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.
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
- Power outage pastimesWest Kelowna
- Conserve waterWest Kelowna
- Students rally for classmateVernon / N. Okanagan
- Garage goes up in flamesCentral Okanagan
|QHR Technologies Inc||1.22||-0.04|
|Anavex Life Sciences||0.1804||-0.0036|
|Copper Mountain Mining||2.29||-0.13|
|Sunrise Resources Ltd||0.065||+0.045|
|Mission Ready Services||0.31||-0.01|
Investors seeking income often limit their selection to bonds and give little or no consideration to preferred shares. They usually ignore preferreds simply because they don't know much about them...
Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...
Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...