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Money Canadian economy shed 71K jobs in November — biggest loss since the financial crisis

19:31  06 december  2019
19:31  06 december  2019 Source:   globalnews.ca

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The Canadian November labour market posted its biggest monthly job loss and largest unemployment upswing since the financial crisis, Statistics Canada data show. The economy shed 71,200 jobs last month, while the jobless rate jumped to 5.9 per cent, up from 5.5 per cent in October.

a screenshot of a cell phone: CANADIAN UNEMPLOYMENT © Provided by Global News CANADIAN UNEMPLOYMENT

Economists on average had expected a gain of 10,000 jobs and the unemployment rate to hold steady at 5.5 per cent, according to financial markets data firm Refinitiv.

Instead, the data showed job losses spread across industries and job types, with both full-time and part-time positions axed, CIBC economist Royce Mendes wrote in a note to clients.

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The goods-producing sector lost 26,600 jobs in the month as the number of manufacturing jobs fell by 27,500 jobs and the natural resources sector shed 6,500. Meanwhile, the services sector lost 44,400 jobs as the number of public administration jobs fell by 24,900 jobs in November.

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The loss in jobs came as both full-time and part-time employment moved lower. The number of full-time jobs fell by 38,400, while part-time employment fell 32,800.

Canadian economy lost 71,200 jobs in November, unemployment rate rises to 5.9%

  Canadian economy lost 71,200 jobs in November, unemployment rate rises to 5.9% Canadian economy lost 71,200 jobs in November, unemployment rate rises to 5.9%The unemployment rate rose by 0.4 percentage points from last month to 5.9 per cent.

Regionally, Ontario and Prince Edward Island were the only provinces to see job growth in the month. Quebec lost 45,100 jobs in November due to a decline in manufacturing as well as accommodation and food services. Alberta and B.C. both lost 18,200 jobs.

While Statistics Canada's Labour Force Survey is known to be subject to sharp swings, the November report paints a grim picture, BMO economist Robert Kavcic wrote in his analysis of the numbers.

"[This] is pretty much as bad as it can possibly get."

The steep job losses could reflect a retrenchment after several months of outsized employment gains that didn't entirely jive with more modest underlying economic growth, several economists noted.

Still, the less volatile jobless rate number also showed the largest monthly jump since 2009,  RBC economists Nathan Janzen noted.

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Canada loses 71,200 jobs in biggest employment drop in decade

  Canada loses 71,200 jobs in biggest employment drop in decade Canada’s job market unexpectedly weakened for a second-straight month, registering the biggest drop in employment since 2009 and casting doubt on the resiliency of the domestic outlook. The economy lost 71,200 jobs in November, Statistics Canada said Friday in Ottawa, following a decline of 1,800 in the prior month. That pares the total number of jobs added this year to around 285,100. The report missed the median economist forecast for a gain of 10,000 jobs. The unemployment rate increased to 5.9 per cent in the month, from 5.5 per cent in October, the biggest one-month jump since 2009.

Overall, though, the year-to-date jobs tally for 2019 remains positive, with the economy adding 26,000 net new jobs between January and November. Another silver-lining came from wage date, which showed a 4.5 per cent increase year over year, up from 4.3 per cent in October, Janzen wrote.

The weak job numbers has implications for the Bank of Canada, which has so far stood out among other rich-country central banks for not cutting interest rates amid worries about a global economic slowdown.

READ MORE: Bank of Canada holds interest rate at 1.75% as global trade conflicts cause uncertainty

"Today's data mean the Bank of Canada and others will be watching the next several months of data just that much more closely," Janzen wrote.

— With files from the Canadian Press

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When economy suffers, violence can increase, crisis centre director says in wake of Kindersley murder-suicide .
With the Kindersley, Sask., area reeling a murder-suicide, the director of a crisis centre in the community says issues surrounding violence and mental health are often closely tied to the performance of the area's economy."We do see those pressures rise and fall according to how comfortable everybody is in the economy," said Michelle Weber, who is the executive director of the West Central Crisis Centre based in Kindersley, about 185 kilometres southwest of Saskatoon.

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