JULIE TUOI NGO’s Post

🍁📈 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

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.

OTTAWA (Reuters) - Canada's economy unexpectedly shed a net 2,800 jobs in July, as gains in full-time work were offset by part-time job losses, while the unemployment rate remained at 30-month high of 6.4%, data showed on Friday. Analysts polled by Reuters had forecast a net gain of 22,500 jobs and the unemployment rate to rise to 6.5% from 6.4% in June. The average hourly wage growth of permanent employees slowed to an annual rate of 5.2% from 5.6% in June, Statistics Canada data showed. The pay growth rate - closely tracked by the Bank of Canada (BoC) because of its effect on inflation - went back to the 5.2% level in May after the spike in June. July was the second consecutive month of job losses and add to signs of easing in Canada's labor market, which would support the case for the central bank to lower interest rates again at its next announcement in September. The unemployment rate, highest since 6.5% in January 2022, has been on an upward trend and risen 0.7% percentage points since January. The participation rate of Canada's labor force also declined to a 26-year low of 65% in July, largely reflecting declines among young men, and young and core-aged women. In Statscan's labor force survey, 12% of youth aged 15 to 24 said they wanted to work but did not search for jobs, keeping them out of the count for participating population. Citing progress towards achieving its 2% inflation target, the bank has lowered its key overnight rate in as many months and indicated it was now increasingly concerned about the chances of weaker-than-expected growth. Ahead of its last rate cut announcement on July 24, the bank noted that economic growth had been slower than population growth, leading to an excess supply in the economy and slack in the labor market. Money markets have priced in another 25 basis point cut at the bank's next rate announcement on September 4, and some even see a slim chance of 50 basis point cut. Friday's data follows a dismal jobs report last week from the United States, which ignited worries about Canada's biggest trading partner slipping into a recession. The job losses in July were entirely in part-time work, which shed 64,400 positions and more-than offset a gain of 61,600 full-time jobs - highest since February. Employment in goods-producing sector increased by a net 12,000 jobs, led by construction and utilities, while services sector lost a net 14,800 jobs, mostly in wholesale and retail trade and in some finance-related jobs. Link: https://lnkd.in/eCMWQr68 My take: Recession is definitely here. Bank of Canada will cut by 50 bps next meeting.

- National unemployment rate remains at 6.1% in April with 90,000 jobs added. - Employment gains focus on part-time work and private sector. - Professional, scientific, technical services, food, accommodation, healthcare, social assistance, and natural resources sectors drive job growth. - Youth unemployment (15-24) rises sharply to 12.8%, highest since July 2016. - Canada's economy loses momentum in February, reversing a job loss in March. - April jobs report exceeds expectations, with average hourly wages up 4.7%. - Stronger-than-expected jobs report raises concerns about inflation and interest rates.

The January 2024 Jobs Report in Canada, indicating a mixed labor market with a shift towards part-time employment and a slight decrease in unemployment, is unlikely to lead to immediate changes in the Bank of Canada's monetary policy. Despite the added jobs, the underlying weakness in labor participation and the predominance of part-time roles suggest a less robust labor market. With the Bank of Canada's focus on inflation, which remains around mid-3% levels, and the volatility in the data, the report does not provide a clear enough picture to prompt a change in the current policy stance. Tomorrow's US inflation will be closely analyzed in attempts to predict when the Fed may adjust monetary policy south of the border. https://lnkd.in/gPhPgaba #colliersvaluation #collierscanada

Canada's Job Market on Shaky Ground? Canadian labor market added 25,000 new jobs in November, but the unemployment rate rose for the second month in a row to 5.8%. Key Highlights: Job Growth vs. Population Growth: The population aged 15+ increased by 78,000, outpacing job growth, indicating a tighter job market. Wage Growth: For the first time in over three years, Canada's wage growth (4.4% YoY) has surpassed the U.S. (4.1% YoY). While this offers some financial relief to workers, it remains overshadowed by the persistent challenge of rising inflation. Inflation Trends: The Consumer Price Index (CPI) dropped to 3.6%, but remains above the Bank of Canada's 2% target, posing challenges for future interest rate decisions. Sector-Specific Trends: Construction: +16,000 jobs Manufacturing: +19,000 jobs Finance & Insurance: -18,000 jobs Warehousing & Retail Trade: -26,900 jobs Retail Sector Challenges: Core retail sales fell by 0.3% in September, indicating cautious consumer spending ahead of the holiday season. Housing Market: Residential investment is showing signs of recovery, though cautiously. Economists suggest potential rate cuts might occur in the second half of 2024, but this outlook remains tentative given the current economic uncertainties. Labor Force Trends: The prime-age employment rate is concerningly falling, and unemployment for men has increased to 5.8%. These trends signal troubling signs for the core labor market's health and stability. So, what does this mean for you? For Job Seekers: The job market is becoming more competitive, so it's crucial to enhance your skills and focus on sectors with positive growth. For Employers: Attracting and retaining talent will be challenging, requiring competitive salaries and benefits, especially as wage growth outpaces inflation. Stay agile and informed about economic trends to navigate uncertainties effectively. Stay tuned for more updates. #jobsincanada

Canada’s labour market stalled at the end of 2023 with employers pulling back on hiring as part of a broader slowdown in the economy, while wages continued to grow quickly, reported The Globe and Mail. "The country added just 100 positions in December while the unemployment rate held steady at 5.8 per cent, Statistics Canada | Statistique Canada reported on Friday. Economists were expecting employers to add around 13,500 jobs last month, according to a Reuters poll." "The job market softened notably through the back half last year, as high interest rates weighed on consumer spending and business investment. Employment growth averaged 23,000 per month in the second half of the year compared to 48,000 per month in the first half, Statscan said." "A weakening labour market shores up the case for the Bank of Canada to start cutting interest rates in the coming quarters. However, the central bank remains wary of rapid wage growth, which can feed through into inflation." https://lnkd.in/eUdi_Cwd #canada #employment #labour

Looking to stay updated on what's happening in Canada's job market at the start of 2024? Check out this informative article posted this week by Aaron D'Andrea from Global News! 📰 https://lnkd.in/ghx4T4ap Some of the most valuable insights from the article for professionals looking to navigate the current labor market include: 📈 Job Market Buzz: Canada's employment scene started the year on a high note, with a remarkable addition of 37,000 new jobs in January, mainly in part-time positions. This surge surpassed experts' predictions, hinting at a stronger job market than anticipated. 🎉 Brighter Unemployment Outlook: In a pleasant turn of events, the unemployment rate declined to 5.7% from December's 5.8%, defying expectations of an increase. This unexpected drop brings hope for a more resilient job market. 💼 Diverse Industry Growth: Employment gains were widespread across various sectors, from wholesale and retail trade to finance, insurance, real estate, rental, and leasing. This diverse growth showcases the resilience of Canada's economy, with multiple sectors contributing to job creation. 🌍 Regional Insights: While provinces like Ontario, Newfoundland and Labrador, Manitoba, and Nova Scotia experienced employment increases, Saskatchewan saw a slight downturn. These regional variations highlight the nuanced dynamics within Canada's labor landscape. 💰 Wage Boost: January saw a significant rise in hourly wages, increasing by 5.3% annually. Of particular interest is the faster wage growth among women compared to men, indicating positive progress in income levels and economic empowerment.

Canada's unemployment rate rose to 6.6% in August, but there was new job growth in education, healthcare, and finance. Wages continue to increase for many workers, but challenges remain for some groups. For more details, read the full article on CBC: https://ow.ly/uui450TklJm #CanadaJobs #UnemploymentRate #JobGrowth #LaborMarket

'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