There were losses in both full-time and part-time employment.
The Canadian economy lost 30,600 jobs last month.
That’s according to the latest Statistics Canada employment report.
Canada has now lost jobs two months in a row.
There was a decline in both full-time and part time employment.
The unemployment rate is at 4.9%, though it must be noted that the unemployment rate doesn’t include those who have given up looking for work. Additionally, much of Canada’s employment growth over the past year has been driven by inefficient government spending, with the government hiring more people while running massive budget deficits.
The workforce participation rate fell by 0.2%, after falling 0.4% in June. It now stands at 64.7%.
Wage growth still lags inflation
Wages grew by 5.2% year-over-year, which sounds good until you remember that inflation is 8.1%.
Thus, Canadians are falling further and further behind.
Watch for the politicians – the Liberals – who try to mention wage growth without mentioning inflation. They are hoping people don’t compare the two and realize what is really happening.
Housing sector vulnerability
Underneath all of this is the fact that Canada’s economy is more vulnerable than most, due to our immense overreliance on the housing sector.
The housing sector makes up a much larger percentage of our economy than in the United States, and this has significantly distorted our economy.
When combined with massive household debt, it is clear that Canada’s economy is barely holding on as it is.
Further, the sectors that are keeping the economy afloat (oil and gas, farming), are the same sectors under attack by the Liberal government.
As a result, Canadians will continue to struggle and suffer economically until the Liberals are defeated.
Spencer Fernando
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