Canadian Personal Finance Blog

Archive for August 10th, 2009

On Friday Stats Canada published their Labor Force Survey for July 2009 with the following data:

• The Unemployment rate remains steady at 8.3%
• Employment dropped by 45000 jobs

I always wonder about the power of statistics when I read this, but it is their data and they can present it however they wish.

Employment in July fell among young people aged 15 to 24 and women aged 25 to 54. Since the peak in October 2008, employment has dropped 414,000, predominantly among youths (-205,000) and men aged 25 to 54 (-201,000).

Those are pretty staggering numbers until you look at:

Employment among private sector employees fell by 75,000 in July, bringing total losses since October to 436,000.

That is almost 1/2 a million folks losing jobs since October, which is not a good thing. Continued job losses means, less tax intake by the government and possibly more output of cash in EI payments, get the feeling this government’s deficit is going to grow some more before the end of the year.

Unemployment for July 2009

That is a very scarey graph especially how steep the slope of it is from 2008 to 2009.

Employment 2009

The slope drop here is scarey as well.

At least with me starting work today, that is one less unemployed and one more on the employed side of things  :-).