This article was last updated on April 16, 2022
Canada: 
Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…
USA: Oye! Times readers Get FREE $30 to spend on Amazon, Walmart…
The unemployment rate of Canada fell to 7.4% when almost 2800 jobs were lost countrywide during the last month. The labor size shrunk as the number of Canadians in search of a job decreased by roughly 38,000 of whom the majority were under the age of 25.
“Just as the U.S. labor market finally appears to be turning the corner, Canada’s job market finds itself in a funk,” said BMO deputy chief economist Doug Porter in an email. “While this report isn’t as ugly as the headline dip in employment, the main message is that the domestic economy is now clearly struggling to post meaningful growth.”
According to Statistics Canada, employment rose to 24000 mainly among men of age 55 and over.
“Over the past 12 months, employment for this age group has grown 4.0 per cent, the highest rate of growth among all demographic groups. Compared with 12 months earlier, the number of full-time workers was up 1.5 per cent (204,000), while part-time employment declined 2.5 per cent (83,000),” Statistics Canada said in its release Friday morning.
United Steelworkers economist Erin Weir said this shrink in labor force has emerged at a time when federal and provincial governments are on their mission to finalize budgets. He said the main concern should be to generate employment opportunities through public investment and guarantee adequate benefits for the jobless Canadians who are not intentionally out of work.
“This does speak to some of the weakness in the labor market,” said David Tulk, chief Canada macro strategist at TD Securities.
“Again, all the easy jobs have been made so we’re roughly now waiting for the next dose of stimulus, which we feel will come through a stronger U.S. economy but is unlikely to really filter through until maybe the second half of the year,” he said.
Article viewed on Oye! Times @ www.oyetimes.com
Be the first to comment