REPORT: Canadian Economy Loses 51,600 Jobs, Unemployment Rate Rises

Canadian Dollar falls following jobs report.

The Canadian economy shed 51,600 net jobs, a far cry from economists predictions that 5,000 jobs would be created.

The unemployment rate rose to 6%.

Overall, there were 92,000 part-time jobs lost, which was somewhat offset by 40,400 full-time jobs being created.

As BNN Bloomberg said, “the overall picture is one of a labour market gearing down markedly from last year…”

The jobs report is expected to slow down the pace of interest rate hikes from the Bank of Canada.

While the Trudeau government will surely downplay this jobs report, the reality is that it is the second-worst jobs report since the last recession in country.

Additionally, wage growth slowed to the lowest level in 2018.

Wage growth for permanent employees was down to 2.6%, the worst since October of 2017.

After the report came out the Canadian dollar fell 0.3%.

This jobs report is the latest example that Justin Trudeau’s economic policies – and his disastrous expansion of regulations that is destroying confidence and driving investment out of our country – is causing damage to the Canadian economy, and taking us down a dangerous economic path. And with our energy industry facing chaos and disloyalty from the government, things are only getting worse.

Spencer Fernando

Photo – YouTube