Thomas Ryan, senior North America economist at Capital Economics, said in a note to clients that the uptick in the unemployment rate and muted wage growth should tell the Bank of Canada that there’s still slack in the job market right now.
Well, folks, it seems like October was a bit of a trickster for the Canadian job market. The unemployment rate has crept up to 6.7%, nudging its way from the previous month’s 6.5%. You know what they say: when it rains, it pours—and apparently, it’s pouring job losses right now.
In total, Canada lost 4,700 jobs during this time. Yes, you read that right. Not 4,699 or 4,701—just 4,700. It’s almost like the economy decided to do a little bit of spring cleaning in the fall. And what did it throw out? Mostly full-time positions. Because who needs stability and benefits when you can have part-time gigs, right?
Speaking of part-time jobs, they saw a modest increase. So, if you’ve ever dreamed of juggling two part-time jobs while trying to figure out how to make ends meet, congratulations! You’re living the Canadian dream! Just think of all the extra hours you’ll get to spend at work instead of enjoying a nice cup of hot cocoa on a cold winter night.
The losses are particularly concentrated within the services sector. Yes, the very sector that’s supposed to be serving us all those delightful lattes and haircuts. It’s like the universe said, “Hey, let’s see how many people we can convince to stop getting haircuts and coffee!” Spoiler alert: it’s not going well.
But don’t worry! It’s not all doom and gloom. The economy is resilient, and we’ve got a knack for bouncing back. Just look at how we bounced back from the last recession—albeit with a few bruises and a questionable haircut.
So what can we take away from this? Well, if you’re currently employed, maybe hug your job a little tighter. If you’re looking for work, keep your chin up and maybe consider applying at a coffee shop or a barber—just don’t expect to get a full-time position any time soon.
In summary, while the numbers may not be ideal, we Canadians have a sense of humor about it. After all, if we can’t laugh about our economy, then what’s left for us? A nation of polite people sitting in silence? No thanks! Here’s hoping for a better November, and maybe a few more full-time positions to go around.
Inspired by: “Unemployment rate rose to 6.7% in October, StatCan says (Business)” (r/Business)