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Canada’s #unemploymentrate has trended higher once again this month, according to the latest iteration of Statistics Canada | Statistique Canada’s November #labourforce survey. The survey reported that Canada’s #jobless rate rose to 5.8 per cent in November - up from 5.7 per cent in October - which is being credited to the Bank of Canada's steep #interestrate hikes and their detrimental effect on the #economy. While #employment increased in manufacturing (+28,000; +1.6%) and construction (+16,000, +1.0%), declines occurred across retail (-27,000; -0.9%), finance, insurance, real estate, rental and leasing (-18,000; -1.3%). However, Canada’s economy added a modest 25,000 #jobs last month, falling short of the pace of population growth. Due to this, economists maintain the Bank of Canada will continue to hold its key interest rate steady. Unsurprisingly, the people of LinkedIn have some choice thoughts about Canada’s “labour-constrained economy”. David-Alexandre Brassard, chief economist at Chartered Professional Accountants of Canada (CPA Canada), said: “The interest rates are starting to bite like we expected them to, resulting in a stunted economy. The labour market holding strong illustrates that we are in a labour-constrained economy.” “Wage pressures by themselves should not be enough to maintain inflation in unsustainable territory. On the contrary, higher interest rates seem to be sufficiently constraining and we can expect the Bank of Canada to hold their ground with no changes to the rate in next week’s announcement,” he continued. On the plus side, hourly #wages rose 4.8% (+$1.57 to $34.28) on a year-over-year basis due to staff asking for more money to combat inflation. On the topic, Charles St-Arnaud, chief economist at Credit Union Central Alberta, remarked: “The Bank of Canada will take comfort in seeing slower momentum in wage gains, but wages continue to grow at levels that are disconnected from productivity gains. “The rise in the unemployment rate suggests that some slack is gradually building up in the #labourmarket, which should help ease some of the upside pressures on wages.” Read more via our blog: https://lnkd.in/gX7Kacqn #startuptips #startupjourney #investing #investingwisdom #investingadvice #investingstrategy #investingtips #angelinvesting #angelinvestors #angelinvestor #angelinvestment

Canada's January Jobs Report: A Closer Look 📊 Today's employment update has stirred the markets and sparked fresh conversations among economists. While the unemployment rate saw a slight decrease, the details tell a more nuanced story. Here's what you need to know: Unemployment Rate Drops: January witnessed a marginal decline in the unemployment rate to 5.7%, the first dip since December 2022. But does this reflect strength in the labor market? Experts suggest otherwise. Jobs Created: A total of 37,300 jobs were added last month. However, this consisted of a gain of 48,900 part-time positions against a loss of 11,600 full-time jobs, painting a mixed picture of job market health. Rate Cut Forecasts Adjusted: With today's data, the likelihood of a Bank of Canada rate cut in March has fallen to just 16%, with June now looking more probable for a rate adjustment. Labour Market Concerns: Critics argue that the drop in the participation rate, alongside a notable increase in population, indicates underlying weaknesses. The job gains might not be as positive as they appear at first glance. Sectoral Weaknesses & Wage Growth: Goods-producing sectors saw declines, and wage growth for permanent employees slowed, further complicating the outlook. Bank of Canada's Stance: Despite these mixed signals, the Bank of Canada is expected to take a cautious approach to rate cuts, influenced by both the employment report and recent GDP growth figures. What's Next? Economists are adjusting their expectations, with CIBC now predicting fewer rate cuts by the end of the year. As the Canadian economy shows resilience, all eyes remain on the Bank of Canada's next moves. Stay tuned for more updates. #CanadaJobsReport #Economy #BankOfCanada #UnemploymentRate #LabourMarket

📉 Canada's Unemployment Update - March 2024 🔹 Unemployment Rate: Jumped to 6.1% from 5.8% in February, the highest since October 2021, exceeding expectations of 5.9%. 🔸 Impact of Interest Rates: The increase aligns with the Bank of Canada's findings that higher rates are significantly impacting the labor market, hinting at possible rate cuts soon. 🔹 Sector-Specific Trends: Public Sector: Strong demand continues in healthcare, education, and public administration. Private Sector: Hiring has slowed, especially in finance, insurance, real estate, professional services, and manufacturing. 🔸 Youth Unemployment: Increased more sharply to 12.6% from 11.6%. 🔸 Core-Aged Unemployment: Slightly up to 5.2% from 5%. 🔹 Employment & Wages: Net employment fell slightly by 2,200, defying expectations of a 25,000 increase. Hourly wage growth has accelerated to 5%. 🔸 Regional Outlook: Quebec, Ontario, British Columbia: Expect a rise in average unemployment rates by 1.0-1.6 percentage points due to labor force growth outpacing employment. Alberta & Atlantic Provinces: More moderate increases expected with relatively stronger employment prospects. 💬 What do you think will be the next move for the Bank of Canada? Share your thoughts below! #CanadaJobs #UnemploymentRate #LaborMarket #EconomicTrends #BankOfCanada #InterestRates #PublicSectorJobs #PrivateSectorJobs

The September jobs report in Canada beat expectations by a multiple of three. This will cause the Bank of Canada consternation as they consider their next interest rate decision point. The Bank of Canada would be wise to dig deeper than the surface numbers, as part-time work and rising self-employment accounted for most of the increase. Despite the increase in jobs by 66,000 positions, total hours worked dropped by 0.2% in the month. The next decision for the Bank of Canada concerning interest rates is scheduled for October 25. The largest jump in jobs was also in the public sector and in BC and Quebec, whereas private sector jobs held steady, and Alberta lost 38,000. Many will ask if a growing public sector, increase in part-time work, and an increase in people starting precarious self-employment/contract work is a good reason to keep the gas on in terms of another interest rate hike. Douglas Porter of the Bank of Montreal says labour is still steaming ahead - he and others need to look at the numbers behind the numbers - seriously. There is labour-market strength and vacancies, but certain aspects of the numbers we see are precarious and increase volatility. Another factor that may drive another hike from the Bank of Canada is the abundance of permanent wage increases - which themselves drive up inflation. Companies are forecasting just under 4% wage increases - still for 2024. That, with the rising cost of other inputs, the Bank of Canada will be challenged to meet its 2% target. More to come - let's watch and see on October 25, 2023.

In May, Canada's economic landscape presented a mixed bag of signals as the unemployment rate ticked up to 6.2%, marking a more than two-year high, while wage growth surged to a four-month peak of 5.2%. According to data released on Friday by Statistics Canada, the Canadian economy added 26,700 jobs during the month, offering diverging insights into the country's labor market dynamics and posing a conundrum for policymakers at the Bank of Canada. The uptick in the unemployment rate, which has been on a steady upward trajectory over the past year, reflects ongoing challenges within the labor market, exacerbated in part by the pressures of high interest rates. However, the acceleration in wage growth, particularly outpacing inflation, presents a complex scenario for policymakers grappling with the dual mandate of stabilizing employment and curbing inflation. The release of the jobs data prompted a recalibration in market expectations, with money markets trimming bets on a July rate cut to 44%, down from over 50% previously anticipated. The cautious stance adopted by the Bank of Canada was reiterated following Wednesday's warning that persistent high wage growth could impede progress in containing inflation. Against the backdrop of stronger-than-expected U.S. jobs data and ongoing global economic dynamics, the Canadian dollar traded lower, reflecting market uncertainty surrounding future monetary policy actions. #CanadaEconomy #Unemployment #WageGrowth #BankOfCanada #MonetaryPolicy #Inflation #JobMarket https://lnkd.in/gteB442H

Canadian Unemployment and Inflation Rates Rise, Signaling Stagflation Concerns In June 2024, the Canadian job market experienced a notable slowdown, with the unemployment rate rising to 6.4% from May's 6.2%. This increase represents the highest unemployment rate since January 2022. The rise comes as the Canadian economy shed 1,400 jobs, indicating a stalling labor market. This situation has led to increased speculation about potential interest rate cuts by the Bank of Canada (BoC) at its upcoming decision on July 24. The job losses in June were primarily driven by declines in full-time positions, which fell by 3,400, while part-time jobs saw a modest increase of 1,900. Specific sectors like transportation and warehousing experienced significant job reductions, losing 11,700 positions, followed by a drop of 8,800 jobs in public administration. In contrast, the accommodation and food services sector saw a substantial gain of 17,200 jobs, and the agricultural sector added 12,300 jobs. Adding to the economic challenges, Canada's annual inflation rate rose to 2.9% in May, up from 2.7% in April. This increase, contrary to economists' expectations of a decrease to 2.6%, was driven by higher costs in transportation, food, and health and personal care. The unexpected rise in inflation has complicated the outlook for an interest rate cut, with market bets on a July rate reduction dropping from 65% to 54%. # Thank you Jane Park for your submission!

Canada’s labor market stumbled in June, with the unemployment rate rising more than expected to 6.4%. The economy saw a net loss of 1.4k jobs, compared to expectations of 25k job gains. Still, most economists believe the Bank of Canada will tread cautiously before delivering its next anticipated rate cut, which could come as early as its next meeting on July 24, or not until September 4. https://lnkd.in/gAk7qfY5

Bank of Canada’s Tightrope Act: Inflation, Wage Control, and the Forgotten 6.4% I may not be an economist or a banker, but I have some thoughts on Bank of Canada's orchestrated interest rate spectacle. Inflation vs. Free Market: So, the Bank of Canada (BoC) wants to combat inflation. Fair enough. But here is the kicker: Their approach feels like a tightrope walk between a “free market” and a “capitalism” that has had one too many lattes. Decision makers at the bank keep waving a banner that reads, “We’re doing this for your own good!” But is it really? Unemployed Canadians, Immigrants, Permanent Residents, International Students on Post Grad Work Permit: Let us talk about the 6.4%, which I guarantee is much higher, who wake up every morning, polish their résumés, and dive headfirst into the abyss of joblessness. They are not just numbers; they are people with rents/mortgages, families, and dreams. Real people are teetering on the edge. Houses hang in the balance, hopes waver, and dreams fade like yesterday’s TikTok trend. But fear not! The BoC has a plan. Or does it? Perhaps the BoC should open its tightly locked doors and employ all the 6.4%. Are they ensuring that the 6.4% do not lose their homes? Are they whispering sweet reassurances to the unemployed? No, they are too busy adjusting interest rates and playing economic Jenga. And guess what? In 2023, the average job hunt lasted a whopping 17 weeks. That is 119 days of uncertainty, sleepless nights, and existential crises. And it takes much longer to find a job in 2024. Perhaps the BoC needs a reality check and perhaps it is time for a reassessment. Let us untangle this mess, stitch up the safety net, and give the 6.4% a fighting chance. So, BoC, PLEASE listen up: You are not just balancing numbers; you are juggling lives. Get it right. Because when the dust settles, the 6.4% will be here, watching, waiting, and wondering if your tightrope act was worth it. #Growth #Economics #Economicgrowth #Economicdevelopment #Finance #Inflation #InterestRates #MonetaryPolicy #FreeMarket #Capitalism #Unemployment #JobSearch #LaborMarket #WageGrowth #BankofCanada #CentralBanking #MonetaryDecisions #EconomicStimulus #shiftingparadigm #shatteringthemyth #reimagined #inspiredrecruiter #candidateagent #scalablehr #talentnow #kitchentablehr #surreystaffing

It seems like unemployment rates are still the name of the game to bring inflation down. In August 2023, Canada lost 40,000 jobs as a nation. Within those numbers: - British Columbia gained 12,000 jobs - Alberta gained 18,000 jobs - Ontario lost 9,000 jobs - BC unemployment rate dropped -0.2% to 5.2% from July 2023 - National unemployment rate remained at 5.5% in August 2023 - "Employment within the finance, insurance, real estate, rental and leasing category took a hit in B.C., shedding 7,700 jobs amid high interest rates" - Canada needs 50,000 jobs monthly to maintain that 5.5% unemployment rate - “The unemployment rate [is] likely to move higher in the coming months and approach levels which should slow wage growth and overall inflationary pressures in the future,” - Canada's population grew by roughly 85,000 per month in 2022. #inflation #cre #unemployment #interestrates

Canada’s unemployment rate is on the rise once again, this time reaching a 21-month high of 5.7% according to Statistics Canada | Statistique Canada. leading many to hint at an “economic slowdown” for the Great White North. This marks the fourth month of an increase in unemployment in the past six months, with the rate expected to reach 6% by the end of 2023. Tu Nguyen, economist RSM Canada shared via LinkedIn that “the impact of high interest rates on businesses and households is undeniable.” On the topic, she continued: “Those currently unemployed and those just entering the workforce –youths, for instance, are finding it more challenging to find work as labour demand eases. Even though companies are not going through mass layoffs, hiring freezes are becoming the norm.” The Bank of Canada will get one more jobs report before its next interest rate decision next month on 6 December, with experts predicting the central bank will not add a further rate hike. This viewpoint is maintained by Charles St-Arnaud, chief economist at Credit Union Central Alberta, who explained: “The softening of the labour market, with weak job gains, slower wage growth and a rising unemployment rate, suggests that some slack is being created in the economy. This will be welcomed by the Bank of Canada, and we believe it means that another rate hike is very unlikely.” However Stephen Tapp, PhD, chief economist at the Canadian Chamber of Commerce (Canada), claims this further rise in unemployment is “certainly not a cause for alarm yet”, though signals the strain of an increase in immigrants to Canada’s labour supply. Read more via our website: https://lnkd.in/gencGR8X #startuptips #startupjourney #investing #investingwisdom #investingadvice #investingstrategy #investingtips #angelinvesting #angelinvestors #angelinvestor #angelinvestment