More Jobs Being Provided In Canada Over The Last Year
Canada has reeled in good news concerning their job employment sector. Since last year July 2015, the rate of unemployment in the country has gone down to 6.9 percent, which has been considered the lowest level since 2015. StatsCan reported that there has been an addition of 14,000 available jobs in the market, a triple of last year’s stat, just as economists anticipated. Things are beginning to brighten up and the country’s market seems to be regaining some life. With the full-time employment rate going up to 61,000 and the part-time employment declining by 47,000; this is a good sign for country’s job quality is becoming better by the day.
The availability of job employment has gone up to 0.6 percent in the previous year. However, it has not been able to cover the 1 percent population increase over the past year. Even though this is a reason for the country to smile again, it does not leave out the falling oil prices that have affected the labour market and rendered it somewhat weak.
Despite the steady rise in the employment rate since 2015, it started taking a downward curve, putting the youth ages 15 to 24 out of employment over the previous year. The rate of unemployed people in the country spiked up to 14.9 per cent after the employment rate fell by 82,400. 19,000 were added to the job payrolls with the help of construction and public administration that enhanced the growth of jobs in May, but that does not leave the industrial jobs that are 1.4 percent fewer now than it was last year.
Over the recent year, 10.4 percent of jobs were lost, which was about 37,000 jobs. The decrease in oil price is still ongoing, with a reduction of natural supply employment which went down to 16,000. A warning was made clear in the current jobs report, about the loss of oil production last month that occurred due to the wildfires in northern Alberta. The data of the area affected by the wildfire was not collected by StatsCan, which leaves the job influence due to the fire still unknown from the latest stats figures.
Here are the rates of employment in each area over the recent months. Ranging from the lowest:
British Columbia 6.1
Alberta 7.8
Saskatchewan 6.0
Manitoba 5.9
Ontario 6.6
Quebec 7.1
New Brunswick 9.9
Nova Scotia 8.3
Prince Edward Island 10.4; and finally,
Newfoundland and Labrador 11.7 per cent.
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Caleb
Not your everyday human being. A mega foodie, writer, lover of great things. Always on a journey of self discovery and open for new adventures; artistic with a dash of creative insanity.
As you know (of course), the job report came out last Friday and it sucked. The country lost 74,200 full-time positions, many of them in Ontario manufacturing, while creating about 40,000 part-time McJobs. The net result was a loss of 31,000 paycheques while the Americans added 255,000 in the same period. Making it worse were the trade stats. Our trade deficit is at a record as exports decline – despite our currency turning into a dolarette.
In June we imported $3.63 billion more stuff than we sold – a net outflow of capital from a country whose economy is now contracting. Maybe people can be excused for not knowing what the current trade deficit is, or that we actually have one, but the jobs situation is another matter entirely. Listen to what Ann-Marie Lurie, chief economist at the local Calgary Real Estate Board has to say: “Continued pullback of sales activity is a sign of economic conditions.
The number of unemployed workers keeps rising, and when you combine job losses with declining net migration, the result is going to be weaker housing demand.” Bingo. So for 20 of the last 20 months, fewer people have been buying houses in this major Canadian city. In fact, as this blog demonstrated last week, there’s a similar pullback happening in most major markets. Apparently, without people knowing about it. Whether people in other cities believe it or not (most don’t), the overall Canadian economy’s remarkable current weakness won’t stop at Alberta’s city limits. It’s being felt in southern Ontario towns where car seats and dashboards used to be made, in the Maritimes where nobody’s flying west to work in oil and the offshore rigs are quiet, plus in the lives of countless middle-aged execs and managers everywhere who’ll never be hired again. Anyone convinced this won’t affect real estate, confidence, spending and the economy is deluding themselves. It’s a more dangerous situation facing the Canada middle class now than back in 2009.
Jobs matter!!! More than cheap mortgage rates, dumbass taxes on foreign buyers, dwindling listings, the price of oil or demographics. On the weekend, BMO head honcho economist Doug Porter called the labor and trade numbers a “gruesome twosome” which were “notably weaker than expected.” And remember that this comes on the heels of a report showing the economy shrank by 0.6% in the latest quarter – despite a 65% surge in oil prices since the winter and a 75-cent dollar, intended to make our exports cheap.
So what does all this mean? That things will likely worsen before they improve. The risk associated with Canadian residential real estate (not the kind Doug Rowat wrote about yesterday) is augmenting, dramatically at odds with what people actually believe.