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BEWARE OF SCAMMER!!!!
We all get those out of the norm phone calls from scammers. The most recent scam that has been sweeping the country is individuals pretending to be the Financial Consumer Agency of Canada. The Financial Consumer Agency of Canada (FCAC) says scammers are pretending to be calling from the FCAC Consumer Service Centre and asking for their SIN numbers and credit card information. The responsibility of this agency is to educate and protect the consumers of Canada. They do not collect any personal information of consumers.The Financial Consumer Agency of Canada(FCAC) is an independent agency of theGovernment of Canadathat enforces consumer protection legislation, regulations and industry commitments by federally regulated financial entities. It also provides programs and information to help consumers understand their rights and responsibilities when dealing with financial institutions and promotes financial literacy. Steps to protect yourself: Do not rely on the caller ID to identify who is calling you. This has likely been altered. Ask for the callers name, company name and department, and then end the call. Verify the callers information by looking for a telephone number on your credit card, bill or account statement, online or in a telephone directory before calling the company directly. Call the company directly and ask to speak to the person who contacted you and confirm any information the caller told you, such as whether there has been any fraud related to your account. If you think you may have been a victim of fraud, report the fraud to the Canadian Anti-Fraud Centre. Protect your self.
Unemployment rate unchanged in October
Following two consecutive months of growth, employment held steady in October. The unemployment rate was unchanged at 5.5%. On a year-over-year basis, employment grew by 443,000 or 2.4%, driven by gains in full-time work. Over the same period, total hours worked were up 1.3%. In October, employment increased in British Columbia and Newfoundland and Labrador, and was little changed in the other provinces. Employment was down for men in the core working ages of 25 to 54, and grew for the population aged 55 and over. Employment declined in manufacturing and construction. At the same time, employment was up in public administration and in finance, insurance, real estate, rental and leasing. The number of self-employed workers decreased, while the number of employees in the public sector increased for the second consecutive month.
Canada: Household Credit Growth Continues To Climb in September
CANADIANS BORROWING HAND OVER FIST Total Canadian household credit growth continued to accelerate in September, reaching a pace last seen in mid-2018. Despite a slight deceleration from the previous month to 4.3% at a seasonally adjusted annualized rate (m/m saar), trend growth remains at elevated levels. Both mortgage and consumer credit growth contributed to the 68 bps slowdown from the prior month (46 bps and 22 bps, respectively), but borrowing conditions remain favourable overall with trend growth still in strongly positive territory. RESIDENTIAL MORTGAGE CREDIT EXPANSION CONTINUES ITS ASCENT Residential mortgage credit growth continued on its upward trajectory in September supported by favourable borrowing conditions and strong labour markets. Mortgage loan growth accelerated by 4.9% m/m saar in September, pushing the year-on-year trend growth rate to 4.2% y/ythe fastest pace since mid-2018, marking a well-pronounced recovery in the mortgage-borrowing market. Canadas real estate market looks to be rebounding following a turbulent couple of years due to various policy announcements from 2017 to 2018 designed to cool the market. Mortgage borrowing has picked up through the second half of 2019 with the uptick in demand following a reduction in the mortgage qualifying rate in July and a decline in 5-year mortgage rates. With the Bank of Canada under pressure to continue to provide a stimulative environment following sustained levels of uncertainty, residential mortgage credit growth is expected to remain supported in the foreseeable-future. Strength in Canadian labour markets has also been conducive to a favourable borrowing environment. Septembers surge in job gains contributed to a fall in the unemployment rate to 5.5%. Source: Scotiabank