Prelim August US jobs info.
Though job creation held positive, August was the smallest gain since January and reflective of a broader slowdown in the labor market.
www.cnbc.com
"Manufacturing lost 17,000 jobs,"
So much for winning.
"The payrolls processing firm said firms added 38,000 workers"......."Though job creation held positive, August was the smallest gain since January and reflective of a broader slowdown in the labor market. Moreover, most of the jobs came from three sectors, with multiple others showing declines."
"The ADP report serves as a precursor to the Bureau of Labor Statistics’ nonfarm payrolls release, due out Friday, which is expected to show an increase of 53,000, after the 23,000 decline in July. The unemployment rate is forecast to hold at 4.1%."
On another note, concerning US unemployment numbers. Stats Canada has studied the differences between the two countries. Its findings are that if Canada followed/adopted the same criteria, same measurements as the US does, that the unemployment rate in Canada would consistently be 1% less than what is reported today. In other words, our current 6.4% would be 5.4% if we used the same measurements as the US does.
In addition, labour 'participation rates' (meaning those adults who are able to work, are actually working) is quite different. In Canada, our labour participation rate is sitting at 65.1%. For the US, its at 61.4%. That's a significant difference. Canada has 3.7% more of its adult population working in the labour market than the US. Another comparison would be this - Canada: 65.1% participating with
60.9% employed - US: 61.4% participating with
58.9% employed. Our employment to population ratio is 2% higher than the US.
Last point on this. Here in Canada we measure the age at which labour participation starts at 15. In the US, they use 16 as the age.