As far as recession indicators go, this is far more reliable than any GDP measures.
Canada’s unemployment rate was 5.4 per cent in August, ticking up for the first time in seven months.
The economy lost 40,000 jobs last month, Statistics Canada reported in its latest labour force survey, with the losses concentrated in the public sector.
In July, the unemployment rate was 4.9 per cent, the lowest rate since comparable data first became available in 1976.
What would we do without experts….
“Economists had been expecting the economy to add between 10,000 and 15,000 jobs during the month, which would have been a reversal after two straight monthly declines in June and July. Instead, August’s numbers bring the three-month tally of losses to more than 100,000 since May.”
https://www.cbc.ca/news/business/canada-jobs-august-1.6577100
The jobs and businesses lost with the “covid” insanity have not recovered. There is zero increase in employment and will not be until the people realize they have been s*****d over.
And most of the jobs that are being created are snivel service workers. Artificial jobs to pump up an artificial employment number. Would bet real employment in Canada now is around 50-55%. Sure as hell not 94%.
Agree 100%. If you take out the 80,000 plus jobs that have been added to the federal bureaucracy, the unemployment rate would look far worse. You can only cover up the rot for so long. Unfortunately, our legacy media have the intellectual curiosity of a rock and will continue to protect their dependence on the government teat which means they will continue to bury the true state of the economy.
“they will continue to bury the true state of the economy.”
And foreign affairs, crime, politics, culture, environment, and health.
24/7 garbage. The only thing they report accurately on are sports scores.
Even if we could get it accepted that unemployment is a more accurate indicator, they would just change the definition of recession on wikipedia again.
Never mind the unemployment. THINK ABOUT ACTUAL EMPLOYMENT.
“with the losses concentrated in the public sector.”
Well there’s some good news, and that makes it less likely this indicates a recession. Nonetheless we will have and indeed need a recession. It has to happen. Have to give credit where due, Tiff Macklem has been more aggressive in monetary tightening than any other G7 CBer.
We need a recession because of supply side inflation? You must work in the public sector, only government employees are that rock, hard, stupid. Demand is already crushed, CB tightening only exacerbates supply side, which is driven by insane energy policy.
A recession puts an end to organizations that don’t work, freeing up capital and other resources for ones that do ie those that produce results ie supply side. It took a bone-cold recession in the early ’80s to kill inflation. Learn history.
This inflation is caused by input costs, not excess demand. That is why the aluminum and steel plants are closing in Germany, not because they are not well run, but because no one will buy the output at the prices needed to cover the energy inputs. If this were demand inflation, the expensive goods could still be sold. Higher interest rates, i.e. capital costs are another more expensive input. The demand for energy and food are relatively inelastic, and those prices will remain high, no matter how much you crush the economy.
Learn economics.
IT should really learn to FOAD.
“The demand for energy and food are relatively inelastic, and those prices will remain high”
Those prices are high because of loose monetary policy. This is being corrected, but that correction will require a recession.
“A recession puts an end to organizations that don’t work, freeing up capital and other resources for ones that do ie those that produce results ie supply side.”
Yes! I agree.
The “Scariest Paper Of 2022” – same forces at play in Canaduh. Same play, i.e., kill the private sector jobs with the rate increases.
https://www.zerohedge.com/economics/scariest-paper-2022-reveals-terrifying-fate-bidens-economy-millions-are-about-lose-their
The methodology for determining the unemployment rate is garbage.
Basically phone surveys.
Jeff, was, is, and continues to be a government statistical lie.
Just in time for the over 400,000 immigrants arriving this year.
Immigrants? You mean ‘New Colonialists’.
Oh, wait, colonialists are bad but immigrants are good.
I’m as confused as Justin sorting socks on laundry day.
“with the losses concentrated in the public sector.”
Does anyone believe that the losses were in the public sector? or is it possible the representative survey over sampled the few people in the public sector who lost their jobs?
Edit: august 2021 4,077.5 k employees were in the public sector
August 2022 – 4234.2k employees were in the public sector
a mere 21.7% of the working population works in the public sector
Your numbers are way too low. The feds are just one part of government. Back up and look at provincial, municipal, country, city, town.
So essentially every 4 workers in the productive economy support one government parasite. Is it any wonder we’re screwed?
You got your ratio backwards.
One producer to four parasites
No one “works” in the public sector.
Don’t forget that many of these public sector job losses were probably from the army of ‘covid’ employees tracing contacts, checking temperatures at doors, getting the herds into the right chutes at the vax sites…
Trudeau will now hire 40,000 more government employees.
The US has been in a recession since January.
I was at the beer store yesterday and the shelves looked kind of empty. The guy told me that there are 17 beers no longer available.
Not a good sign.
The funny thing is that there is no way to pay for this governmental trough.
No jobs, no taxes.
You can only print so much money and for so long.
A metaphor of seeing a cliff and increasing speed to make the jump to the other side.
“with the losses concentrated in the public sector.”
What losses?
The more governments “care” about you, the more they f**k the free markets, earbox private/unsubsidized business and cornhole wage earners and retirees alike.
An advanced, resource-laden country like Canada should have a much wealthier middle class and a much smaller lower income class.
Trudeau The Dumber is handing out more free cash to offset the higher interest rates that are the result of him handing out free cash.
Nobody ever accused a liberal of being able to understand basic economics.
This is what is needed. Time to cut out the dead wood and stop stupid spending. It is purifying and healthy.
As a compulsive cheapskate, it’s all good news.
The effects are in the initial stages, from hiked interest rates. The true effects won’t be felt until a year goes by.
And Tiff old boy, ain’t finished. As usual, this will be an overshoot, with the cure worse than the disease.
While part of that is true, the “overshoot” comment assumes that this will work. This is supply inflation, “cost push” if you like. Interest rate hikes only work on the demand side of the equation, and so are designed to cool an over heated economy. Demand is not excessive, except in perhaps housing. That market will cool. This inflation is almost entirely energy driven, and is all on the supply side. Trudeau, Biden and the EU are taking their energy policy from mathless, scienceless climate wackos. This has curtailed energy output in the west driving energy, food, and the rest higher through higher cost. Until energy costs come down, inflation will persist, and as mentioned demand for energy is inelastic, unless one is cool with freezing to death in winter.
That is somewhat less of a problem than much of the world is facing, as energy drives food prices. Demand for food is also inelastic, in poorer countries, famine is about to occur.
The paid scribes are under strict orders to never utter the r word until horror of horrors leisure suit Larry leaves politics.