Saturday, 22 February, 2020

Canada Lost 71,200 Jobs Last Month & Atlantic Provinces Were Hit Hardest

A worker stacks core samples outside a core shack at the Agnico Eagle Mines A worker stacks core samples outside a core shack at the Agnico Eagle Mines Ltd. Amaruq site in Amaruq Nunavut
Irene Mckinney | 09 December, 2019, 00:29

Hiring in the United States jumped last month to its highest level since January as US employers shrugged off trade conflicts and a global slowdown and added 266,000 jobs.

The unemployment rate for November held near a 50-year low at 3.5 percent, slightly lower than the month before.

BUNKER: Wage growth definitely continues to be the disappointment of jobs reports.

Manufacturing jobs surged by 54,000 jobs last month, but most of that was catch-up.

The latest job figures came ahead of the Federal Reserve's rate-setting meeting next week and the looming imposition of new U.S. tariffs on about $156 billion in Chinese imports set for December 15.

The Bureau of Labor Statistics said there were job gains in health care and in professional and technical services.

Though the labor market remains resilient despite the business investment downturn, hiring has slowed from last year's average monthly gain of 223,000 because of ebbing demand and a shortage of workers.

Financial activities has added 116,000 jobs over the last 12 months.

The province did shed about 1,600 jobs between October and November, nearly entirely part-time positions. The average monthly job gains for 2019 is 167,000.

The mining and logging sector, which includes an oil industry hit by recent low prices, had another bad month, shedding 7,000 jobs.

Additionally, there is a large employment percentage gap within the Buckeye State. The jobs report showed that average hourly earnings climbed 0.2%.

Becky Hammon Considering Knicks Head Coaching Position
The David Fizdale era is over in NY , as the Knicks fired the head coach following a disastrous 4-18 start to the season. The Knicks next play at home against the Indiana Pacers on Saturday before heading West on a four-game road trip.

According to the Financial Post, the increased unemployment rate, which is now 5.9% for November, is up from 5.5% in October, making it the biggest one-month jump since 2009.

Sterling cooled off a bit on December 6, down 0.3 percent against the dollar at $1.3128.

The data in the household survey was generally positive.

The jobless rate broke below 4 percent in April 2018 and has stayed at or under that level for 20 straight months, which represents the longest such stretch since the 1960s.

The number of unemployed persons was reported at 5.8 million, also little changed from the previous month.

Investors cheered the report, sending the Dow Jones industrial average up more than 300 points in late-morning trading.

"Bloomberg Economics is lowering its projection of the 2020 year-end unemployment rate to 3.3% from 3.4%".

Another discouraging item in the household data is the decline in the share of the workforce that chooses to work part-time.

The euro, on the other hand, fell to 1.1058, down 0.4 percent.

Copyright 2019 NPR. To see more, visit https://www.npr.org.

BUNKER: These are industries that are more exposed to the global economy, which has slowed down considerably this year. And low unemployment and higher incomes, especially heading into the holiday season, give businesses an incentive to hire more workers.

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