Wednesday, 15 August, 2018

Rosy Canadian jobs report gets no help from resource sector

About 4,600 people left the Montreal workforce in July.					Vadim Ghirda  AP About 4,600 people left the Montreal workforce in July. Vadim Ghirda AP
Priscilla Morrison | 13 August, 2018, 01:57

It is up 0.1 per cent from July 2017. In July of 2017, the unemployment rate was 10.5 per cent, though the participation rate was just 64.2 per cent, a number that is now at 65.5, pushing the labour force to 22,400 from 21,900 this time past year.

It isn't expected to be earth shattering news as estimates suggest about 15,000 jobs were created last month.

Overall, Canada gained approximately 54,000 jobs since last month, driving the national unemployment rate down from 6.0 per cent to 5.8 per cent. The economy added more than 54,000 jobs last month and the unemployment rate is now at 5.8 per cent.

While the number of jobless seems to have taken a large leap month-to-month, the local data can't be accurately compared, as it doesn't take seasonal factors into consideration.

The total number of hours worked in July expanded 1.3 per cent, a slightly slower pace than the June reading of 1.4 per cent.

Part-time employment jumped by 82,000 jobs while 28,000 full-time positions were shed.

More news: Alli header helps Spurs see off spirited Newcastle

On the Bank of Canada, he said, "We're still a ways away from the next Bank of Canada rate decision, but with this first glimpse of third quarter activity kicking things off more or less on the right foot, the conditions remain right for further rate increases".

Another weak point in the monthly jobs data was a 36,500 drop in goods-producing industries, including a net decline of 18,400 in manufacturing.

The agency said average hourly wage growth, which is closely monitored by the Bank of Canada, continued its gradual slide last month to 3.2 per cent after expanding 3.6 per cent in June and 3.9 per cent in May.

"Employment rose in a number of services-producing industries: educational services; health care and social assistance; information, culture and recreation; and the other services industry", Stats Canada reported.

On a year-over-year basis, employment rose by 245,900 jobs, or 1.3 percent.

Compared to past year, employment was essentially unchanged. The report said the main cause of the drop was due to the fact fewer young people were looking for work.

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