Puneet Agrawal’s Post

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

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,

🍁📈 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

https://lnkd.in/eNH3gfDQ Economy gains a disappointing 22,000 jobs in August, but most of them part-time. Rapid population growth is quickly becoming a drag in Canada's unemployment picture which increased to 6.6% in August

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 rate surged to 6.6% in August, exceeding economists' predictions. The labour market saw a net increase of 22,100 jobs, mainly in part-time roles. This marks the highest unemployment rate since May 2017, outside of the COVID-19 pandemic. Despite job growth, it has not kept pace with Canada's growing population. Statistics Canada highlighted a continuous uptrend in the unemployment rate since April 2023, with a 1.5 percentage point increase during this period. #jobs #employment #unemployment #canada #economy [Read more](https://lnkd.in/gWPNPZKT)

The Hidden Truth Behind Canada's Unemployment Numbers: A Ticking Time Bomb? I'm not an economist nor do I pretend to be one and I don't specialize in Canadian unemployment data. However I've been closely monitoring the recent figures, and it doesn't take a genius to notice that there's a concerning discrepancy. The official unemployment statistics (6.20% as of May 31st, 2024) don't fully capture the reality of the current labor market. Many individuals who have been laid off are not reflected in these numbers, creating a false sense of security about the state of employment in Canada. Take my case. I was laid off from my job about two months ago. While I'm seeking new employment, I am receiving severance pay and technically still considered employed. This arrangement, while beneficial in the short/medium term, means I am not counted in the official unemployment statistics. My situation is not unique. Many companies are offering similar packages to employees, masking the true extent of job losses. This disconnect between reported and actual unemployment is a ticking bomb for the Canadian economy. When severance packages end and me and everyone else in the same situation join the ranks of the unemployed, we will see a sudden surge in unemployment rates. The current figures do not account for this impending wave of job seekers who will flood the market, potentially overwhelming our social safety nets and job placement services. Moreover, the underestimation of true unemployment figures can lead to misguided policy decisions. Policymakers could be lulled into a false sense of security, believing that the labor market is healthier than it actually is. This could result in insufficient support measures and delayed responses to what might soon become, if we are not there already, a critical economic issue. Accurate data collection and transparent reporting are crucial. Governments and organizations should consider revising their methodologies to include those on severance pay or other temporary arrangements in unemployment statistics. This will provide a clearer picture of the labor market and enable more effective policy interventions. The real unemployment rate is not just a number; it's a reflection of real people's lives and livelihoods. It's time we acknowledge this hidden crisis and prepare for the challenges ahead. By doing so, we can better support Canadians and ensure a more resilient economic future for all. #Unemployment #CanadianEconomy #EconomicPolicy #LaborMarket #EconomicForecast #PolicyReform

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

Canada’s labour market stumbled in June, with the unemployment rate rising more than expected to 6.4%. Despite the disappointing report, economists largely think the Bank of Canada will continue to bide its time before delivering its next rate cut. The economy saw a net loss of 1,400 jobs in June, according to figures released today by Statistics Canada. It consisted of a gain of 1,900 part-time positions but a loss of 3,400 full-time jobs. This fell well below economists’ expectations of a 25,000 position gain.

Canada’s unemployment rate creeped up to 6.6% in August from 6.4% in July. This is not a good trend. The youth unemployment rate increased to 14.5% which is the highest since 2012. BoC does look at the unemployment rate along with other metrics before making their interest rate decisions. I guess if things keep getting worse, they may have to look at increasing their next rate cut from 0.25% to 0.50%.