Is the Recession Really Over?!?

According to recent reports by the Bank of Canada, dare I say it – the recession is OVER! Apparently, this may be the start of “improved financial conditions, firmer commodity prices and recovering consumer confidence.” I don’t know about you, but I’m feeling really confused, considering other recent reports in the media stating that the worst is yet to come!

So who is the Bank of Canada anyways? Is there a little man with a white beard sitting on all of Canada’s money, with the power to declare the end of the recession at the drop of a dime? Alright, so maybe they do know a thing or two about these matters, considering they are our nation’s central bank (they’re not a commercial bank) and their central role is to promote the economic and financial welfare of Canada.

Hold your shopping spree horses – there’s a small ‘but’! The central bank’s Governor Mark Carney cautioned that this recovery is in the very early stages. Even with the potential arrival of economic growth from July to September (2009), it doesn’t necessarily mean that layoffs (or the struggle to find employment) will be ending – yet. This is because the labour market takes longer to adjust, even if the economy is growing. And with about 87% of you guys noting so far in the Cross Canada Dialogues (CCD) survey that the way you know Canada is in a recession is by the number of people losing their jobs, we may still have some recession related conditions to get through. I know, I know - we’re all getting frustrated by this mess of an economic situation but try to be patient and hang in there. It sounds like things will be picking up in the near future for everyone!

So what does all of this mean for youth in the meantime? Although there are still responses coming in for the CCD survey, I noticed that so far 615 of you guys have shared your greatest challenges during the recession. Here’s what some of you had to say in the survey about your own personal experiences of how the recession has impacted you and about the challenges that have come along these changes:

“I have definitely changed my spending habits and now rarely eat out, pack all of my lunches, and don't spend on clothing or other wants.” -Budding Chef

“I personally lost my job and have been looking for a job for at least four months but there is nothing available. I am patiently waiting for things to pick up so I don’t have to rely on the government to live and have money. I don’t feel useful anymore – I feel like I’m not needed anymore.” -Patiently Awaiting

“I had a very difficult time finding a job within my field of finance this summer as there are very few jobs available. I am working in the restaurant industry now. As well, I go out on the town less and do less spending.” -Counting Coins

“My plans have changed because of the recession. My plan was to finish my first year of college, get a full time job, save money, and have enough left over to buy the books for my second year of college. I have finished my first year of college, however I was not able to get a full time job, so I was not able to save any money for when I go back to school. So far I have been living off of my leftover OSAP money.” -Hibernating Bookworm

How have you been affected by the recession? What are your thoughts on whether or not the recession is ending?

- Johnny MacDonald

[This blog reflects opinions of Canadian youth expressed in the Cross Canada Dialogues survey and is funded by the Counselling Foundation of Canada. For more information on Johnny MacDonald, you can see his profile here.]