David Rosenberg, Rosenberg Research
“Not since April-May 2021 have we seen back-to-back declines in full-time positions — the critical ingredient for incomes, spending and confidence. Interestingly, this loss was centred among self-employment, which cratered 39,600 in what was the worst drubbing for the entrepreneurial class since April 2020.
“In a sign of inconsistency in the data beyond just the part-time job increase alongside reduced youth jobs, we also saw the best performing sector being accommodation and food services which typically employs young people. Go figure. The BoC thinks consumer spending is behaving admirably, and yet retailers/wholesalers would seem to disagree with that notion, as this sector laid off a net 12,900 and by 79,700 over the past year.
“As if the headline jobs slump wasn’t bad enough, the workweek was sliced 0.4 per cent — which means that in a holistic sense, taking bodies and hours in tandem, it’s as if the economy lost 94,000 positions last month.”“The headline was clearly weak, but the details weren’t nearly as soft. Still, while all the losses were among youth, the higher jobless rate suggests the labour market loosened a touch.
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