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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





8 September 2017

The unemployment rate in Canada keeps falling

In August, the Canadian economy created 22,000 new jobs: an increase in the part-time sector offset a decline in the full-time category.

According to Statistics Canada, the unemployment rate went down by 0.1% to 6.2%, marking the lowest level since October 2008, just before the financial crisis hit.

While there were 110,000 part-time jobs added last month, the full-time sector lost 88,000 positions.

The only province with a hike was Ontario, creating 31,000 jobs and reducing the local jobless rate to 5.7% - the lowest level since 2001.

Nevertheless, there were certain issues in the report.

The manufacturing sector, which the government watches closely, lost another 11,000 jobs in August.

"Although the report may seem very optimistic at first, a thorough review of it will show a different picture," - Bank of Montreal economist Doug Porter noted. He says the total number of hours worked fell by 0.1% from July even despite the wave of new workers.

It could mean that the amount of paid work remained unchanged, but just was spread across a larger number of part-time workers.

"The details of this report show more sluggish results," - Porter added.

 

 

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