Skip to main content

Featured

Canada’s Jobless Rate Rises to 6.8% Despite December Hiring

          A employee sorts batteries on a conveyor belt at a recycling facility in Port Colborne, Ontario. Canada’s unemployment rate climbed to 6.8% in December , even though the economy added 8,200 jobs during the month. The increase in unemployment wasn’t driven by widespread layoffs but by a surge in the number of people entering the labour force and actively looking for work. December Highlights Unemployment rate: Up from 6.5% to 6.8% Employment: Net gain of 8,200 jobs Labour force: Expanded significantly, outpacing job creation Full-time work: Increased Part-time work: Declined Why the Rate Rose Economists point out that the rise in unemployment reflects renewed labour market participation , not a weakening economy. More Canadians felt confident enough to start job hunting, but hiring didn’t keep pace with the influx of job seekers. This marks the fourth straight month of employment growth , yet December also saw the largest increas...
Post a Comment
Read more

article

Labels

Canada’s Labour Market Adds 90,000 Jobs in April, Surpassing Predictions

 


In a surprising turn of events, Canada’s labour market exceeded expectations by adding 90,000 jobs in April 2024. This robust growth comes despite earlier predictions of a more modest increase. Economists had anticipated a gain of only 15,000 jobs, but the actual figures far surpassed that estimate.

Here are the key highlights from the latest Labour Force Survey by Statistics Canada:

  1. Employment Growth: The Canadian economy experienced a significant boost, with employment rising by 0.4% in April. This positive trend follows six consecutive monthly declines in employment rates. Core-aged men (25 to 54 years old) and women both contributed to this growth, along with male youth aged 15 to 24.

  2. Part-Time Employment: The surge in employment was primarily driven by part-time jobs, which increased by 50,000 (1.4%) during the same period.

  3. Sector Breakdown: Several sectors saw notable gains. Employment rose in professional, scientific, and technical services (+26,000; +1.3%), accommodation and food services (+24,000; +2.2%), health care and social assistance (+17,000; +0.6%), and natural resources (+7,700; +2.3%). However, utilities experienced a decline (-5,000; -3.1%).

  4. Regional Impact: Ontario, British Columbia, Quebec, and New Brunswick led the way in employment growth. Ontario added 25,000 jobs, while British Columbia saw an increase of 23,000. Quebec and New Brunswick also experienced gains of 19,000 and 7,800 jobs, respectively.

  5. Unemployment Rate: Despite the employment surge, the unemployment rate remained unchanged at 6.1% in April. This stability followed a steady rise over the past year due to high interest rates affecting the economy.

In summary, Canada’s labour market demonstrated resilience and momentum in April, defying earlier projections. The unexpected surge in job creation bodes well for the country’s economic recovery, even amidst challenging circumstances.

Labels:

Comments

Post a Comment