CRAZY - Canada Job Market Is Imploding Badly
So many factors have been thought to be the reason for the steady decline of jobs in the US and Canada, and although the US has recently been seeing an improvement in that sector, the Canadian economy however shows a sharp decline in jobs - but a steady unemployment rate, which implies that while there are fewer jobs available, there are also fewer people looking for jobs. It’s important to note however that despite the decline, the jobless rate held steady at its record low of 4.9 per cent, implying lower participation in the labour force.
It is worth noting that the labour force participation rate is still rebounding from a lower level during the COVID-19 pandemic. As governments introduced various support measures at the beginning of the pandemic, starting in the second quarter of 2020, the share of households with benefits (non-pension) benefits as a main source of income reached 15.8%, while the share of those who primarily earned wages and salaries dropped to 59.0%. Following the expiry of most pandemic support measures at the end of 2021, the levels moved closer to pre-pandemic rates, at 4.9% for those with benefits ( non-pension), and 69.6% for those earning wages and salaries as a main source of income. Would they be any increase in the job sector in the coming months? Don’t forget to hit the like button and subscribe. Canada’s economy unexpectedly lost jobs for the second month in a row in July after a year-long boom, but analysts predicted that this would not stop the Bank of Canada from raising interest rates to fight inflation.Statistics Canada on Friday reported that 30,600 positions were shed while the unemployment rate stayed at a record low of 4.9 per cent. The data marked the second consecutive month of relatively moderate losses. Between May 2021 and May 2022, the economy added 1.06 million jobs as the recovery from COVID-19 took hold. Analysts polled by the Reuters news agency had expected an increase of 20,000 positions and for the jobless rate to edge up to 5.0 per cent.
The central bank last month surprised markets by raising its main interest rate by 100 basis points in a bid to tackle inflation, and said more rises would be needed. Derek Holt, vice president of capital markets economics at Scotiabank, said the July figures were disappointing but predicted Canada’s central bank would keep raising rates.
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