That would be the equivalent of the U.S. losing nearly 700,000 jobs in the private sector in just one month.
The top-line numbers of the latest Canada jobs report are bad enough:
24,200 jobs lost.
But that’s the net jobs losses.
Beneath those numbers, an even more concerning picture emerges.
Canada’s private sector is in big trouble.
In July, Canada lost a stunning 69,300 private sector jobs. That would be the equivalent of the United States losing nearly 700,000 private sector jobs in just one month. Imagine what the media would be saying if that had happened…
While some of the private sector losses were made up by an increase in self-employment (27,700) and the public sector (17,500), that doesn’t mask the seriousness of the private sector loss.
Canada’s private sector job loss was the worst one-month private sector loss in nearly a decade, showing that this isn’t just some sort of ‘seasonal adjustment.’
After all, the private sector is the true barometer of how the economy is doing. And, when private sector jobs are lost, many people end up becoming ‘self-employed’ in very tenuous jobs that aren’t nearly as secure, or have nearly as many benefits as their previous jobs.
So, this jobs report is an absolute disaster for our country, and no matter how much the Liberals or the establishment press tries to spin it, it’s clear that the Canadian economy is in serious trouble.
Photo – YouTube