So you guys were all wrong as usual.
Ontario unemployment rate hits 18-year low, six months after minimum wage hike
Ontario’s jobless rate hit an 18-year low in July, as the country’s largest economy continued to churn out jobs despite this year’s hefty hike in the minimum wage.
When the province raised the mandatory hourly rate 21 per cent to $14 in January, businesses and their trade groups warned of employment losses. But, six months later, Statistics Canada data show that has not happened.
In fact, Ontario’s labour market is on fire.
The province added 61,000 new jobs in July and the jobless rate fell from 5.9 per cent to 5.4 per cent − the lowest level since 2000, according to the Statscan monthly Labour Force Survey released on Friday. Over all, the country added 54,000 net new jobs in July. The national jobless rate fell from 6 per cent to 5.8 per cent, reverting back to where it has been for most of the year.
Although most of the employment gains this year have been in the public sector and the latest spurt of new jobs were part-time, analysts suggested Ontario’s economy withstood the sharp wage increase. Ontario’s paid employment has increased at the fastest pace since 2010, according to National Bank Financial.
“From a very big picture view, the Ontario job market is holding up relatively well given the shock of a plus 21 per cent increase in minimum wages,” said Douglas Porter, chief economist with Bank of Montreal.
One sector dominated with minimum-wage workers – accommodation and food services – has expanded this year. Although the sector lost 1,900 positions in July, it has added a total of 7,100 since the higher minimum wage went into effect in January.
Other low-paying sectors have also hired more employees in the first half of the year. Transportation and warehousing gained 13,500 jobs and business, building and other support services increased by a similar amount.
“It is tough to find a lot of evidence that employment has been negatively impacted,” said Josh Nye, senior economist with Royal Bank of Canada.
https://www.theglobeandmail.com/bus...te-hits-18-year-low-six-months-after-minimum/
Ontario unemployment rate hits 18-year low, six months after minimum wage hike
Ontario’s jobless rate hit an 18-year low in July, as the country’s largest economy continued to churn out jobs despite this year’s hefty hike in the minimum wage.
When the province raised the mandatory hourly rate 21 per cent to $14 in January, businesses and their trade groups warned of employment losses. But, six months later, Statistics Canada data show that has not happened.
In fact, Ontario’s labour market is on fire.
The province added 61,000 new jobs in July and the jobless rate fell from 5.9 per cent to 5.4 per cent − the lowest level since 2000, according to the Statscan monthly Labour Force Survey released on Friday. Over all, the country added 54,000 net new jobs in July. The national jobless rate fell from 6 per cent to 5.8 per cent, reverting back to where it has been for most of the year.
Although most of the employment gains this year have been in the public sector and the latest spurt of new jobs were part-time, analysts suggested Ontario’s economy withstood the sharp wage increase. Ontario’s paid employment has increased at the fastest pace since 2010, according to National Bank Financial.
“From a very big picture view, the Ontario job market is holding up relatively well given the shock of a plus 21 per cent increase in minimum wages,” said Douglas Porter, chief economist with Bank of Montreal.
One sector dominated with minimum-wage workers – accommodation and food services – has expanded this year. Although the sector lost 1,900 positions in July, it has added a total of 7,100 since the higher minimum wage went into effect in January.
Other low-paying sectors have also hired more employees in the first half of the year. Transportation and warehousing gained 13,500 jobs and business, building and other support services increased by a similar amount.
“It is tough to find a lot of evidence that employment has been negatively impacted,” said Josh Nye, senior economist with Royal Bank of Canada.
https://www.theglobeandmail.com/bus...te-hits-18-year-low-six-months-after-minimum/
