Tuesday, May 26th12.8°C
26426
25546

Canada adds 28,500 PT jobs

Canada's labour market staged a modest comeback last month, but the good news was tempered by the fact all 25,800 net new jobs were part-time and many likely temporary as the first wave of students entered the summer job market.

Despite the net increase in jobs, the official unemployment rate edged back to seven per cent after several months at 6.9, an unusual outcome caused by more Canadians entering the work force.

But the real news in the key monthly report from Statistics Canada is that full-time employment fell by 29,100, the second big drop in two months.

As well, since 48,600 young workers found employment, the assumption is that many were university students finding summer jobs — a welcome development on one level but no solace to the long-term unemployed in the country. In fact, employment among men aged 25 to 54 fell by 23,000.

The weakness was also reflected in hours worked, up 1.1 per cent but not enough to reverse April's 1.9 per cent fall-off — and the 1.4 per cent year-over-year gain in wages was the slowest in three years and below the inflation rate.

"It was tough to find much positive other than the nice headline," said Bank of Montreal economist Doug Porter.

"It's probably one of the starker cases of the headline telling one story and the details telling quite another," he said.

Markets weren't fooled. The dollar weakened modestly on the news, particularly as it compared to a relatively stronger 217,000 job creation month in the United States.

The Canadian numbers did little to alter the prevailing trend of an economy that, after churning out strong job gains in the first few years following the 2008-09 recession, has largely run out of steam in the one area most important to Canadians — the ability to create well-paying, permanent, full-time jobs.

The agency noted that over the last 12 months, only 86,000 net new jobs have been created — or a mere 0.5 per cent increase — with all the growth part-time.

The Canadian Press

COMMENTS WELCOME

Comments on this story are pre-moderated and approval times may vary. Before they appear, comments are reviewed by moderators to ensure they meet our submission guidelines. Keep it clean, keep it civil, keep it truthful, stay on topic and be responsible. Comments are open and welcome for three days after the story is published. We reserve the right to close comments before then. Comments that appear on the site are not the opinion of Castanet, but only of the comment writer.



Read more Business News

26341


Recent Trending




Today's Market
S&P TSX15187.40-13.36
S&P CDNX700.09-3.39
DJIA18232.02-53.72
Nasdaq5089.36-1.43
S&P 5002126.06-4.76
CDN Dollar0.8090-0.0031
Gold1205.70+1.40
Oil60.28-0.39
Lumber273.80+3.70
Natural Gas2.849-0.038

 
Okanagan Companies
Pacific Safety0.14+0.01
Knighthawk0.010.00
QHR Technologies Inc1.49+0.01
Cantex0.03-0.01
Anavex Life Sciences0.425+0.053
Metalex Ventures0.08-0.01
Russel Metals25.83+0.04
Copper Mountain Mining1.33-0.05
Colorado Resources0.105+0.005
ReliaBrand Inc0.0048-0.0049
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.17-0.00
Decisive Dividend Corporation2.20+0.60

 



25608

FEATURED Property
2273714104 - 2900 Abbott Street
2 bedrooms 2 baths
$649,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Cash stressed seniors

Photo: Thinkstock.comFor many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their...


Do or do not

Photo: Thinkstock.com“The optimist sees the rose and not its thorns; the pessimist stares at the thorns, oblivious of the rose.” - Kahlil Gibran Good planning is all about managing chan...


Penetrate the smokescreen

Photo: ContributedHas this ever happened to you? You’re in the middle of your second or third “good discussion” with a prospect. Everything’s going great. The prospect seems en...

_





26363


Member of BC Press Council


24222