Private sector PUMMELLED as Canada sheds 11,000 jobs in August
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Yea because I am known for my confidence in this government to sustain the economy just as you are known for making rational arguments.
Private sector looking to fill almost 50,000 jobs or so.... That's generally what happens when you have a strong economy
I know, I know.. Financial Post.
What do they know about the economy?
How much longer do we have to wait for Canada’s economic engine to get into high gear?
Canadian production remains weak and inconsistent, job and wage growth has been minimal, and the rate of inflation has spent much of the past two years below 2%, the Bank of Canada’s not-too-cold, not-too-hot comfort level. And despite a recent spike in Statistics Canada’s consumer price index — tracked by the central bank — those increases are due to gains in energy costs that are unlikely to persist, say economists.
After a strong start, Canada’s economy now has little to show for all the efforts of policymakers since the 2008-09 downturn to encourage business investment, market growth and hiring.
Five years on, we’re left with bottom-feeding interest rates, over-extended consumers and investment-wary corporations, along with a housing market that is still circling for an soft landing.
How much longer do we have to wait for Canada’s economic engine to get into high gear? | Financial Post
What do they know about the economy?
How much longer do we have to wait for Canada’s economic engine to get into high gear?
Canadian production remains weak and inconsistent, job and wage growth has been minimal, and the rate of inflation has spent much of the past two years below 2%, the Bank of Canada’s not-too-cold, not-too-hot comfort level. And despite a recent spike in Statistics Canada’s consumer price index — tracked by the central bank — those increases are due to gains in energy costs that are unlikely to persist, say economists.
After a strong start, Canada’s economy now has little to show for all the efforts of policymakers since the 2008-09 downturn to encourage business investment, market growth and hiring.
Five years on, we’re left with bottom-feeding interest rates, over-extended consumers and investment-wary corporations, along with a housing market that is still circling for an soft landing.
How much longer do we have to wait for Canada’s economic engine to get into high gear? | Financial Post
So what's new. We elect leaders on charisma with no world savy, and no diplomatic tact. We need sellers that can offer deals to them and have business savy. Someone wants 30 nuclear submarines? f%^$# what the US thinks of the deal, make the best subs in the world and sell them to the highest bidder, and of course...... no names please. Time to out-trade our neighbour.
Private sector PUMMELLED as Canada sheds 11,000 jobs in August
Employment in Canada’s private sector is at a standstill.
While monthly employment readings have seesawed through the year, one trend is clear: Private companies are in no mood to hire, having shed a record 11,800 jobs in August, according to Statistics Canada.
Month-to-month measures have been volatile but the longer-term view shows full-time and private positions have barely budged in a year, while eight in 10 new jobs have been part-time.
The numbers seem at odds with other indicators that show strengthening exports, solid housing starts and retail sales that have climbed for six consecutive months. But the tepid hiring reflects caution among employers grappling with competitive pressures, uneven global demand and rapid shifts in many of their business models.
Greg Wight, for one, the chief executive officer of Algoma Central Corp., the largest operator of dry-bulk vessels on the Great Lakes-St. Lawrence Seaway, has seen fairly robust demand this year.
Activity is strong in shipping iron ore for the steel industry, while his vessels are also moving more grain and salt. He’s optimistic, but said volatility in demand is causing uncertainty.
Algoma has invested millions of dollars in purchasing ships that will boost productivity by going faster and carrying more cargo. But that doesn’t mean he’s planning a hiring spree. If anything, “we can operate with fewer crew members because of technological improvements,” he said.
In recent years, the services sector has been the main driver of jobs growth. Now, though, many of the sectors benefiting from a pickup in demand, such as manufacturing and information technology, may not need a big influx of workers as they ramp up output, said Randall Bartlett, senior economist at Toronto-Dominion Bank.
Employment numbers have been turbulent all year, with job gains in one month followed by losses in the next. Smoothing out the monthly bumps, employers have added a paltry 10,400 jobs per month on average so far this year.
All told, the Canadian economy shed 11,000 jobs last month, while the jobless rate remained at 7 per cent as more people exited the labour force, Statistics Canada said Friday.
Private-sector hiring tumbled as the manufacturing, trade and professional services sectors cut jobs. The share of people working in manufacturing has ebbed to a record low this summer. The public sector added 14,000 jobs and self employment rose by 86,900, a record gain.
Skepticism over the data comes after the agency was forced to correct its July jobs numbers. That month saw a gain of 41,700 positions rather than the 200 jobs it had originally reported, a mistake attributed to an incomplete understanding of changes that occurred in the redesign of its survey.
The broader picture shows employment levels in the private sector “has been relatively flat since the fall of 2013,” Statistics Canada observed.
In the past few months, companies including Bombardier Inc., Rogers Communications and Transcontinental have announced layoffs, along with multinational firms, such as Cisco Systems and Microsoft. At the same time, restraint remains in the public sector with the federal government continuing to trim payrolls.
The Bank of Canada has recently flagged the weak performance in the jobs market, saying the prevalence of part-time positions is a “symptom of slack” in the labour market. In its interest-rate statement this week, the central bank said that, although the country’s export sectors “appear to be turning the corner,” this pickup will need to be sustained before it translates into more hiring.
Young people in particular have seen little improvement on the employment front. The average jobless rates for students this summer was little changed from the previous year, while their average number of hours worked fell to 23.5 hours a week from 23.7 hours in the previous summer.
The country's participation rate fell to 66 per cent, the lowest since 2001, as 20,800 people left the labour force.
Private sector pummelled as Canada sheds 11,000 jobs in August - The Globe and Mail
All symptomatic of a once manufacturing nation gone the way of a service nation. It chose to sell off it's MFG base to Asia. It allows it's billionairs who claim loyalty to Canada to go offshore for investments, instead of calling them to show more care. It suffers from national low esteem. It's like that cartoon character, the Sheepish Lion.
Maybe it will wake up one day and suddenly stand up to the ridicule of it's southern neigbour. Maybe it will show the world it can still make the best fighter plane in the world, and the best ships, and once again scare the bezeebers out of the military world with it's technical know how. Maybe it will stop playing nice guy to first world nations and trading off to them it's depleting natural resources to the point it has nothing left for itself for a manufacturing recovery plan. Why ARE we driving around with American cars, planes and whatever, when we can have our own. They don't think much of the rest of the world with their muscle flexing policies and XBox like killing of people in other nations from the US with their drones. They even have a name for those innocent babies that die by accident, collateral damage.
My dad and granddad fought in the last wars, but they would be ashamed and not even recognize Canada now.
Private sector PUMMELLED as Canada sheds 11,000 jobs in August
Private sector pummelled as Canada sheds 11,000 jobs in August - The Globe and Mail
Do you think the fact that we've been able to shed 11,000 jobs means we are becoming more efficient? Perhaps that could be a good thing!