18,400 manufacturing jobs were lost.
There’s going to be a lot of attention on the top-line number in the latest jobs report: 54,100 jobs added.
But behind that number, things aren’t actually looking so good.
First of all, all the job gains were part-time. There were 82,000 part time jobs created in July.
However, as noted by Bloomberg, “The breakdown was less rosy,” and the gains were “concentrated in public sector service jobs.”
The issue there is that governments can always create jobs at a whim by expanding hiring, but that generally means larger budget deficits, more debt, and less efficiency than private sector positions.
And when it comes to full-time jobs, the numbers aren’t good:
28,000 net full-time jobs were lost. There was a net loss of 18,400 manufacturing jobs, part of a loss of 36,500 jobs in the goods-producing industries.
Andrew McCreath – a commentator for BNN Bloomberg – said the part-time gain along with full-time loss “isn’t the way we want to see things go.”
That’s the real story of these job numbers, along with weakening wage growth and only a small increase in total hours worked. Canada’s economy continues to show serious signs of internal weakening, and destructive government policy is only making things worse.