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Austerity Bites Canada


#1

Austerity Bites Canada

Jim Stanford

Today's labour force numbers are ugly, there's no other word for it. Employment down 29,000 jobs. Paid employment (i.e. not counting self-employment) down 46,000 jobs. The only reason the unemployment rate held steady (at 6.9 per cent) is because labour force participation fell again: by almost two tenths of a point, to just over 66 per cent. That's the lowest level of labour force participation since 2001. Convenient for suppressing the headline unemployment rate, but socially destructive and very costly in the long run (as more and more Canadians lose contact with the labour market).