Quote:
Originally Posted by whatnext
Either way, Metro Vancouver now has an unemployment rate of 12.4% which is huge and will ripple throughout all of the economy.
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Some weird dynamics at play in the economy and no idea how it will play out.
Household debt is down. People are being more conservative with what they spend money on. I can see a visit to the aquarium being fairly low on the list.
The generation that went through the great depression was far more conservative with how they spent money. Going out for dinner was something you did as a rare special occasion versus something you did once a week. It is not clear if this is short term or will be long lasting and amount to a generational shift in values.
We could easily end up in the situation where a number of these service industry jobs never return.