Statistics Canada: Canadian economy loses 2,200 jobs in June
Statistics Canada has released a Labour Force Survey that documents a total loss of 2,200 jobs this past June. However, with the addition of 248,000 jobs in the first six months of 2019, Canada has still experienced some of the most impressive job growth since 2002.
This net loss of 2,200 jobs comes with a jump in full-time positions by 24,000 being offset by a fall in 26,000 part-time jobs as Canada entered into the heart of the summer season.
Employment which increased in Alberta and Saskatchewan occurred as gains were made in the accommodation and food services industry. Alberta’s substantial job market boom followed other acquisitions in the domains of education, healthcare, and social assistance.
In nearly every other province, from the eastern provinces of Newfoundland and Labrador, Prince Edward Island, Nova Scotia, and New Brunswick, to Ontario, Manitoba, and British Columbia, unemployment faced an increase.
In Quebec, unemployment fell to match a 43-year low observed in April 2019.
The greatest losses were felt in the Natural Resources sector. The greatest gains were in the information, culture and recreation industry.
Among these ebbs and flows, Canadians have also experienced a pleasant thickening of their wallets. From June 2018 to June 2019 there was a 3.8 percent wage growth.
Although the study can be taken as containing signs of alarm, CIBC’s chief economist Avery Shenfield does not expect an increase in interest rates, following this report from Statistics Canada.
“We’ll forgive Canada’s job market for taking an early summer holiday in terms of employment gains, given the massive surge in hiring that preceded it,” Shenfeld said in a statement to his clients.
According to Financial Post, continued growth in employment was unsustainable. May’s unemployment rate stood at 5.4 percent, the lowest it’s ever been since Statistics Canada began similar reports in 1976.
Since Trudeau took office in November 2015, employment has risen steadily in a near-linear fashion, from just under 18 million to roughly above 19 million.