Saturday, August 9, 2014

Canada's July 2014 Employment Numbers Honk

Here's a Globe and Mail article with a short run down of July's employment numbers from Statscan. Noteworthy quotes:

"Statistics Canada’s monthly tally of hiring and firing produced a net gain of 200 positions last month, as a 60,000 increase in part-time jobs marginally outweighed a 59,700 plunge in full-time positions."

"The consensus estimate of economists on Bay Street and Wall Street was for an increase in total employment of 20,000. Canada’s unemployment rate dropped to 7 per cent from 7.1 per cent, but only because more than 35,000 people gave up looking for work, according to StatsCan’s report, released Friday in Ottawa."

Those are some poor numbers, especially the switch from part-time to full-time jobs. I'll do another post delving deeper into the numbers, especially the Ontario ones. Here's the post I made last month about Ontario's employment numbers. Considering the numbers have been so bad, I can't imagine second and third quarter GDP growth will be good in Ontario and Canada with these job numbers, especially the switch to more part-time positions.

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