Canada suffers biggest job loss in nine years

10 February, 2018, 04:35 | Author: Regina Lloyd
  • Statistics Canada says the economy lost 88000 jobs in January

Del Duca, who took over the portfolio in a recent cabinet shuffle as Premier Kathleen Wynne positioned her government for the June 7 election, said the fact that Ontario's unemployment rate remained steady at 5.5 per cent is a sign economic growth is "strong and sustained". Shenfeld also commented that while the job losses took away from the job gains made a year ago, " the details also looking wonky, with all of the job losses in part-time work". Ontario lost 51,000 jobs in January, entirely due to losses in part-time work.

A media release from the province Friday showed employment is up 1,100 from the previous month, with 6,200 full-time jobs created month-over-month in Saskatchewan.

January's job losses lowered expectations that the Bank of Canada would hike interest rates at its next rate announcement scheduled for March.

The overall number was dragged down by a loss of 137,000 part-time positions in what was easily the category's largest one-month collapse since the agency started gathering the data in 1976. That was enough to hike the unemployment rate to 5.9%. "Overall, a mysterious mix of good and bad, with the latter's impact blunted by how strong job gains were in the lead-up to these figures", CIBC chief economist Avery Shenfeld wrote in a commentary.

Ontario shed some 59,300 part-time jobs in January, the same month the province hiked minimum wage about 20 per cent to $14 an hour - but experts say it may be too soon to know how much the two are correlated.

Statistics Canada says the economy lost 88000 jobs in January

"January saw an (88,000) drop in employment, reversing about half of the spectacular gains we registered late a year ago". While there were job losses in Quebec, New Brunswick, and Manitoba, Alberta saw very little in the way of job losses as part-time workers were replaced with full-time workers. It was the largest monthly drop for the province since 2009.

While that is lower than the national number, the dollar amount of $27.83 in Ontario is higher than for all of Canada at $27.46 for January, said Gordon Song, an analyst with Statistics Canada, in an email. BMO Financial Group chief economist Doug Porter said the January figure brings the job market "back down to Earth".

"It doesn't change the broader narrative around the Bank of Canada".

The report is a long-waited correction in a tightening labor market that is more consistent with an economy that has been slowing down since the second half of a year ago.




Recommended:

  • Military parade in N. Korea on eve of Olympics

    Military parade in N. Korea on eve of Olympics

    Pence began his trip with a visit to Alaska, where he received a briefing on the U.S. missile defense system with U.S. Pence declined to offer specifics on exactly what the new package of sanctions would consist of.
    Man Wanted For Criminal Sexual Conduct With a Child

    Man Wanted For Criminal Sexual Conduct With a Child

    A man from Alabama was arrested in connection to a child pornography video that was posted on Facebook last week and went viral. Whether you meant to share as a warning, or in an effort to help police catch the bad guys, Detroit police say it is a crime.
    Spice Girls reunion is coming to the United States , report says

    Spice Girls reunion is coming to the United States , report says

    We did some digging, and it turns out the Spice Girls have a live trademark and exclusive rights to use their band name on a bunch of tour merch.
  • The trailer for Venom is here and it's incredible

    The trailer for Venom is here and it's incredible

    Details on the plot have been scarce, and we don't know how the movie will exist inside its own universe. In it, Spider-Man's most famous villain finds himself starting anew in San Francisco after leaving NY .
    Laying off asparagus may help beat cancer

    Laying off asparagus may help beat cancer

    Altering the diet to fit in the cancer profile could thus help reduce the spread of the cancer and its growth, he explained. Foods that contain high amounts of asparagines include poultry meat and eggs, dairy, whey, beef, fish, sea foods.
    Palestinian shot dead near Jewish colony

    Palestinian shot dead near Jewish colony

    The guard was lightly wounded at the entrance to the Karmei Tzur settlement north of Hebron, the army said in a statement . Monday's stabbing happened near the major Israeli settlement of Ariel.
  • Knicks Acquire Emmanuel Mudiay from Denver Nuggets in Three-Team Trade

    Knicks Acquire Emmanuel Mudiay from Denver Nuggets in Three-Team Trade

    They got a veteran point guard who has seen better days and will provide about the same production as Mudiay did for the team. The Dallas Mavericks were the third team involved in the trade and received Doug McDermott .
    Deadly Taiwan Earthquake Felt in South China

    Deadly Taiwan Earthquake Felt in South China

    Sadly, across the strait in Taiwan, at least four people are dead and hundreds more injured after last night's violent quake. Five people involved in the construction of the complex were later found guilty of negligence and given prison sentences.
    John Mahoney From 'Frasier' Has Passed Away

    John Mahoney From 'Frasier' Has Passed Away

    Frasier Casting Director Jeff Greenberg wrote the following of the actor:'I've not known a kinder man nor more brilliant actor. At an acting class, Mahoney met John Malkovich , who encouraged him to join the Steppenwolf Theater Company in Chicago.
  • Windows 10 'Redstone 4' test build adds diagnostics-delete button

    Windows 10 'Redstone 4' test build adds diagnostics-delete button

    Windows 10 Insider Preview Build 17093 is ready for users in the fast ring, and it brings about a bunch of new features. Microsoft engineers are working on crawling and indexing features for PWA to use it for Microsoft store.
    Wenger suggests English players are now 'masters' at diving

    Wenger suggests English players are now 'masters' at diving

    They even defeated Borussia Dortmund and Real Madrid at their temporary home in this season's UEFA Champions League campaign. Wenger won a Premier League title at White Hart Lane, but may not mourn its demise.
    Led coalition attacks Assad forces in Syria

    Led coalition attacks Assad forces in Syria

    Syrian state television reported that the coalition had caused "dozens of dead and wounded" by bombing pro-government forces. CENTCOM reports that no Americans were injured as they engaged roughly 500 attacking troops, as well as tanks and artillery.


Popular

Local researchers find drowsy driving is much bigger issue
Sleepy drivers are causing more accidents than federal officials have estimated, a new study said on Thursday. In 2015, Channel 9 investigated drowsy driving among truckers, including a particular crash on Interstate 26.

Twitter Finally Earns Profit After 12 Years
The high and low revenue estimates for the current quarter are $603.2 Million and $542 Million, respectively. In the first quarter of 2018 Twitter projects adjusted EBTIDA to be between $185 million and $205 million.

Alphabet's Nest is Being Folded Back into Google
The more daunting task is to topple Amazon's Echo speaker line and the increasingly ubiquitous Alexa voice assistant. Google and Nest, a company it acquired in 2014, already share supply chain operations, launch events, and packaging.

NBA Injury Report: Knicks Kristaps Porzingis Out With Torn ACL
Porzingis suffered a torn ACL in his left knee during the Knicks' 103-89 home loss to the Milwaukee Bucks on Tuesday (Wednesday AEDT).

Senate leaders agree to major bipartisan budget deal
The spending bill would modify the discretionary spending caps enforced by the Budget Control Act for fiscal years 2018 and 2019. A large number of Democrats have said they won't support government funding bills without some sort of protection for Dreamers.

North Korea Says US Considering Limited Preemptive Strike
The comments infuriated the regime. "I think he is more isolated than his father was". It is time to retire our Intercontinental Ballistic Missiles (ICBMs).

Five takeaways from India's budget spending plans to boost growth
He said all fiscal deficits have crossed the budget estimates, while there was nothing in the Budget to boost private investment. The government in the current financial year had met the target for disinvestment and earned a revenue of Rs 90,000 crores.

Injured Pique set to miss King's Cup semi-final
In the league, Barcelona is in great shape, as it remains undefeated and sits 11 points clear of second-place Atletico Madrid. I know a lot of Espanyol fans that are good people but those at the top don't report those insulting chants.

Netherlands Appoint Ronald Koeman As New Coach
The Netherlands have officially announced the appointment of Ronald Koeman as their new manager. The Dutch coach has been out of action since being sacked from Goodison last October.

FIRST REVIEW: Black Panther makes Marvel matter all over again
Chadwick Boseman , whose role in the film Black Panther is that of a leader and superhero, says leaders are often "misunderstood". Critics are also hailing how " Black Panther " tackles complex themes while still maintaining its sense of high action.