Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more., and the unemployment rate held steady at 5.5 per cent for the third consecutive month. Meanwhile, compensation is climbing at elevated rates. The average hourly wages rose 5 per cent in September on a year-over-year basis.
Young households, in particular, are turning their backs on the housing market in the face of the highest interest rates in years. New data from Statistics Canada shed light on the financial hit households in different income and age groups have taken, in particular those households with a primary income earner younger than 35. The mortgage debt of young households is now shrinking.
from birth to the age of 17. Another fun fact: If parents continue to support the child through postsecondary studies until the age of 22, that figure climbs by a further 29 per cent. The study is a rare effort to quantify child-rearing costs beyond the age of majority, as more young adults take longer to strike out on their own, Erica Alini reports. Variables such as household income, number of parents, total number of children and where the family lives can all make a difference.