The November jobs reports from Canada and United States offer conflicting information. Statistics Canada reported today that Canadian total jobs declined by 19,000 on a month to month basis with significant declines in part-time work and retail work while full-time and services sector employment improved. On a year over year basis, the Canadian government agency also reported that in spite of the monthly decline, 274,000 more Canadians are working in full-time jobs than the same time last year.
While Canada is reporting a slight job loss, the US Department of Labor reported this morning that 120,000 new American jobs were created in the month of November and the US unemployment rate dropped slightly. Its hard to imagine that Canadian retail jobs actually decreased in this busy Christmas shopping season. US reported a more realistic increase in retail and leisure.
In a interesting twist, US Labor Department also adjusted (up) it’s numbers previously reported for September and October to reflect more accurate job creation numbers in the range of 100,000 per month.
Stay tuned for my New Years eve prediction for the upcoming year.
Steve Jones
The People Bank
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