Article source: ConstructConnect
According to Statistics Canada, the Canadian total jobs count climbed by +90,000 in August to sit at just under 19 million. The year-over-year gain in employment has been only slightly under a million jobs (+958,000). Ontario (+419,000 jobs) and British Columbia (+201,000 jobs) have been the two provinces with the best records in nominal jobs creation over the past 12 months.
The Canadian seasonally adjusted (SA) unemployment rate downshifted to 7.1% in August from 7.5% in July and was a marked improvement over August 2020’s 10.2%. The not seasonally adjusted (NSA) unemployment rate, adjusted to the same calculation methodology as is adopted in the U.S., shrank to 5.8% from 6.2% in July and 9.0% in August a year ago. The R-3 U rate (i.e., its official title) was almost a match for the 5.3% NSA U rate rung up in the U.S. in August.
Some notable achievements were realized in Canada’s labour market in the latest month. The ‘total’ jobs recovery ratio in Canada, versus February-to-April’s huge drop last year, has now risen to 94.8%. But in ‘services’, and this is where breaking out the noisemakers is warranted, the jobs claw-back ratio has almost reached completion, 99.4%.
