Tags: Canada | unemployment | recession | economic

Canada Loses Job Edge Over US as Economic Momentum Dwindles

Wednesday, 30 Jul 2014 01:51 PM

Canada’s job market lost its edge over the U.S. for the first time since the financial crisis, adding to evidence the 11th-largest economy is flagging.

Statistics Canada said today it applied the U.S. Bureau of Labor Statistics’ methodology to its data to show both countries had a 6.1 percent unemployment rate in June. Canada had a lower rate since May 2008 by that method.

“The last recession resulted in more severe employment losses in the United States than in Canada,” the report said. “Since the beginning of 2014, however, employment growth has been higher in the United States than in Canada.”

Statistics Canada’s calculations boost its reported unemployment rate versus how the U.S. would come up with the numbers. For example, Canada includes 15-year-olds who are more likely to fail in their job search. Using the U.S. framework would have lowered Canada’s unemployment rate by 0.9 percentage point on average between 2007 and 2013, compared with the Ottawa-based agency’s regular figures.

By the conventional measure, Canada’s jobless rate exceeded the U.S. rate in December for the first time since dropping below it in October 2008, and was 7.1 percent in June. The agency reports July data next week.

© Copyright 2017 Bloomberg News. All rights reserved.

 
1Like our page
2Share
Markets
Canada's job market lost its edge over the U.S. for the first time since the financial crisis, adding to evidence the 11th-largest economy is flagging.
Canada, unemployment, recession, economic
198
2014-51-30
Wednesday, 30 Jul 2014 01:51 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved