July Canadian Labor Market Data Mixed

August 7, 2009

Canada reported an unchanged 8.6% jobless rate last.  Such had climbed to that level in June from 7.2% in January and 6.1% last September.  However, 44.5K jobs were lost last month, akin to a decline of 348K in the U.S. labor market.  The job destruction was distributed mostly among accommodation and food services (22.2K) and construction (17.8K), and manufacturing employment (down 6.5K from June and off 10.1% from a year earlier) fell yet again.  In the year to July, self-employment rose 3.9%, a sign of people losing hope of finding a job, while the number private employees fell by 3.4%.  Public-sector jobs slipped by a lesser 0.7%.   Quebec accounted for five-sixth of all job losses in July.  On-year wage earnings, which had been stuck above 4% until recently, went up 3.4% in the year to July after a 3.5% gain in the year to June.  That’s still far above CPI inflation of minus 0.3% in the year to June.

Copyright Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.



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