Employment Numbers Jump for June

The June employment numbers came out on Friday and there was some very good news in those numbers (and more likely than not because of them, another Interest Rate Hike coming very soon as well).

Employment rose by 93,000 in June, pushing the unemployment rate down 0.2 percentage points to 7.9%. This is the first time the rate has been below the 8% mark since January 2009.

This suggests that the employment rate is close to where it was before the great crash of 2 years ago, which is encouraging news, although Unemployment numbers don’t reflect the same feelings, but they are better as well.

Unemployment’s problems is that there are just that many more folks looking for jobs and in the work force now, so the Unemployment rate reflects the fact that many people are still looking, even with 93.000 new jobs being created in June.

The graph shows a decrease in the unemployment rate, but a long way to go to get back to the historically low numbers from only 2.5 years ago.

Where was all of this growth? Surprisingly in Ontario and Quebec:

Ontario’s employment was up 60,000 in June, the sixth consecutive monthly gain. This brings employment increases in the province to 187,000 (+2.9%) since July 2009. With these gains, Ontario’s employment is slightly below its pre-recession level. In June, the unemployment rate fell 0.6 percentage points to 8.3%, the lowest since January 2009.

Interesting that Ontario seems to be rebounding, wonder where all these folks are now working?

The Big Employment Table

There are many tables on the Stats Canada web site, and I encourage readers to go over and look at the raw data, just to get a feeling for the great work done by Stats Canada.