The latest Statistics Canada labour force survey showed the national unemployment rate fell to 6.4 % but all of the gains were in part time employment as there were fewer full time jobs overall. The other disturbing trend is that the slowdown in manufacturing continues with no real job gains in Ontario and Quebec with most of the job creation occuring in Alberta and British Columbia.
The actual rate of unemployment fell in Ontario and Quebec but that was accounted for by the fall in the labour participation rate by 4/10 of a percent in Ontario and 2/10 of a percent in Quebec.
Overall manufacturing has lost a total of 81,000 jobs in Ontario since 2002.The total loss of jobs in manufacturing in Canada since 2002 is 177,000 jobs.
Overall youth unemployment remains high at 11.4 % a drop of 1 % since last month..
Also disturbing is the claim by some analysts that labour costs continue to rise above the Bank of Canada`s target range for inflation of 2 % hinting that the Bank which just last week raised interest rates another 1/4 of a percent will be inclined to continue to raise rates. Of course, this would be foolish but unfortunately because of the bank`s orthodoxy likely will be true.
The actual unemployment rates for Canada and the provinces are as follows:
Canada 6.4 %
Newf.&Labrador 15.1 %
N.S. 8.4
N.B. 9.4
P.E.I. 10.9
Québec 8.2
Ontario 6.2
Manitoba 4.4
Saskatchewan 5.3
Alberta 5.3
B.C 4.8
source: Statistics Canada Labour
Force Survey, February 2006.
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