Canadian Employment Heads Lower, But Remains Quite High
Skerdian Meta • 1 min read
The economy of Canada fell in a deep recession during the lock-down months in April and May, as did all major economies of the globe. Unemployment surged, increasing to 13.7% in May. The economy is recovering now, although the recovery is behind the US, where unemployment fell from 10.2% to 8.4%. Below is the employment report from Canada:
Canadian Employment Report
- Net change in employment during August 245.8K vs 250K estimate.
- Net change in employment during July 419K.
- Full-time employment change 205.8 K vs. 73.2 K last month
- Part-time employment change 40.0 K vs. 345.3 K last month
- Unemployment rate 10.2% vs. 10.2% estimate. Last month 10.9%. The high watermark was 13.7% in May
- Hourly wage rate permanent employees 6.0% vs. 5.3% estimate. Last month 5.7%
- Participation rate 64.6% vs. 64.5% estimate. Last month 64.3%
- Employment is within 1.1 million of its pre-Covid February level
- The number of Canadians who were employed but worked less than half their usual hours for reasons likely related to Covid 19 fell by 259K. This left Covid related absences from work at 713K above February levels
- The total number of Canadian workers affected by Covid 19 economic shut down stood at 1.8 million. The peak was 5.5 million.
- Service producing jobs added 218 K
- Goods producing jobs added 28KK
- Combination food services plus 49K
- Retail trade plus 14K
- Education services plus 51K. This was the 4th consecutive monthly increase in the largest since April as students return to school
- Other services increased by 38K
- Manufacturing +29K
- Natural resources minus 9K