Stats Canada published their Labour Force Survey, August 2016 last Friday and the numbers continue to underwhelm, if not discourage folks. While employment is up 26,000 jobs, unemployment rate is up 0.1% as well, leaving it as 7.0%.
I always look to see what kind of jobs are being created, and this line from the report is quite telling:
Compared with 12 months earlier, employment increased by 77,000 (+0.4%), with all of the gains in part-time work. Over the same period, the total number of hours worked fell slightly (-0.4%).
So more folks working part-time jobs is not a ringing bit of good news for the current economy. The types of jobs being created is also telling:
There were more people working in public administration, and fewer people working in professional, scientific and technical services.
More admin folks, is that a good thing? For me I am glad there are more folks over 55 finding jobs, but us old folks clogging up the market can’t be good for the young folk looking for work.
CBC Newsworld launched a new show about money, “On the Money”, looks to have regular contributions from many friends of this humble site. It uses Flash Player for its videos (CBC should really get to HTML 5).
Stats Canada also reported on Household Net Worth this week, and as you might guess there is more debt out there.
The household debt service ratio (seasonally adjusted), measured as total obligated payments of principal and interest as a proportion of disposable income adjusted to include actual interest paid, increased from 14.1% in the first quarter to 14.2% in the second quarter. The interest-only debt service ratio, defined as household mortgage and non-mortgage interest paid as a proportion of disposable income, was 6.3%.
Let the media storm around this data commence!
My Writings for Week Ending September 16th
Seems to be RESP season these days, but if you have kids, are there any times when RESP Sometimes Doesn’t Make Sense ? Yes, but only in obvious areas that you can already guess about. It is free money after all.
A Money Thought
Have I mentioned that text books are expensive lately ?
— World Economic Forum (@wef) September 10, 2016