Canada’s unemployment rate rises in disappointing July


Locutus
#1
After several months of modest job gains, Canada lost a surprising 30,000 jobs in July, raising concerns about a stalling recovery.

“It’s definitely a disappointment,” said Douglas Porter, BMO’s deputy chief economist, of the 30,000 losses. “It was quite broadly based, and it didn’t seem to be due to any statistical glitches. It was spread across a number of industries. It hit five different provinces, fortunately not Ontario.”

Still the Statistics Canada jobs report had a few bright spots, including the addition of more full-time jobs, higher wages and an increase to total hours worked.

Porter cautions about reading too much into a one-month period, noting that even in the strongest years, there can be one or two months of decline in jobs.

“What I find a bit more troubling is we have only seen very modest job growth over the last 12 months and the unemployment rate has not improved at all from a year ago.

“To me, that’s a little bit more telling than any one month-to-month move,” Porter said, adding he is concerned that August numbers might show a decline too.

The national unemployment rate rose by one-tenth of a point to 7.3 per cent in July.

Ontario, which added 20,000 jobs in June, saw little change in July. The unemployment rate rose to 7.9 per cent, up 0.2 percentage points, as more people searched for work.



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Canada
 
damngrumpy
No Party Affiliation
#2
CNN and other news networks have been talking about a slowdown for months and
it was to start in the second half of the year. I don't think we should all jump off a
cliff or anything but we should be aware of the climate before making major purchases.
The economy is fragile. Harpie keeps saying we are better off than the rest but they
are on life support and government feeding tubes.
And I am not sure if Europe is even conscious
 

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