Job Market Continues to Weaken
Canada’s job market continued to weaken in January as employment rose by a meagre 2,300 jobs, much less than the growth in the number of workers in the labour force. As a result, the national unemployment rate rose from 7.5% to 7.6%.
The unemployment rate has been steadily climbing from 7.1% last September, since which time we have lost a total of 67,000 full-time jobs.
The youth unemployment rate jumped from 14.1% to 14.5% in January, and there were significant increases in the unemployment rate in Atlantic Canada and in Ontario (where the unemployment rate rose from 7.7% to 8.1%)
We lost 3,600 full time jobs in January, with the losses concentrated in construction (down 13,700) and in professional, scientific and technical services. (down 45,000.) Many of these lost service jobs are probably linked to activity in the construction industry.
These dismal numbers clearly reinforce the case for a federal Budget focused on jobs rather than cuts.