clear decisions by the government. So we have taken back control of immigration. [00:10:12] Speaker 1: So why is taking back control of immigration affecting GDP? I mean, there wasn't somebody who was talking about this over and over and over again. And thank you so much. If you've liked the video, I really appreciate it. It helps get it out to even more people. Really goes a long way. I see the likes coming in on my screen. Thank you so much. But we've talked about this a million times on this channel, how like population growth was distorting the economic figures like the GDP figures. And now that has been took away. Oh, suddenly the economy doesn't look so good. Suddenly, even Mark Carney is admitting the truth that what Trudeau did with the massive amount of immigration, and he wasn't alone. A lot of countries did it as well. Just literally fudged the numbers, made the economy look better than it actually was. And it was a temporary boost with actually a long term net negative result because there was no real growth there to begin with. I mean, there was no jobs for all these people to go with. And now they finally come out and admit it. I mean, it's just absolutely hilarious. These politicians and banksters like Mark Carney. [00:11:32] Speaker 2: It's meant the population growth has flattened. In fact, it's slowed or it's been negative for the last two quarters. We have reigned in government spending. Not really. [00:11:43] Speaker 1: I haven't really reigned in government spending, though, because you're still printing billions and billions of dollars and all the all that extra cash goes into the GDP. And not only that, when you're printing it into the food supply. I mean, what's going to happen to food? And, you know, you have to take a look at Canada, how they stack up against the rest of the world. This is just on Wikipedia and they would not be in the G7 if you were just measuring the seven biggest economies in the world by GDP. They wouldn't be there. They're like 13th. They're even behind Brazil. Brazil is a bigger economy than Canada. You can see Canada and Australia are down here. You've got the United States, the EU, China, Germany, Japan. I don't know how they got the EU and Germany in there. I guess that's why it's italics there. But anyway, interesting. But you can see Canada is way down on the list there. And obviously, you've got to remember the stress that is going on right now with people missing payments. And we're going to get into that because a recent chart that came out showing the RBC mortgage delinquency for the GTA is quite concerning. But just take a listen to what the latest Equifax report on Rebecca Roach said. [00:13:01] Speaker 3: The mortgage delinquencies. Tell us more about that. Yeah, so that really is a trend we've seen for quite a few quarters now. Now, we all know that during the pandemic, interest rates were super low. And what we have seen in 2025 and into this year is just that, you know, as those interest rates are higher than they were a few years ago, as consumers are coming up to renew their mortgages, there is unfortunately a bit of a payment shock. And that is really tough. [00:13:26] Speaker 1: So I want to talk about the dune loop because it's happening. It's like on full display today and nobody will talk about this. Nobody, you won't hear this on any other channel, I guarantee. So that's worth a like just for that. But basically, you had this blowout jobs report, whether it's a blowout or not, that's up for debate. But the bond market thinks it is. So what you have happen, essentially, let's say you have a bunch of these blowout jobs reports. What happens to interest rates? They go up. What does that mean for people renewing their mortgage? Well, they've got higher rates now. They're facing higher rates. So they're then spending less. And then that goes into the economy. How much consumer debt is the mortgage debt? It's like over 50% of consumer debt. You're talking about trillions of dollars here. You've got hundreds of billions of dollars in mortgages that are renewing right now. So essentially, like hypothetical scenario here. But imagine there's loads of blowout jobs reports. If the economy was truly recovering, interest rates would be skyrocketing. They would be way higher than they are right now. And then that has an effect on all those people with debt because Canada is a debt-based economy. So you're caught like in this toxic loop, Western economies, which people just haven't figured it out yet. They just haven't figured out this isn't ending. People still have a belief that we're going to go back to low inflation and low interest rates and inflation is just going to go away. It's not going away. And that's what people don't understand. So in these debt-based economies, you're now facing like higher interest rates or higher unemployment or maybe both stagflation because unemployment isn't low in Canada. I'm just trying to locate the chart. But as you can see, unemployment isn't low. It went down. But I mean, it doesn't even look like it's gone down that much if you actually look at the chart. This is how much it's gone up. So can you now declare that Canada is out of a recession as a result of this jobs report? I'm sure politicians are going to be making that case. I'm sure that will be happening all day long today. Look at that jobs report. Absolutely fantastic. Bit weird. The OECD said a couple of days before they expected the economy to strengthen. No coincidence whatsoever. So, you know, it's very interesting that that goes on. And again, Carney deflecting the question when asked about the recession. [00:16:03] Speaker 3: Prime Minister, can you... Look at this. Prime Minister, can you comment on the claims about a recession? [00:16:13] Speaker 1: Oh, yeah. Now I want to go. Now I want to go. He was going to answer that question. And then he was like, recession? I'm out of here. I've got a seven course meal waiting for me down the road. We're going to be tasting fine wine. Meanwhile, you peasants can just line up at the food bank somewhere. Or worse, go dumpster diving because that's skyrocketing as well. I've got a video coming out about the insane, insane things that are going on in Canada. And one of them is dumpster diving is skyrocketing in BC. This came from Ben, RBC Total, GTA Mortgage Delinquencies. And people might say, this is a low rate. So what does it matter? And it's only in the GTA. You're talking about massive mortgage balances in the GTA. And we're talking about the Royal Bank of Canada. So this data, incredibly important. And then you look at what they did on their recent earnings report. Take a look at this blue line here in Investing Pro. You can see provisions for loan losses. They reduced them. So RBC is seeing like where their highest price market, essentially, the GTA, where mortgage delinquencies are going up to the tune of this chart here. I mean, that trend is exploding. Unless I'm seeing things here, that trend is absolutely exploding. Meanwhile, RBC is like, I think this is a good time to reduce those loan loss provisions. And then we'll take those hundreds of millions of dollars. We'll put it in our earnings. That makes us look like we're growing even more than we actually are. And people just eat this up. I mean, all the bank stocks are at all-time highs. Not that any stock is really representative of fundamentals. I mean, that's just not the way the stock market works. A lot of people try and think about it that way. But if you do, you'll just go insane. Because that's not the case. It's patterns of psychology. But it's incredibly interesting. I mean, do you think that's responsible for a Canadian bank to do that? Do you think it's a little bit ridiculous? And as a result of this, their leverage ratio now sits around 19.3, which is about 50% higher than the average for US banks. So, you know, Canadian banks have a massive amount of leverage because they're incredibly exposed to the consumer. You can see here, bonds up across the board here. The 10-year is up the most substantial amount. That's a big rise. That's a big move in longer-term interest rates after the jobs report today. But obviously, all could change over the next couple of months. These aren't just stagnant charts. They move every single day, depending on where the data is coming from. And the headlines look good today. But, you know, how long is that going to last? But at least Mark Carney, as Mark Nixon is pointing out here, is doing a lot of sacrifice here. The Prime Minister billed taxpayers $18,000 for salmon, $4,213 for creme brulee, $3,800 for chocolate, $593 for luxury Normandy butter on only three flights. So, I mean, this guy is living like a king, Mark Carney. Meanwhile, Canadians are suffering. [00:19:28] Speaker 5: We'll do the whole PCO next week for you, Mr. Speaker. And you'll get a kick out of that. Canada's the only G20 country that's in a recession. And while Canadians, and it may be a laughing matter to them, but while Canadians are missing mortgage payments, bankruptcies are up, and nearly 60% have little or no money left over at the end of the month, the Liberal Prime Minister spent money in Rome, $4,250. [00:19:50] Speaker 1: And you're absolutely right there. Bank's going to get all the printed money. I mean, they're too big to fail. I mean, look at their payment networks. They could never be allowed to go bust. It would implode the entire economy. How many businesses? Every time you go into a business, just look at how many businesses are using TD payment solutions. Because, I mean, it's a lot. It's a lot in the U.S. as well. In the U.S., TD is a chartered bank as well. So, in both countries. So, in both countries, TD is essentially too big to fail. All the Canadian banks, too big to fail. But, yeah, I mean, this is what the elitist people at the top are doing. This is what these globalists do. I saw somebody in the chat there. Canada is a globalist experiment. You're totally spot on about that. And if you want to look at a country which is further down the line than Canada, look no further than the U.K. Because the U.K. really is a globalist experiment. Same story here of Carney just spending insane amounts of money on in-flight catering, on luxuries, essentially. And all whilst he goes around saying, oh, we need to do more for the environment. You need to cut back on eating beef. Meanwhile, he's putting his order in for some steaks on his private flight. I mean, steak dinners. I mean, it's just absolutely insane. I mean, if you didn't laugh, you would cry. So you've got to have some sort of sense of humor about all of this stuff. But at the end of the day, Canada needs change. And I don't know where it comes from. I don't see anybody proposing major change. All I see is the fucking status quo. That's really the klutz of the matter here. If the Strait of Hormuz does not open by August, there may be a risk of a recession rivaling the great financial crisis. And we'll get on to more of that in the coming weeks. I've got a video that I'm going to be doing about private credit. Private credit is massive. It's going to affect Canada, the US. You know, it's all going wrong in the shadows. People think it's boring. But that will be the next global financial crisis. And that will come within the next couple of years, if not even this year, because that is quietly unraveling in the shadows. So how is that going to affect the job market? Obviously not going to be good. I saw all this as well. After Walmart's earnings, which we covered on this channel, you know, the stock has dropped significantly. Extremely odd for a stock like Walmart, because, again, it's meant to be resilient to hard times. So when Walmart and Dollarama are suffering bad, I mean, you know, that's a sign. I mean, it's like with GoEasy. When the subprime lenders are really struggling, you know that there's bad times coming because those people are the first to stop paying for all their debts, right? And I saw this as well. Berkshire Hathaway is now underperforming the S&P 500 by the same margin it was during the run-up to the global financial crisis. Again, that is incredibly interesting because they are sat on a massive amount of cash right now, which I think is incredibly interesting. So, you know, you've got this push-pull thing going on with inflation, with what happened with the jobs report. It's going to be incredibly interesting to see what happens with the inflation report. But really, I want to hear in the comments below what you think of all this. Do you think that Canada is in a recession? Do you think this jobs report has just undone everything? I mean, let me know below. I hope you have a phenomenal weekend. Thank you for joining me on this video live stream. Please like it. Please hype the video. Check out this video here. Check out the links in the description if you would be so kind to help support the channel. I really appreciate it. I'll see you in the next one, guys. Take care.