So, we turn the immigration tap off and:
1. House prices fall
2. Technical recession, BUT
3. Unemployment goes down
4. Per capita incomes go up
But yeah, none of that is correlated, right? Right?
Unequivocally good news on the Canadian employment front this morning. Employment rose by a huge 88,000 positions in May, the unemployment rate fell 0.3 percentage points to 6.6% and private sector jobs rose by 56,300 positions, also a very substantial gain.