Canadian Unemployment Rate In Surprise Drop
The Canadian rate of Unemployment has fallen significantly according to the latest data just published by Statistics Canada for the month of October. The headline Unemployment Rate has been announced at 6.5%, by comparison the September rate was 6.8% and all expectations were for a moderate rise to 6.9% today.
The Unemployment Change statistic has revealed a rise of 43.1k people declaring out of work in the month of October in comparison to the increase of 74.1K in the month of September, the expectation was for a slight drop of -5k in these latest figures. The Change in Full Time Employment has been reported as 26.5k, this follows a rise of 69.3k in September and compares to an anticipated number of 13.4k. The Change in Part Time Employment has been recorded as 16.5 following the prior month’s reading of 4.8k. Finally the Participation Rate remains at 66% as it has done for the previous two months.
These numbers present a guide to the shifting structure of the Canadian employment market, particularly the shift from full to part time employment that has been a feature of many post crises developed economies. The numbers however do not reveal the deficiencies in the youth unemployment market. Canada’s unemployment rate among young people is roughly twice that of it’s overall unemployment rate at 13.5%. The Governor of the Bank of Canada, Stephen Poloz, drew attention to this sector of the employment market on Monday with some controversial comments suggesting the unemployed young people should work for free in order to gain experience. This sparked a heated debate, not only because it highlights the lack of policies to address this area of the market, but because Canada’s heavily unionised labour movement foresee non paid employees displacing their members from well paid jobs and dragging overall wages lower.
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