And labour force growth in 2018 is among the weakest seen in a long time.
Canada’s workforce participation rate has fallen to 65.2%, the lowest rate in two decades.
And so far in 2018, the Canadian labour force has grown by just 62,500, which BNN Bloomberg called “one of the smallest 10-month gains in recent history.”
The negative numbers continue, as wage growth slowed again – the fifth month in a row it has slowed. Wages are up 2.2%, the slowest gain since September of 2017.
Just 11,200 jobs were created last month, but even that is worse than it seems, since the labour force actually shrank by 18,200.
It’s another example of how the unemployment rate (which fell to 5.8%), is a pretty weak way to actually analyze how the Canadian job market is doing. People who drop out of the labour force – including people who have given up looking for a job – don’t show up on the unemployment stats, giving a manipulated view of what’s actually happening.
So, with wage growth weakening, labour force participation falling, warnings about debt and the damage from the carbon tax growing, Canada’s economy is clearly heading in the wrong direction.
Photo – YouTube