Saturday, August 1, 2015

Economy creates paltry 200 jobs

OTTAWA—Trouble in Canada’s anemic jobs market continued into July as a paltry 200 jobs were added during the month—falling spectacularly short of expectations.
Economists has expected the economy to bounce back from the unexpected 9,400 decline in June by adding around 20,000 new jobs.

Canada’s unemployment rate dropped one-10th of a point to 7.0 percent for the month, but that’s only because 35,400 people stopped looking for work.
The participation rate, which tracks how many people actively are searching for jobs, declined to 65.9 percent from 66.1 percent in June.
That’s the lowest it’s been since late 2001, BMO senior economist Benjamin Reitzes noted in a report.
Over the past 12 months, the economy has added 115,300 new jobs, or 0.7 percent of the labour force—with all the growth in part-time work.
Between June and July, the number of full-time jobs fell by 59,700 while part-time jobs increased by 60,000.
“Canada is rapidly becoming a nation of part-timers,” said Paul Ashworth, chief North American economist at Capital Economics in Toronto.
“Over the past 12 months, full-time employment has actually declined by a cumulative 3,100 while part-time employment has increased by 118,500,” he noted.
Most of the month’s job losses came in construction, health care, and social assistance.
However, employment in educational services and in information, culture, and recreation rose in July.
The majority of new jobs were concentrated among people aged 15-24, Statistics Canada said, while there were losses among people aged 55 and older.
Regionally, Newfoundland and Labrador and Manitoba were the only provinces to show job growth.
Employment fell in New Brunswick while the rest of the provinces remained mostly unchanged.

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