It is no secret that for the last 7 years Canada has increased its job market every year. Even if the increase was not significant, they have been able to accomplish what other countries have not been able to do. They increased jobs when other countries were cutting jobs. They increased jobs after the market crashed. They basically increased jobs against all odds. But how did they do it?
HOW DID THEY DO IT?
Canada’s job market may have increased but their unemployment rate increased as well. When economists saw this statistic, they started asking questions and found the reason for it. In order to increase jobs, Canada was creating part time jobs. However, as these jobs were being created, many full time jobs were being erased. Meaning many people were without a job unless they took a part time job. So, this is how they did it, they basically created a multitude of part time jobs which was increasing their new jobs. While most of the people will not be impressed but considering the worldwide economy, this is definitely a progress.
WHAT WAS THE BIG SURPRISE?
2016 was like the years before it, new part time jobs were being created. In fact, a total of 153,700 part time jobs were created in 2016. The good thing with that increase is full time jobs also increased to 60,400. However, their unemployment was still high.
As 2016 was ending, Canada decided to do the unexpected. Canada created a significant amount of full-time jobs to end their year. In December of 2016 Canada added 81,300 new full time positions. This brought their net full time jobs to 53,700. However, since this was added only in December, their unemployment rate still ended up being at a 6.9%. Since these jobs were added at the end of 2016, 2017 is expected to start out great for their employment rate.