Description: October was a good month for the Canadian economy with 108,000 new jobs added, exceeding projections by a factor of ten. Because more Canadians were actually looking for work last month, the unemployment rate remained steady at 5.2%. Despite the good news on the employment front, a higher number of Canadians report having trouble making ends meet. Economist Tu Nguyen notes that “people who are lower income, who struggle the most, are not getting the gains” that would help them deal with the pressures of inflation.
Date: November 4, 2022
1) What seems to be happening with employment opportunities in your university town? What’s your feeling on how the local economy is doing?
2) What are some strategies students might use to help deal with the impact of inflation?
3) Page 3-10 of Wiley’s Auditing: A Practical Approach discusses how an auditor assesses broad economic factors in gaining an understanding of the client or auditee. What might be some economy-level considerations an auditor would consider in this current climate?