This morning, Canada posted a change of employment of more than 35.4 thousand jobs. The expectation was for 5,000 new jobs to be added. This sounds impressive and is likely a good number; but what is behind these numbers? We dug a bit deeper this morning and the tale of the tape is not as great as one might expect.
The change in employment is broken down into three sectors and the data is reflected as follows:
Goods Production 9.7
Service Production 25.7
This is where the numbers start to get a bit questionable:
Full Time Jobs -11.8
Part Time Jobs 47.2
Finally the number gets a bit fuzzier when we consider the following:
Self Employed 41.1
Given these data points, it appears that in Canada, we have added part time, self-employed, service producing jobs and we lost full time employees from the work force? Given the data above, I am not sure this is good news.