Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Canadian job growth slowed for a second month in August to 246,000, leaving total employment 5.7% below where it was before the pandemic even after most of the economy has re-opened, the federal statistics office said Friday.
The unemployment rate declined to 10.2% from 10.9% in June, still closer to May's record 13.7% than last year's record lows approaching 5%. Employment growth slowed from 419,000 the prior month and 953,000 in June.
The workforce of 18.1 million in August remains 1.1 million below the pre-pandemic mark, with policy makers and private economists saying the full restoration will be long and difficult with some types of jobs disappearing under social distancing rules. The government at the end of this month is moving millions of people off of special relief checks to more traditional jobless benefits that most people have saved instead of spent.
The Statistics Canada report was loaded with signs more people returned to work as the virus was contained and provinces said schools would re-open in September, freeing up more working parents. The 1.8 million people sidelined by health shutdowns was down from the April peak of 5.5 million, and the number of people looking for work climbed 76% since February.
The August gain was dominated by 206,000 full-time staff. The total job gain and unemployment were close to the MNI economist medians of 250,000 and 10.1%.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.