The Canadian economy hasn’t exactly been booming since the financial crisis a decade ago. Although the stock market is doing rather well, the average Canadian is facing enormous debt levels, stagnant wages and a rising cost of living.
Oh, and there’s one more trend that has become ubiquitous in recent years: part-time jobs.
This was amplified in a new Statistics Canada employment report on Friday, which showed that the national economy gained 44,000 net new jobs in October, most of which were part-time jobs.
According to the jobs report, Canada experienced an overall increase of 67,000 additional part-time jobs and the number of full-time jobs decreased by 23,000. The unemployment rate stayed the same at seven percent with more people entering the labor market.
Here is a rundown of the Canadian labor market courtesy of The Canadian Press:
Unemployment rate: 7.0 per cent (7.0)
Employment rate: 61.2 per cent (61.1)
Labor force participation rate: 65.8 per cent (65.7)
Number unemployed: 1,365,000 (1,363,100)
Number working: 18,160,600 (18,116,700)
Youth (15-24 years) unemployment rate: 13.0 per cent (13.2)
Men (25 plus) unemployment rate: 6.7 per cent (6.6)
Women (25 plus) unemployment rate: 5.2 per cent (5.3)
Prime Minister Justin Trudeau’s ideas of sunny ways, budgets balancing themselves and Care Bear economics don’t seem to be working a year later (SEE: Falling loonie, rising food prices, selfie-obsessed PM – a look at Canada’s economic collapse).
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