Canadian Economic Recovery Weakening Amid Disappointing Jobs Report

DM

The latest jobs report is quite concerning. In a normal year, the creation of 83,600 jobs in October would be a positive thing. However, that is an immense decline from the 378,000 jobs created in September. Additionally, job gains had averaged 395,000 since the nadir of the CCP Virus Crisis. Now, if this slowing of new jobs happened at a level where we recovered fully from the initial job losses, it wouldn’t be an issue. But we are still far short. At this point, 1.1 million Canadians have either lost their jobs, or are working severely reduced hours. Also, the unemployment rate barely dipped, dropping from 9% to 8.9%. So far, Canada is about 79% recovered in the job market, but the slowing of new jobs means that last 21% could take a long time.

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