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Canadian Employment Rose In June

ByThe National Bank of Canada
Published 07/08/2012, 05:40 AM
Updated 05/14/2017, 06:45 AM
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Facts:

Total employment rose 7.3K in June following a similar gain of 7.7K jobs in May. Full-time jobs were up (+29.3K) while part-time jobs declined (-22.0K). The goods-producing sector was down 21.1K, following a gain of 11.1K the previous month. Within the goods-producing sector, agriculture was the worst performer (a record loss of 19.7K). The services producing sector posted gains (+28.4K), after a slight decline (-3.4K) the month before.

Among services producing sector, Business, building and other support services (+24.3K) was the top performer while information, culture and recreation (- 31.0K) experienced a drastic drop for a second consecutive month. At the provincial level, five provinces posted increases in employment. Ontario experienced the largest gains (+20.2K) while Alberta showed the biggest loss (-8.6K). The unemployment rate edged down at 7.2% at the national level, thanks to a drop in the participation rate.
Employment rose 7.3K in June
Opinion: The Canadian employment report was disappointing considering yet another big loss in private-sector headcounts. Since those were mostly in agriculture, however, we think that a rebound should be forthcoming. Having said this, falling commodity prices and a weakening global economy suggest that the underlying trend for monthly job creation will remain well below 10,000 for the coming months. With the jobless rate likely to turn up a little and the output gap unlikely to close as fast as previously assumed, we would expect the Bank of Canada to significantly alter its guidance that had been biased towards rate hikes at its next ratesetting policy meeting (July 17).
Drastic drops after outsized gains
Private jobs remain in an upward trend

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