Dismal job numbers for June
Statistics Canada’s release of job numbers for June look truly dismal. The unemployment rate rose to 7.1%, and there was a loss of 9,400 jobs compared to May. Â Year over year, employment rose by only 72,000. That’s a weak 0.4% and the lowest year-over-year increase since February 2010.
An even worse sign – all of that job growth was concentrated in workers over 65. One industry boasted over 80% of net new jobs year-over-year – health care and social assistance.
While there was an increase in full-time work and a a decline in part-time jobs, total hours worked actually fell (month over month AND year over year).Â Â And, despite the fall in part-time jobs, underemployment remains elevated as over 1 million workers are working part-time jobs and need full-time work.
When you break the numbers down by province, well, I’m sure you can guess who is doing well and who isn’t. If we look at the change in both population and employment for 15-64 year olds by province, both Alberta and Ontario stand out.
Year-over-year Alberta dominates both population growth and job growth. Ontario, on the other hand, comes in second for population growth, but is actually down nearly 30,000 jobs. Quebec is also notable, as it has had almost no working age population growth, but is down nearly 50,000 jobs compared to last June.
As for that long awaited pivot to business investment and exports, our own Andrew Jackson says that’s like waiting for Godot.
Edit: For those without Globe and Mail subscriptions, here’s Andrew’s analysis over at the Broadbent Institute.