Canada lost 35,700 jobs in November from October, according to seasonally adjusted numbers released today by Statistics Canada.
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The U.S. economy picked up 211,000 new jobs in November according to the Bureau of Labor Statistics (BLS) jobs report Friday. Across the 17 industries shown below, the correlation between the most recent one-month percent change and the average percent change over the last twelve months was 0.85, somewhat above the average correlation over the previous two years.
The slight decrease in jobs is not as devastating as it might seem, as employment levels have actually increased overall in the last 12 months.
Canada’s unemployment rate edged up to 7.1% in November from 7.0% in October.
Unemployment in the province was at 8.6 per cent in November, up from 7.8 per cent the previous month.
The number of public-administration jobs fell by 32,500 in November to offset an October increase of 32,000 positions in the same category, the federal agency found in its monthly labour-market survey.
Alberta lost almost 15,000 jobs last month as the oil-related slump continued to take a toll. The jobless rate is in a range many Fed officials see as consistent with full employment and has dropped seven-tenths of a percentage point this year. The bad news is the 1.7 million who are not counted as unemployed and the 6.1 million who are working part time but would prefer full time.
Oilfield services provider Schlumberger this week announced another round of job cuts in addition to 20,000 layoffs already reported this year. Rose said. People who work part-time have less money to spend and don’t make big purchases such as a house or a new vehicle, he said.
Average hourly earnings increased four cents or 0.2 percent from 0.4 percent in October.
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Canada continues to limp from the pain of persistently low commodity prices and the failure of other sectors, such as exports and manufacturing, to pick up the torch from the resources industry.
