Global| Jan 07 2005Canada Jobs Gain 33K in December, Unemployment Rate Falls to 7.0%
Summary
Canada ended 2004 with a favorable labor market performance. After a pause in November, employment rebounded last month, and the unemployment rate fell to the lowest in 3-1/2 years. Employment was up 33,500 in December, with the gain [...]
Canada ended 2004 with a favorable labor market performance. After a pause in November, employment rebounded last month, and the unemployment rate fell to the lowest in 3-1/2 years.
Employment was up 33,500 in December, with the gain spread across both goods- and service-producing sectors. Among goods, agriculture and forestry led the increase. Manufacturing jobs rose only 1,200, but that small increase was the first five months. Service industries had really mixed results. Notable gains occurred in professional and technical services, education and accommodation and food services. But among these, only education has a consistent uptrend. Employment in retail and wholesale trade dropped by nearly 20,000. So the current employment picture, while positive in December, looks somewhat uneven after three years of growth.
The unemployment rate was 7.0%, a sizable monthly drop from November's 7.3%. The increase in employment was responsible for some of this decline, but the overall labor force actually fell in the month, exaggerating the reduction in the reported unemployment rate. Even so, 7.0% is the lowest since May 2001. The recent high in the Canadian unemployment rate was 8% in August 2003.
| Thousands | Dec 2004 | Nov 2004 | Oct 2004 | December/December|||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2004 | 2003 | 2002 | 2001 | |||||||
| Employment | +33.5 | +4.6 | +34.3 | +1.5% | +1.8% | +3.7% | +0.1% | |||
| Goods Producing | +17.7 | -16.8 | +4.8 | +0.7% | +0.3% | +5.4% | -2.9% | |||
| Services Producing | +15.8 | +21.4 | +29.5 | +1.7% | +2.3% | +3.1% | +1.1% | |||
| Labor Force | -4.2 | +35.8 | +43.4 | +1.1% | +1.6% | +3.2% | +1.4% | |||
| Unemployment Rate | 7.0% | 7.3% | 7.1% | Annual Average | ||||||
| 7.3% | 7.6% | 7.6% | 7.2% | |||||||
| Thousands | Dec 2004 | Nov 2004 | Oct 2004 | December/December|||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2004 | 2003 | 2002 | 2001 | |||||||
| Employment | +33.5 | +4.6 | +34.3 | +1.5% | +1.8% | +3.7% | +0.1% | |||
| Goods Producing | +17.7 | -16.8 | +4.8 | +0.7% | +0.3% | +5.4% | -2.9% | |||
| Services Producing | +15.8 | +21.4 | +29.5 | +1.7% | +2.3% | +3.1% | +1.1% | |||
| Labor Force | -4.2 | +35.8 | +43.4 | +1.1% | +1.6% | +3.2% | +1.4% | |||
| Unemployment Rate | 7.0% | 7.3% | 7.1% | Annual Average | ||||||
| 7.3% | 7.6% | 7.6% | 7.2% | |||||||
Carol Stone, CBE
AuthorMore in Author Profile »Carol Stone, CBE came to Haver Analytics in 2003 following more than 35 years as a financial market economist at major Wall Street financial institutions, most especially Merrill Lynch and Nomura Securities. She has broad experience in analysis and forecasting of flow-of-funds accounts, the federal budget and Federal Reserve operations. At Nomura Securites, among other duties, she developed various indicator forecasting tools and edited a daily global publication produced in London and New York for readers in Tokyo. At Haver Analytics, Carol is a member of the Research Department, aiding database managers with research and documentation efforts, as well as posting commentary on select economic reports. In addition, she conducts Ways-of-the-World, a blog on economic issues for an Episcopal-Church-affiliated website, The Geranium Farm. During her career, Carol served as an officer of the Money Marketeers and the Downtown Economists Club. She has a PhD from NYU's Stern School of Business. She lives in Brooklyn, New York, and has a weekend home on Long Island.
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