Muted Advances
Well, do we celebrate or do we not? Hard to tell, from the statistics and the interpretations thereof. On the one hand the Canadian economy was able to add 35,800 jobs in the past month of August. That's good news, as is the fact that this means the country has regained all the jobs lost as a result of the recession we're slowly emerging from. A fast recovery, nonetheless, compared to previous recessions.
Despite which, go figure it out, the unemployment rate has edged up to 8.1%. More people have felt encouraged to go out there and look for employment. A sign of confidence in the future economic growth of the country, or one of despair that employment insurance benefits have run out?
On the one hand it looks promising that more jobs are being created. On the other Statistics Canada data illustrate some softening in the economy. The private sector is losing jobs. And it's the education sector that has been booming, relatively speaking. After having lost 60,000 jobs in education one month, they were restored the next.
Confusing? You bet.
Some 32,600 people lost their employment in August, representing 10 of 15 industrial sectors. It doesn't help, needless to say, that the U.S. economy has been excruciatingly slow to pick up. Its unemployment picture is far more dismal than Canada's, and more homes are being lost than ever before, there.
The federal government hasn't helped with its slashing of its own operating expenses. Contract renewals in government departments simply are not going forward. And internal infrastructure commitments are being put on hold. Canada's central bank is cautiously awaiting signs of an upturn in the U.S.
While it's very nice that all 417,000 jobs lost during the recession in Canada have been restored, and there are, as a result, more Canadians with employment than ever before, it's also a fact that more Canadians are looking for employment as the working-level population continues to rise. Full-time employment is on the rise and part-time declining.
The construction sector continues to be strong, but manufacturing is still eliminating jobs in the struggle to retain the bottom line and remain international competitive.
Despite which, go figure it out, the unemployment rate has edged up to 8.1%. More people have felt encouraged to go out there and look for employment. A sign of confidence in the future economic growth of the country, or one of despair that employment insurance benefits have run out?
On the one hand it looks promising that more jobs are being created. On the other Statistics Canada data illustrate some softening in the economy. The private sector is losing jobs. And it's the education sector that has been booming, relatively speaking. After having lost 60,000 jobs in education one month, they were restored the next.
Confusing? You bet.
Some 32,600 people lost their employment in August, representing 10 of 15 industrial sectors. It doesn't help, needless to say, that the U.S. economy has been excruciatingly slow to pick up. Its unemployment picture is far more dismal than Canada's, and more homes are being lost than ever before, there.
The federal government hasn't helped with its slashing of its own operating expenses. Contract renewals in government departments simply are not going forward. And internal infrastructure commitments are being put on hold. Canada's central bank is cautiously awaiting signs of an upturn in the U.S.
While it's very nice that all 417,000 jobs lost during the recession in Canada have been restored, and there are, as a result, more Canadians with employment than ever before, it's also a fact that more Canadians are looking for employment as the working-level population continues to rise. Full-time employment is on the rise and part-time declining.
The construction sector continues to be strong, but manufacturing is still eliminating jobs in the struggle to retain the bottom line and remain international competitive.
"With visible deceleration in the pace of output growth since the spring and pre-tax corporate profits still recovering, we anticipate that businesses will seek to boost productivity partly through fewer additions to payrolls in the months ahead." Derek Burleton, deputy chief economist, Toronto-Dominion bank.
Labels: Canada, Crisis Politics, Economy
posted by Pieface | 7:56 PM
0 Comments:
Post a Comment
<< Home