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Unemployment rate unchanged in July, though jobless rate for young people - https://lnkd.in/giPjrc8N Canada's economy shed 2,800 jobs in July while the unemployment rate was unchanged at 6.4 per cent, Statistics Canada said on Friday.Employment fell in wholesale and retail trade, which shed 44,000 jobs, and in finance, insurance, real estate, rental and leasing, which shed 15,000 jobs. Public administration, transportation and warehousing,

In econ, if you make a graph that's cool enough, they'll put your name on it. The "Beveridge Curve" is labour-econ's most prominent example, which shows the relationship between job vacancies (y-axis) and unemployment (x-axis). Usually, it follows a predictable downward slope: fewer job openings typically mean more unemployed, and vice-versa. This pattern partly explains Canada's recent labour market weakening. Job vacancies are down a lot over the past 2 years - we'd expect that to push up the jobless rate. But there's a wrinkle: current unemployment (6.4% in June) is a bit higher than we'd expect from falling vacancies alone. And the recent break in the relationship is occurring entirely among youth. What's going on? The population of 15-24 year olds has soared 7.3% in the past year alone, far faster than the elevated 2.8% among those age 25+. The surge in newcomers has occurred when the economy's been growing slowly. The result has been growing ranks of unemployed job seekers, especially under 25, struggling to find work. I cover this, and more, in my 2024Q2 Labour Market Update: https://lnkd.in/dR4-5y8B

'Data For Business' is an effort of the Langley Chamber, in partnership with the Canadian Chamber, to bring our members reports, stats and analysis on economic and business data to help inform business and investment decisions. Read our latest update below: Following decent growth in January and February, Canadian employment saw little change in March 2024 according to new labour force data, but unemployment has ticked up above 6% for the first time in 2 years. In Canada, there was little change in employment/jobs in March, but the unemployment rate increased to 6.1% (from 5.8%), driven largely by an increase of 60,000 jobseekers or people on layoffs. Unemployment was particularly up for youth, rising 1% to 12.6%. In BC, the unemployment rate rose to 5.5%, Average hourly wages rose 5.1% (+$1.69 to $34.81) year-over-year, following an increase of 5.0% in February. In BC, average hourly wages were $36.50. BC was one of two provinces to see job gains in March, with 6,600 news jobs created, driven by jobs in Health Care and Social Assistance (+10,300), Finance, Insurance and Real Estate (+5,800) and Wholesale and Retail Trade (4,700). Leading job declines was Information, Culture and Recreation (-5,800) and Accommodation and Food Services (-5,200). That said, the trend of public sector job creation continued, with 2,700 public sector jobs created over the past month, while the private sector shed 18,100. Strong growth in self-employment made up the difference and accounted for the over all job gains. Commentary: "Though job growth came to a grinding halt in March, the main headline was the unemployment rate breaking the 6% threshold for the first time in more than two years. These numbers signal that population growth continues to run ahead of labour demand. As the Bank of Canada continues to assess how much the economy is weakening under high interest rates, this report signals growing slack in the labour market, which might just test patience in terms of rate cuts." - Marwa Abdou, Senior Research Director, Canadian Chamber of Commerce #langley #langleybc #langleybusiness

Did you know that Canada's unemployment rate rose to 6.4% in June, with a particularly tough summer job market for students? The economy shed 1,400 jobs last month, marking a significant challenge for many job seekers. 🔍 Key Insights from CBC News: - Youth Unemployment: The unemployment rate for young people aged 15-24 climbed to 13.5%, the highest since 2014 (excluding the pandemic years). - Sector Shifts: Jobs decreased in transportation, housing, and public administration, while there were gains in food services, accommodation, and agriculture. - Impact on the Workforce: The job market is notably challenging for Black and South Asian Canadians, with unemployment rates for these groups rising significantly. - Economic Outlook: While the average hourly wage rose by 5.4%, the overall labour market is softening. This dynamic might influence future decisions by the Bank of Canada regarding interest rates. As a recruitment professional, it's essential to understand these trends and support our clients and candidates through these uncertain times. Let's leverage our expertise to navigate this evolving landscape together. 📩 If you're looking for new opportunities or need hiring support, feel free to reach out at nora.sharif@horusrh.ca. Let's connect and make a positive impact in these challenging times. #JobMarket #Unemployment #YouthEmployment #Recruitment #EconomicTrends #Canada

🍁📈 Canada's Labor Market: Heating Up, But Not Without its Groove!📊🔍 Breaking down the latest numbers from Statistics Canada like a cool beat, we see a mixed tune in the labor market landscape. Here's the lowdown: 👊 Job Additions Throw a Punch: Employers pulled a surprise move by adding a solid 40,700 jobs last month—beating the market's modest expectations. Yet, the unemployment rate decided to show off a 0.1 percentage point increase, hitting 5.8%. 💼 Unemployment Rate Takes a Stroll: Despite the small uptick, the unemployment rate is keeping it real—steady vibes in recent months after a bit of a climb last year. 💰 Wage Growth: A Smooth Operator: The Bank of Canada is all about that wage growth, and it showed a bit of a slowdown for the second straight month. Could be a sign of some labor market chill as population growth outpaces hiring. 📉Canada vs. the U.S. Dance-off: Comparing moves with our southern neighbor, Canada's unemployment rate edged up to 5.0% while the U.S. added a hefty 275,000 jobs. Both experiencing a cool-down in wage gains. 🌐 Global Economic Beat: Canada's labor market seems to be grooving to the tune of high rates, aligning with the Bank of Canada's laid-back stance. They're waiting for more signs of that chill wage growth before thinking about rate cuts. 💡 Market Insights Boogie: According to Royce Mendes from Desjardins Capital Markets, the economy isn't hitting a sour note just yet. The data jives with the central bank's cautious optimism, showing a gradual adjustment to the economic groove. 📊 Labor Force Dynamics Dancefloor: Labor force participation? Holding steady at 65.3%. Total hours worked? A modest bump. But keep an eye on the employment ratio—it's dipped a bit, hinting at potential shifts in the labor market melody. 🕺 Job Type Breakdown Shuffle: All the added jobs in February were on the full-time dance floor, overshadowing a dip in part-time moves. Self-employed roles took a spin, marking a twist in the employment rhythm. 🤔 What's Next in the Playlist: Despite the population surge, economists like Andrew Grantham from CIBC Capital Markets note a slow dance of labor market conditions. The central bank's high policy rate suggests they're savoring the slow burn. 📉🔄 Wage Growth Groove: Average hourly wages for the work crew showed softer growth at 4.9%, down from January's 5.3%. Still got that beat going, outpacing broader annual inflation. 🎶 Key Takeaway: The labor market jam continues, with its own set of vibes. Stay tuned for more twists and turns as the track unfolds!🎤 #CanadaJobsJam #EconomicGroove #LaborMarketMoves #BankOfCanadaTunes

Canada's Unemployment Data and the Implications for Rate Hikes 📊🇨🇦 #Economy #Unemployment ●Unemployment Decline: Canadian rate drops to 5.7% in January, first decrease since 2022. ●Economic Outperformance: Positive headlines raise interest rate hike expectations. ●Headline Concerns: Experts caution that the data might not reflect the true employment picture. ●Part-Time and Public Sector Gains: Job growth concentrated in part-time and public roles, raising quality concerns. ●Exclusion of Working Aged Canadians: Participation rate drop excludes 500k from the unemployment rate, including discouraged workers. ●International Students' Impact: Unemployed international students not officially counted, potentially distorting data. ●Forecast and Rate Hikes: Conflicting views on a potential recession or continued outperformance influencing interest rates. see more here👇 https://lnkd.in/gjctXqca

📊 VPWS Monthly Employment Update – September 2024 📊 📈 Canada’s labour market showed positive growth in September, with employment rising by 47,000 (+0.2%). This increase comes after four months of little change, signalling a potential shift in the job market. Despite the rise in employment, the employment rate slightly declined by 0.1 percentage points to 60.7%, reflecting the ongoing challenge of population growth outpacing job creation. 👨👨👦👦 Gains were led by youth aged 15-24 (+33,000) and core-aged women (+21,000), with notable growth in industries like information, culture, recreation, and professional services. 🏗️ Breaking down by industry, sectors showing significant growth include information, culture, and recreation (+22,000), wholesale and retail trade (+22,000), and professional, scientific, and technical services (+21,000). This suggests that both consumer-driven industries and technical fields are expanding. 🌍Regional Employment Highlights: Ontario took the lead, adding 43,000 jobs (+0.5%), while Quebec followed with 22,000 new jobs. On the other hand, British Columbia and New Brunswick experienced declines, losing 18,000 and 4,100 jobs, respectively. 📉 The unemployment rate dropped slightly to 6.5%, marking the first decline since January 2024. The youth unemployment rate saw the biggest improvement, dropping by 1.0 percentage points to 13.5%, although it remains higher than in previous years. Stay informed on these trends as we continue tracking the Canadian labour market! #EmploymentUpdate #WorkforceSolutions #RecruitingExcellence #CanadianLabourMarket #VPWS #VPWorkforceSolutions

More signs of a cooling in today's jobs report. Canadian employment was largely unchanged for second straight month, and the only reason unemployment didn't rise further was because of decline in the labour force (people working or looking for work). Canada's economy isn’t growing enough to consistently add jobs and absorb people looking for work, particularly among youth and newcomers. This report reinforces our call for another 25 basis point interest rate cut in September. Slack has built up in the labour market, and it's only a matter of time before persistent wage pressures start to relax. In Alberta, jobs and the unemployment rate held steady last month. Year-over-year job growth has slowed, though composition of gains (mostly full-time and private sector) remains more favourable than national trends. For more, see today's 24: https://lnkd.in/e6GGEiif

In August 2024, Canada's unemployment rate rose to 6.6%, up from 6.4% in July. The economy added 22,000 jobs, but this increase did not keep pace with population growth. Employment grew in educational services, health care, and finance, but declined in other areas like professional services and utilities. Students, especially those returning to school, faced a difficult job market with an unemployment rate of 16.7% for the summer, up from 12.9% last year. Black students had the highest unemployment rate among student groups at 29.5%. Despite these challenges, wages for workers rose by 5% year-over-year, reaching an average of $35.16 per hour. However, wage growth was flat for recent immigrants compared to a 6.3% increase for more established immigrants and a 6% increase for Canadian-born workers. Insights: Job Market Strain: The modest job growth relative to population increase suggests a strained job market, particularly affecting students and marginalized groups. Sector Discrepancies: Job gains were concentrated in specific sectors, indicating uneven recovery across the economy. Wage Trends: While overall wages are rising, recent immigrants are not seeing the same benefits, highlighting a disparity in economic gains. Monetary Policy Impact: The rise in unemployment follows recent interest rate cuts by the Bank of Canada, suggesting ongoing efforts to stimulate economic growth amid a sluggish job market.

𝗖𝗮𝗻𝗮𝗱𝗮'𝘀 𝘂𝗻𝗲𝗺𝗽𝗹𝗼𝘆𝗺𝗲𝗻𝘁 𝗰𝗹𝗶𝗺𝗯𝘀 𝘁𝗼 𝟲.𝟲% 𝗶𝗻 𝗔𝘂𝗴𝘂𝘀𝘁, 𝗶𝗺𝗽𝗮𝗰𝘁𝗶𝗻𝗴 𝗿𝗲𝗰𝗼𝘃𝗲𝗿𝘆. In August, the unemployment rate went up to 6.6%, as the job market slowdown affects workers and job seekers. ➡ The economy added 22,000 jobs, not keeping pace with population growth. ➡ Employment increased in sectors like education, healthcare, and finance. ➡ Employment fell in others like professional services and utilities. ➡ Students faced the highest unemployment since 2012, at 16.7%. ➡ Black, Chinese, and South Asian students faced much higher unemployment this summer. ➡ Black students saw a 29.5% unemployment rate. ➡ Immigrant wage growth lagged behind, with recent immigrants seeing a 1.3% decrease. ➡ Unemployment went up after the Bank of Canada lowered rates again. Do you think the unemployment rate will go down soon? Share your thoughts. 📌 For any queries, book an appointment - https://lnkd.in/gEfPBUp6