On Friday, we found out that month to month Canada added 59,000 more jobs in May. However, because more folks were looking for work in May, the Unemployment rate stayed rock steady at 6.8% (for the 4th consecutive month). More fun with numbers since more folks are looking for jobs. Even though the economy is adding jobs, it is not fast enough to absorb the new job seekers.
The more encouraging statement in the report is:
In the 12 months to May, employment increased by 192,000 (+1.1%), the result of more full-time work. Over the same period, the total number of hours worked grew by 1.2%.
This is good news, but the fact that more folks are looking for jobs does temper my expectations.
Looking at the graph, you see that more folks are working, but then you have the unemployment graph and you end up scratching your head a little:
Is this a chicken and egg problem, where there are more jobs, thus folks who haven’t been looking start looking again? That may be one explanation, or maybe folks EI have stopped paying out?
Who found these new jobs? Men aged 25 to 54, most of the other demographics were pretty much stable; again, why? More jobs in the Private Sector is good, and fewer in the Public Sector might be good (but I like smaller government).
The Big Table
I have edited one of the big tables from the report to show change year over year (make it a little easier to read), but I urge you to read the whole report if you have the time:
|Both sexes, 15 years and over|
|Youths, 15 to 24 years|
|Men, 25 years and over|
|Women, 25 years and over|
The sum of individual categories may not always add up to the total as a result of rounding.
CANSIM table 282-0087.