9,400 jobs lost in June as unemployment rate rises to 7.1%,


mentalfloss
+1
#1


Canada’s unemployment rate climbed to 7.1 per cent in June as the country lost 9,400 jobs.

OTTAWA -- Statistics Canada says the economy unexpectedly lost 9,400 jobs last month as the unemployment rose one-tenth of a point to 7.1 per cent -- the highest since last December.

Economists had expected another big month of job creation following May's 25,800 gain, but June resumed what has become a year-long trend of weak demand for workers.

Over the past 12 months, the economy has created only 72,000 new jobs, split evenly between part-time and full-time workers.

The agency says the major setback was among youth workers, who gave back almost all the job gains of May with a drop of about 44,000, most in Ontario.

9,400 jobs lost in June, unemployment rate rises to 7.1 per cent: StatsCan | CTV News (external - login to view)
 
captain morgan
Bloc Québécois
+2
#2  Top Rated Post
Lots of jobs in AB and Sask... Send 'em all out, I'll get them to work
 
Walter
+1 / -1
#3
Things will improve in ON cuz a new Liberal gubmint was just elected.
 
Locutus
#4
goddamn no good youth.
 
mentalfloss
#5
June's jobs data means that Canada has produced a mere 72,000 jobs in the last 12 months. That's the lowest annual figure since February 2010. Worse still is that much of those gains are coming from just a single province — Alberta.

"If Alberta is stripped out of the national total, there would have been no job growth in the past year," BMO economist Doug Porter noted.


Canada lost 9,400 jobs in June, jobless rate ticks up to 7.1%
 
captain morgan
Bloc Québécois
+2
#6
Quote: Originally Posted by mentalflossView Post

June's jobs data means that Canada has produced a mere 72,000 jobs in the last 12 months. That's the lowest annual figure since February 2010. Worse still is that much of those gains are coming from just a single province — Alberta.

"If Alberta is stripped out of the national total, there would have been no job growth in the past year," BMO economist Doug Porter noted.


Canada lost 9,400 jobs in June, jobless rate ticks up to 7.1%


Proof-positive that a well balanced economy is beneficial to all.

Time to get with the program here Flossy
 
mentalfloss
+2
#7
I've been saying we need a balanced economy.

Handing out $34 billion a year in oil subsidies won't provide that balance.
 
captain morgan
Bloc Québécois
#8
Apparently it does.

Gotta love those direct, cash, no-questions-asked subsidies... I sure do.
 
gopher
No Party Affiliation
+1
#9
Hmmmm --- mebbe they ought to bring in a branch of the Democratic Party which is causing a noticeable decline in unemployment.








Well, something to consider .....
 
petros
+1
#10
Quote: Originally Posted by captain morganView Post

Proof-positive that a well balanced economy is beneficial to all.

Time to get with the program here Flossy

We have one of those too and a AAA+ credit rating.

Did I mention 15,000+ jobs open?
 
mentalfloss
+1
#11
Quote: Originally Posted by gopherView Post

Hmmmm --- mebbe they ought to bring in a branch of the Democratic Party which is causing a noticeable decline in unemployment.








Well, something to consider .....

Looks like it.

Unlike Canada, the U.S. seems to get **** done.
 
gopher
No Party Affiliation
+1
#12
As the great Democrat Harry S Truman said, if you want to live like a Republican, vote Democrat.
 
petros
#13
Quote: Originally Posted by mentalflossView Post

I've been saying we need a balanced economy.

Handing out $34 billion a year in oil subsidies won't provide that balance.

Hey MF, tell me if I did well.

Yeah tax credits are awesome. Wanna hear a cool one. In 2011 I bough a shiny F150. Took my depreciation on my 2011 return. 2012 it was totaled by a deer. Insurance paid for 90% of a newer 2013 ego boost. Drove it two years, took the depreciation twice and then traded it straight across for 2014 2x4 with 5.0L V8.

How much did I gain or lose?
 
captain morgan
Bloc Québécois
+1
#14
Quote: Originally Posted by gopherView Post

Hmmmm --- mebbe they ought to bring in a branch of the Democratic Party which is causing a noticeable decline in unemployment.








Well, something to consider .....

Bad symbol to use here gopher... In the parts of Canada that are the glowing examples of success, the 'D' symbol represents dense and dumber-than-sh*t

Quote: Originally Posted by petrosView Post

Hey MF, tell me if I did well.

Yeah tax credits are awesome. Wanna hear a cool one. In 2011 I bough a shiny F150. Took my depreciation on my 2011 return. 2012 it was totaled by a deer. Insurance paid for 90% of a newer 2013 ego boost. Drove it two years, took the depreciation twice and then traded it straight across for 2014 2x4 with 5.0L V8.

How much did I gain or lose?

I got a better one for ya bud.

What is done with the direct, cash, no-questions-asked oil subsidies here is to way over inflate the project budget that the subsidy is based on and then make it up on the back-end by charging out huge management fees and expenses (cars, trucks, home-office space and lots of 'business lunches/dinners' in Tahiti).

The beauty of it is that not only do you get the cash in hand via the direct, cash, no-questions-asked oil subsidy, you get to write-off all those expenses and recapture 60% of all that free money.

Thanks Flosssy.... Your tax dollars are hugely appreciated
 
mentalfloss
#15
Your welcome cap'n.

Yours will be too in 2015.
 
captain morgan
Bloc Québécois
#16
Quote: Originally Posted by mentalflossView Post

Your welcome cap'n.

Yours will be too in 2015.


We get all that back and then some in the form of direct, cash, no-questions-asked oil subsidies.

It's a beautiful gig
 
petros
#17
Very beautiful. Free money is free money.

I should use it to invest in ON ventures. What is the ON ventures tax credit?
 
captain morgan
Bloc Québécois
#18
What's even sweeter is that it's Flossy's money.

Remind me to raise my glass to him in thanks whilst on the beaches of Belize
 
petros
+1
#19
Quote: Originally Posted by captain morganView Post

What's even sweeter is that it's Flossy's money.

Remind me to raise my glass to him in thanks whilst on the beaches of Belize

Apparently the are no venture credits. No wonder nobody is investing in ON resources.
 
captain morgan
Bloc Québécois
#20
... But they do have subsidies for wind mills.... That's something
 
Walter
-1
#21
Quote: Originally Posted by mentalflossView Post

June's jobs data means that Canada has produced a mere 72,000 jobs in the last 12 months. That's the lowest annual figure since February 2010. Worse still is that much of those gains are coming from just a single province — Alberta.

"If Alberta is stripped out of the national total, there would have been no job growth in the past year," BMO economist Doug Porter noted.


Canada lost 9,400 jobs in June, jobless rate ticks up to 7.1%

Can't be ON's fault cuz we've had a Liberal gubmint for over a decade.

Quote: Originally Posted by gopherView Post

Hmmmm --- mebbe they ought to bring in a branch of the Democratic Party which is causing a noticeable decline in unemployment.








Well, something to consider .....

None so blind...
32 US states still haven't regained all the jobs they lost in recession even though nation has - Winnipeg Free Press (external - login to view)
Stephen Moore: Mr. President, Where Are Our 5 Million Missing Jobs? — The Patriot Post (external - login to view)
 
JamesBondo
+1
#22
100-7.1= those are pretty good odds for someone that wants to work
 
gopher
No Party Affiliation
+1 / -1
#23
Quote:

Wally,


32 US states still haven't regained all the jobs they lost in recession even though nation has - Winnipeg Free Press (external - login to view)




By contrast,


U.S. economy regains all jobs lost in recession (external - login to view)



Wally's link does not use government stats or sources. By contrast, the truthful link I used did so.

Quote:

Captain,


Bad symbol to use here gopher... In the parts of Canada that are the glowing examples of success, the 'D' symbol represents dense and dumber-than-sh*t



Well, better than the term Tea Bagger and what it represents.
 
mentalfloss
#24
‘The easy gains are way behind us’: Canada’s surprise jobs drop highlights economy’s struggle ahead

OTTAWA — Canada’s economic engine can easily shift from low gear to reverse, and back again, as we wait for the United States to drive growth and jobs here.

Canada's job picture

Unemployment rate: 7.1% (7.0)
Employment rate: 61.4% (61.5)
Labour force participation rate: 66.1% (66.1)
Number unemployed: 1,343,800 (1,369,500)
Number working: 17,820,700 (17,830,100)
Youth (15-24 years) unemployment: 13.4% (13.3)
Men (25 plus) unemployment: 6.4% (6.1)
Women (25 plus) unemployment: 5.7% (5.7)

And, when averaged over the past year, that trend has kept our employment market on a neutral course.

In June alone, Statistics Canada reported Friday, Canada lost 9,400 jobs, pushing the unemployment rate up a notch to 7.1% — the highest reading in six months. In May, the country added 25,800 jobs — but that, too, was a swing back from April’s loss of 28,900 positions.

“If the U.S. economy does come back a bit stronger . . . and [our] currency softens a little bit, we’ll see somewhat better job growth over the next year,” said Douglas Porter, chief economist at BMO Capital Markets. “But I’m not holding my breath for a big comeback. It’s tough to see things turning around quickly.”

That kind of pessimism is not limited to Canadian analysts.

As Statistics Canada was releasing its employment data for June, the National Association of Business Economics (NABE) cut its U.S. growth outlook for the second quarter to an annualized pace of 3%, from 3.5% in its June survey.

The downgrade was not unexpected, given the weather-disruption between January and March that was largely blamed for 2.9% contraction in the first quarter — the largest decline in five years — and likely dampen output in the most recent three-month period, as well. Consumer spending in the U.S. is now forecast to growth 2.3% in the second quarter, down from the NABE’s previous estimate of 2.9%.

Nevertheless, “many of the fundamentals are there for growth,” said Jack Kleinhenz, president of the U.S. association.

Notably, employment growth south of the border has averaged 230,000 a month so far this year, with the Labor Department reporting last week that more than 280,000 new jobs were created in June, above the median pace and the unemployment rate easing to a six-year low of 6.1%.

Finance Minister Joe Oliver, speaking to reporters in Toronto, said the U.S. “is our biggest trading partner. Now that the U.S. economy seems to be moving forward, this is positive for Canadian exports.”

But he acknowledged that Canada’s employment data “are variable from month to month.”

“The fact is, we’ve created over one million jobs since the depth of the recession. It’s a better job creation record than in other countries relative to our population size and to our economy.”

The easy job gains are way behind us — and [now] it’s going to be more of a struggle
BMO’s Mr. Porter, however, said “the easy job gains are way behind us — that was in the early stages of the recovery — and [now] it’s going to be more of a struggle.”

“We see only modest improvement in the unemployment rate and in job tallies over the next year.”

In its report, Statistics Canada said the June numbers showed the weakest year-over-year growth since February 2010, when the economy was beginning to recoup job losses after of the recession.



About 33,500 full-time positions were created last month and self-employment was up 23,300, while part-time jobs dropped by 43,000. Both private and public payrolls were down in June, by 21,000 and 11,900, respectively.

Economists’ overall forecasts ranged widely from 20,000 to 35,000, while the consensus was for jobless rate to remain unchanged at 7%.

The latest numbers will add pressure on the Bank of Canada to keep its key interest rate on hold at the near-record low of 1%, where it has been since September 2010.

Policymakers will deliver their next interest rate announcement on Wednesday, along with the bank’s Monetary Policy Report, a quarterly economic outlook. The report will be followed on Friday by Statistics Canada’s consumer price index for June.

Late last year, governor Stephen Poloz dropped the central bank’s pro-rate-hike stance and adopted a neutral position in the face of sluggish economic growth and low inflation. While the annual rate of price increases has returned to the midway point of the bank’s target range of 1% to 3%, the Canadian dollar has been stronger than desired to encourage the growth of exports.

“I would anticipate they’ll hold onto that neutral-to-leaning-dovish [stance] as long as they can,” said Ken Wills, senior corporate dealer at CanadianForex .

“I think the longer that the Bank of Canada can keep it there, the longer it continues to weigh on our currency and, in turn, focuses to try to help out exporters,” he said. “So, I wouldn’t expect to see any change in their tone till December and then any real change in rates until Q2 2015.”

In its report, Statistics Canada said employment fell during the month in Ontario, down by 34,000, along with declines in Newfoundland and Labrador. The biggest job gains were recorded in Alberta, Manitoba, New Brunswick and Prince Edward Island, the agency said.

The services-producing sector led the declines in June, losing 6,000 positions, while the goods-producing sector — including construction and manufacturing — lost 3,200 jobs.

Manufacturing, a sector that reflects the health of Canada’s export market, shed nearly 11,000 positions in June after losing 12,200 the previous month.

There were more construction workers in June, however, with 31,800 finding jobs. That’s the highest level since April 2012, when 32,200 positions were added.

‘The easy gains are way behind us’: Canada’s surprise jobs drop highlights economy’s struggle ahead | Financial Post (external - login to view)
 
petros
#25
Do we need another 65¢ dollar to get ON manufacturing again?
 
JamesBondo
#26
IF you think 65cent dollars are in the near future, it would be wise to buy some american dollars now to convert back to canadian when it happens.
 
captain morgan
Bloc Québécois
+1
#27
Quote: Originally Posted by JamesBondoView Post

IF you think 65cent dollars are in the near future, it would be wise to buy some american dollars now to convert back to canadian when it happens.

Better off buying Swiss Francs or Aussie dollars if that's the case
 
JamesBondo
+1
#28
or canadian tire money, it is less volatile.
 
captain morgan
Bloc Québécois
#29
How many trillions of Canuck Tire money is in circulation?
 
petros
#30
Quote: Originally Posted by captain morganView Post

Better off buying Swiss Francs or Aussie dollars if that's the case

Silver.

Quote: Originally Posted by captain morganView Post

How many trillions of Canuck Tire money is in circulation?

Good question. Got any? I'll pay 50¢ on the dollar.
 

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