Canadian and US Employment – September 6, 2013

Canadian employment increased by 59,000 in August, offsetting a loss of 39,000 jobs in July. The Canadian unemployment rate fell 0.1 points to 7.1 per cent. Over the past six months, employment gains have averaged 12,000 per month and total employment has grown 1.4 per cent in the past 12 months. 

In BC, employment grew by 6,200 jobs, though that growth was entirely concentrated in part-time work. The provincial unemployment rate ticked lower by 0.1 points to 6.6 per cent. Year-to-date, employment growth in BC is flat while the level of total employment in August is 0.3 per cent lower than in 2012.

In the US, firms added 169,000 jobs to payrolls in August, while the unemployment rate fell to 7.3 per cent. However, payrolls were revised 100,000 lower for June and July,  The quarterly pace of job growth so far in the third quarter is nearly 50,000 jobs slower than in the second quarter and 70,000 off the pace set in the first quarter. Given that slowdown, a tapering of Federal Reserve bond purchases may not proceed in the fall as previously expected. If so, that would relieve some of the current upward pressure on long-term interest rates and mortgage rates.

For more information, please contact: Gino Pezzani

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