Some Disturbing Trends in the Latest Employment Numbers
Abstract:
The U.S. consumer is being plagued by falling house prices, the high cost of gasoline and tighter credit. All of these problems, to a lesser degree, are spreading to Canada. Total job growth (+1.8%) in June 2008 in Canada remained solid on a year-over-year basis, but not spectacular. However, there are some worrying trends behind the overall number. The new jobs have been coming from part-time employment, as opposed to full-time, and it is the public sector that is hiring, more than the private sector.
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The U.S. consumer is being plagued by falling house prices, the high cost of gasoline and tighter credit. All of these problems, to a lesser degree, are spreading to Canada. Total job growth (+1.8%) in June 2008 in Canada remained solid on a year-over-year basis, but not spectacular. However, there are some worrying trends behind the overall number. The new jobs have been coming from part-time employment, as opposed to full-time, and it is the public sector that is hiring, more than the private sector.