Today’s Job Numbers
Here’sÂ 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.Â 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 â€œrealâ€ 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 secondÂ successive month -Â average weekly earningsÂ of full time workers have fallen (from $926.34 in February to $924.96 in March)Â – an early indicator of wage deflation.