16,500 manufacturing jobs were lost.
The Canadian economy created just over 15,000 net new jobs in February, but a closer look at the numbers shows things aren’t as good as that initial figure suggests.
While 54,700 part-time jobs were created, 39,000 full-time jobs were lost.
Additionally, much of the job creation last month was in the public-sector, with those positions increasing by 50,300.
That is a concern, because while governments at various levels can temporarily increase employment through the public sector, it is less financially sustainable, particularly when many governments are already running large budget deficits.
The unemployment rate dropped from 5.9% to 5.8%, though it’s important to note that the rate doesn’t include people who have given up looking for work entirely.
The February jobs numbers weren’t quite as bad as the horrendous January jobs report, where the country lost a net 88,000 jobs – the worst jobs report since the 2008/2009 financial crisis and recession.
25,000 jobs were added in the service industry, while 16,500 manufacturing jobs were lost.
This report is the latest in a growing list of evidence showing the Canadian economy is slowing down and entering a period of weak and stagnant growth.
By contrast, the US is seeing strong growth in the wake of tax reductions, as they added 313,000 jobs last month, bringing their unemployment rate to 4.1%.
Unfortunately, the 2018 Trudeau budget was filled with virtue-signalling instead of plans for increasing our economic competitiveness. While the US reduces taxes, the Trudeau government is hitting our consumers and businesses with a carbon tax and billions of dollars in investment is fleeing our country.