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

00:05  07 december  2019
00:05  07 december  2019 Source:   financialpost.com

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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

The Canadian job market lost a surprise 71 , 200 net positions in November while the unemployment rate rose to 5.9%, the highest in more than a year, data The services sector lost 44,400 net jobs . The Bank of Canada on Wednesday held its overnight interest rate steady, which it has done since

a screenshot of a cell phone: Canada’s job market registered the biggest drop in employment since 2009.© Postmedia Canada’s job market registered the biggest drop in employment since 2009.

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. The decrease in employment was broad-based among both the goods-producing and service-producing sectors.

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.

The Canadian job market lost a surprise 71 , 200 net positions in November while the unemployment rate rose to 5.9%, the highest seen in more than a year, data from Statistics Canada showed on Friday, largely on losses in the manufacturing and public administration sectors. Analysts in a Reuters poll.

The Canadian economy lost 71 , 200 jobs in November. Canada ’s job market unexpectedly weakened for a second-straight month, registering the biggest drop in employment since 2009 and setting up a test of the Bank of Canada ’s resolve to hold off from lowering interest rates.

“Canada’s jobs report is disappointing, showing job losses for the second month in a row,” said Julia Pollak, labor economist at ZipRecruiter, an online employment marketplace. “But observers should remember that the numbers are highly volatile and that this is still the strongest year for job growth in Canada in 17 years.”

Related video: Canada's most in-demand jobs for 2019 ([Provided by Huffington Post Canada]

The Canadian currency depreciated on the report, dropping 0.6 per cent to C$1.3249 against its U.S. counterpart at 8:40 a.m. Toronto time.

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

  Canadian economy shed 71K jobs in November — biggest loss since the financial crisis The unemployment rate jumped to 5.9 per cent, up from 5.5 per cent in October. © 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.

The Canadian economy posted its biggest monthly job loss since the financial crisis as the unemployment rate also pushed higher in November. Statistics Canada said Friday the economy lost 71 , 200 jobs last month and the unemployment rate rose four-tenths of a percentage point to

The Canadian economy saw the biggest monthly drop in full-time work in nearly five years, Statistics Canada said Friday in a jobs report that highlighted a number of troubling The July Labour Force Survey found the Canadian economy shed a worse-than-expected 31, 200 jobs from June to July.

Key Insights

  • The weakness in November’s report contrasts with the Bank of Canada’s view in the rate decision this week that a healthy labour market will fuel consumption and remain a source of resilience amid trade tensions
  • A question now is whether or not the labour market will continue to cool down from a strong year or if it will reverse courseSome of the losses in the month were in public administration, which saw a pickup last month due to election-related hiring
  • Wages for permanent employees rose 4.4 per cent on the year, matching the prior month’s rate; hours worked slowed to 0.2 per cent, from a year earlier, versus 1.3 per cent in October

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  • Private sector employment was responsible for a majority of the job losses while self-employment and public-sector employment were little changed
  • November saw fewer workers of core-aged men and women 55 and over

    Bloomberg.com

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Jack Mintz: You have to break down Canada’s ugly job numbers to see what’s really wrong with our economy .
Jack Mintz: You have to break down Canada’s ugly job numbers to see what’s really wrong with our economyThe Canadian numbers are concerning because employment has now fallen for two consecutive months. The unemployment rate has jumped from 5.5 per cent to 5.9 per cent in November. With GDP growth in Canada expected to be only 1.7 per cent in 2019, it looks like Canada’s economy is Goldilocks at best — not too hot nor too cold.

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