Today’s Job Numbers
Here’s the quick analysis from my colleague Sylvain Schetagne.
“61,300 jobs were lost in Canada in March. In fact, 79,500 full-time jobs were lost but some part-time jobs were added last month.
The number of full-time jobs lost since October 2008: 386,500.
Canadian workers who have lost their jobs since October 2008: 356,500. The unemployment rate has risen to 8.0% (it was 6.3% in October 2008). The unemployment rate is back to where it was in December 2001, more than 7 years ago.
Many economists now expect the unemployment rate will rise above 10% by late 2009, and near 11% sometime in 2010. In its latest Economic Outlook, the OECD is predicting an unemployment rate of 10.8% at the end of 2010.
The broadest measure of unemployment (R8), which includes discouraged workers and involuntary part-time workers, is rising rapidly. It rose from 8.0% in October 2008 to 11.7% in February 2009. (These data are not seasonally adjusted, but the “real†rate of unemployment was also up sharply compared to February 2008.)
The manufacturing and construction sectors saw significant reductions in employment last month. Since last October, 134,000 jobs have been lost in manufacturing, and 99,000 in construction.
There were significant job losses in March among men aged 25 to 54.
Workers aged 15 to 24 have seen their unemployment rate move up to 14.8%, the highest since 1998.
Canada now has over 1,456,600 unemployed men and women. This represents an increase of 26.5% since last October.”
I’d also note that – for the second successive month - average weekly earnings of full time workers have fallen (from $926.34 in February to $924.96 in March) – an early indicator of wage deflation.
It is quite nice to see the CLC has chosen to highlight the R8 employment numbers. They are especially relevant during these times of transformation.
Great stuff Sylvain
It is odd how the business community seems to want to downplay the negative news. I find it quite ironic that focusing on the negative news, as we are told only makes it worse.
The point is to focus on the bad news to get some action from policy makers. Wishful thinking and optimism are for the neo-cons.
I was at a press conference held by the CAW and its retired workers this morning and these numbers were mentioned.
Two points-
Why is it as we get further along into this crisis, that corporations seem to want to make the adjustment on the backs of older retired workers. What is with this assault on pensions and “legacy costs”
You want to talk about barbarism, well again this system just goes beyond civil society boundaries.
The second item, Employment Insurance, when will we get some actions, WTF is going on with the powers that be, Harper and the Premiers are leading us into some very turbulent waters.
Lets ride this one out on the backs of the retired and the unemployed, wow and here I thought Hunter gatherers at one point in my economic studies were uncivilized.
They were actually a lot more civilized then what we are turning out to be. Why is this big picture not being presented to the public, I am sure they would not be allowing retirees and workers to take the brunt of this first round of adjustment. Come on, time for an election before we get much further.
Somebody beat the election drum loud- its time!
pt
Hey, that’s the Shock Doctrine for you. They always wanted to squash older retired workers and the unemployed. Any event that comes along will be used as an excuse to crush the people they wanted to crush anyway.
Thank you for providing very important and needed information.
I live in Toronto , Ontario , Canada and lost my job in 2008 and since then have been unsuccessful in finding even a part time job.
What boggles my mind is our prime minister keep referring to our strong banking system but what is not mentioned is the banks exposure to derivatives which I hope will not effect the banks but there is a possibility that it could. Do you think Harper going to tell the average Canadian about that.
Our unemployment is far higher that the 8% that is told to us.
The lies,lies and more lies