Economists had predicted 20,000 jobs would be created.
Canada lost 1,100 jobs in April, a far cry from what economists were predicting.
While Stats Canada says wages increased by 3.6% (inflation is also increasing), the employment trend so far in 2018 is concerning.
As noted by the Financial Post, “Since the start of the year, Canada’s labour force has shrunk by 25,500 and employment is down by 41,400.”
The unemployment rate remains at a low 5.8%, but many have pointed out that it’s a misleading stat, since it doesn’t include those who have given up looking for work.
The workforce participation rate can be a more realistic measure, and it fell from 65.5% to 65.4%.
14,800 services jobs were created, but that was more than offset by the 15,900 goods-producing jobs that were lost. Many of those lost jobs were in the construction industry.
The youth unemployment rate also increased to 11.1%.
Overall, the economy is seen as slowing down, with more and more people warning about the loss of investment and Canada’s declining competitiveness.