Aug. Job Numbers: Unemployment up to 7%

[cybercoma]

http://www.ctvnews.ca/business/unemployment-rose-to-7-per-cent-in-august-statscan-1.2547995

Unemployment rose to 7% in August, although 12,000 jobs were created. Of those 12,000 net jobs, 33,000 jobs were created with tax dollars, namely, teachers, nurses, and public administration jobs. Jobs were added in Saskatchewan, Newfoundland and Labrador, Manitoba, and New Brunswick. The other provinces saw no change. Productivity continues to decline. Hours worked are increasing, while business output decreases. The road to recovery is certainly not clear.

[msj]

August numbers are always a mix of government going back to work for school and part timers losing their jobs (related to school and season work).

[Shady]

It's funny to watch you guys cheer against the ending of a recession.

[cybercoma]

It's funny to watch you guys cheer against the ending of a recession.

It's sad that you think people are cheering. You're so wrapped up into partisan politics that you can't even see that people are disgusted by this, not cheering.

[cybercoma]

TSX is down 1% today as a result of August's numbers.

[Shady]

TSX is down 1% today as a result of August's numbers.

It's usually best to wait until trading is done before declaring something. But I wouldn't expect anything else for your ilk.

[Civis Romanus sum]

TSX is down 1% today as a result of August's numbers.

The TSX is down because the DOW and S&P are down, as is Europe.

In fact, the jobs numbers have been noted as a pleasant surprise. Economists had predicted a negative figure.

[CITIZEN_2015]

I see a lot of positive things in job report. Some over 330,000 Full Time jobs created past 12 months against 100,000 part time jobs lost. August alone almost 55000 full time jobs created (against a loss of 42000 part time jobs). Almost 200,000 net jobs created past 12 months. This month alone 12000 more full time jobs. Those who remember recessions (especially the ones in the early 80's and 90's) know that these figures don't indicate a recession. The month of June saw 0.5 growth in the economy and very likely we see growth for July and August too and beyond. The falling commodity prices have been absorb by the economy and the second half of the year will see solid growth in GDP as well as employment.

Edited September 4, 2015 by CITIZEN_2015

[Keepitsimple]

Yep - lots of positive news - thanks for the report Cyber. The experts thought we would lose 4500 jobs - and we gained 12,000....in addition to all of this:

The results follow stronger-than-expected trade data this week, and a report that found while Canada's economy contracted in the second quarter, there was solid growth in June that exceeded expectations.

"We saw many economic releases out of Canada this week and I would say generally they came in on the positive side of the ledger," Bank of Montreal chief economist Doug Porter said. "If you add them up, it does suggest that the economy saw some decent growth in the third quarter after that struggle through the first half of the year."

[Bonam]

TSX is down 1% today as a result of August's numbers.

The stock markets routinely move 1% or more in a large fraction of trading days, up or down, usually with no discernible reason. In general, developed world markets are strongly correlated with one another, meaning that the largest economies set the direction for others. The reason the TSX is down is because the S&P is down. The reason the S&P is down is... because it's down on 49.9% of trading days and up on 50.1% of trading days.

Edited September 4, 2015 by Bonam

[Vancouver King]

Canadians entered the job market in droves in August - 50,000 more looking vs. only12,500 jobs created. This futile search for non-existent jobs jumped the unemployment rate to 7.0% (contrast that to 5.1% this month in America).

The recession continues unabated.

[cybercoma]

Unemployment rate is up. Great news, everyone! More hilariously, Conservatives who've routinely slammed public service jobs, calling for firings, cutbacks, and pay reduction are happy about the public service growing?

What's that about derangement syndromes, boys?

[Keepitsimple]

The TSX is down because the DOW and S&P are down, as is Europe.

In fact, the jobs numbers have been noted as a pleasant surprise. Economists had predicted a negative figure.

That's because our market is closed Monday and China's is open.......and there's a Chinese decision to be made in the meantime that could affect things. Anyway - that's the way I heard it.

[msj]

TSX is down 1% today as a result of August's numbers.

Oh, I'm sure you can find many different narratives to explain why the markets go up or down.

It's usually just noise and should be ignored.

Sort of like the August labour report should be each year.

[msj]

It's funny to watch you guys cheer against the ending of a recession.

This is a partisan and useless comment.

[The_Squid]

http://www.ctvnews.ca/business/unemployment-rose-to-7-per-cent-in-august-statscan-1.2547995

Unemployment rose to 7% in August, although 12,000 jobs were created. Of those 12,000 net jobs, 33,000 jobs were created with tax dollars, namely, teachers, nurses, and public administration jobs. Jobs were added in Saskatchewan, Newfoundland and Labrador, Manitoba, and New Brunswick. The other provinces saw no change. Productivity continues to decline. Hours worked are increasing, while business output decreases. The road to recovery is certainly not clear.

Not to worry CC... now unemployment won't actually matter to CPC supporters like it did before... Or maybe they'll change the definition of "employment"... or they'll point to the booming employment in flower deliveries and tell us that everything is fine...

[cybercoma]

Here's something that should be concerning about the jobs numbers that came out today.

-3600 construction jobs

-3200 manufacturing jobs

-5600 transportation jobs

There's are all sectors that were driving the negative growth in the first two quarters. With productivity down and many jobs lost in key sectors of the economy, this doesn't bode well for the GDP figures in Q3.

[msj]

Remember: GDP = C + G + I + (X-M).

So between all those school teachers and that $600 million increase in exports of jewelry and gold I'm sure we will be fine.

(For those who don't know, trade figures released on Thursday showed the trade deficit lower thanks to an unusual spike in a sub sub sub category. Which makes one wonder if that was a one time thing or if, all of a sudden there is going to be a mad rush on exporting gold and jewelry to the north east USA).

[Argus]

Not to worry CC... now unemployment won't actually matter to CPC supporters like it did before... Or maybe they'll change the definition of "employment"... or they'll point to the booming employment in flower deliveries and tell us that everything is fine...

Every 'expert' I've seen interviewed called the report very good. Unsurprising you guys draw out the worst of it. The oil industry took a kick to the face. Other commodities are likewise hurting, even the gold miners. Small wonder unemployment ticked up. Watch it go up a lot further if Mulcair and his provincial counterparts start burdening the oil industry with more and more taxes and red tape, and his party starts hitting big business with heavy tax increases, and all the rest of us with taxes on gas, heating oil and electricity. Somehow I doubt you'll be doing more than whistling happily, even if unemployment hits double digits.