JOBS REPORT: Economy Adds 80,400 Part-Time Jobs, But 16,900 Full-Time Jobs Lost

Overall numbers continue pointing to weakening economy.

The latest jobs numbers from Statistics Canada reveal that Canada lost 16,900 full-time jobs in September.

Meanwhile, 80,400 jobs part-time jobs were created.

The unemployment rate fell from 6% to 5.9%, though this is often because those who give up looking for work are not counted among the unemployed.

In Q3 of 2018, the Canadian economy added 65,800 jobs, all of which were part-time.

In Q1 & Q2, there was a small gain in full-time jobs, which was offset by a drop in part-time jobs, leading to zero net new jobs being created.

To get a sense of how the economy has slowed, by September of 2017, 253,000 jobs had been created, while just 48,700 have been added from the start of 2018 through to September.

Additionally – and something that is rarely mentioned – is that Canada is experiencing record-high immigration. This means that because more people are entering the country than jobs being created, the true jobs picture is far worse than it appears.

Spencer Fernando