US jobs record biggest increase in 18 months, while Canada fails to meet expectations

[Anonymous]

Nonfarm payrolls jumped by 313,000 jobs last month, boosted by the largest gain in construction jobs since 2007, the Labor Department said on Friday. The increase in payrolls last month was the biggest since July 2016 and was triple the roughly 100,000 jobs per month the economy needs to create to keep up with growth in the working-age population.



Average hourly earnings edged up four cents, or 0.1 percent, to $26.75 in February, a slowdown from the 0.3 percent rise in January. That lowered the year-on-year increase in average hourly earnings to 2.6 percent from 2.8 percent in January.



The unemployment rate was unchanged at a 17-year low of 4.1 percent in February for a fifth straight month as 806,000 people entered the labor force in a sign of confidence in the job market. The average workweek rebounded to 34.5 hours after falling to 34.4 hours in January.

https://www.marketpulse.com/20180309/us-jobs-record-biggest-increase-18-months/">https://www.marketpulse.com/20180309/us ... 18-months/">https://www.marketpulse.com/20180309/us-jobs-record-biggest-increase-18-months/



Meanwhile Canada had a second month in a row of disappointing job numbers



https://www.marketpulse.com/20180309/canada-adds-15000-jobs-february/">https://www.marketpulse.com/20180309/ca ... -february/">https://www.marketpulse.com/20180309/canada-adds-15000-jobs-february/

The economy added 15,400 net new jobs last month and the unemployment rate edged down to 5.8 per cent — but the gains were due to a surge in part-time work that offset a heavy decline in full-time positions.



Statistics Canada's latest labour force survey, released Friday, also found that the job gains in February were driven by an increase of 50,300 in public-sector jobs.



The country lost 39,300 full-time jobs and generated 54,700 part-time positions last month, the report said.



A growing tax burden here, a lower tax burden there. More strangulating regulations and bureaucracy here, slashing red tape there. Our largest industry(oil and gas) losing the confidence of international investors while foreign investment pours into the US energy industry.



The disconnect between Canada and the US is now underway in my opinion. And our inept pm doesn't even have a plan B for NAFTA renegotiation.

[Anonymous]

From The Canadian Press



Earners under $100Gs could pay more tax



OTTAWA — Roughly 900 families earning less than $100,000 a year will have to pay more taxes because of federal changes to tighten income-sharing rules for owners of small businesses, the parliamentary budget watchdog said in an analysis released Thursday.



The report said measures to restrict how much income the higher-earning owners of private corporations can sprinkle to family members, as a way to save on taxes, will cost each of the 900 households an average of $2,200.



About 11 per cent of the 33,000 households affected by the changes earn less than $150,000 a year, while 83 per cent make less than $500,000 a year and two per cent bring in more than $1 million a year, the study said.



The income-sprinkling change was among a handful of measures Ottawa insists will target wealthy people who use corporate structures purely as a way to reduce their taxes.



The Liberal government says the income-sprinkling measure, which came into effect Jan. 1, is designed to prevent higher earners from distributing income to their children or their spouses within the business, when those family members aren't actively engaged in it.



About three per cent of private corporations — or fewer than 45,000 firms — will see an impact from the income-sprinkling rule, the government has said.



Thursday's release by parliamentary budget officer Jeandenis Frechette also laid out several scenarios with estimates on how much revenue the measure will produce for governments.



Its preferred estimate said the changes could generate a tax windfall for Ottawa of about $400 million a year — double the $200-million annual revenue projection in the recent federal budget.



The report, however, noted that the numbers crunched to produce the budget office estimates differed from those used by the Finance Department.



The budget watchdog also didn't account for potential changes in behaviour by business owners trying to avoid a tax increase.



The president of the Canadian Federation of Independent Business, an outspoken critic of the measures, said the different numbers in Thursday's PBO report show just how much the new rules will "remain a confusing mess" for small business owners.



"Once the audits start in a few years from now, business owners are not going to have the documentation to prove whether or not they pass the 'bright line' or 'reasonableness' tests, resulting in added red tape and years of tax court battles across the country," Dan Kelly said in a statement.

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This is JT and Morneau's strategy to increase labour participation? Take more money out of the pockets of small business owners at the same time provincial governments are forcing them to pay workers more.

[Anonymous]

Nonfarm payrolls jumped by 313,000 jobs last month, boosted by the largest gain in construction jobs since 2007, the Labor Department said on Friday. The increase in payrolls last month was the biggest since July 2016 and was triple the roughly 100,000 jobs per month the economy needs to create to keep up with growth in the working-age population.



Average hourly earnings edged up four cents, or 0.1 percent, to $26.75 in February, a slowdown from the 0.3 percent rise in January. That lowered the year-on-year increase in average hourly earnings to 2.6 percent from 2.8 percent in January.



The unemployment rate was unchanged at a 17-year low of 4.1 percent in February for a fifth straight month as 806,000 people entered the labor force in a sign of confidence in the job market. The average workweek rebounded to 34.5 hours after falling to 34.4 hours in January.

https://www.marketpulse.com/20180309/us-jobs-record-biggest-increase-18-months/">https://www.marketpulse.com/20180309/us ... 18-months/">https://www.marketpulse.com/20180309/us-jobs-record-biggest-increase-18-months/



Meanwhile Canada had a second month in a row of disappointing job numbers



https://www.marketpulse.com/20180309/canada-adds-15000-jobs-february/">https://www.marketpulse.com/20180309/ca ... -february/">https://www.marketpulse.com/20180309/canada-adds-15000-jobs-february/

The economy added 15,400 net new jobs last month and the unemployment rate edged down to 5.8 per cent — but the gains were due to a surge in part-time work that offset a heavy decline in full-time positions.



Statistics Canada's latest labour force survey, released Friday, also found that the job gains in February were driven by an increase of 50,300 in public-sector jobs.



The country lost 39,300 full-time jobs and generated 54,700 part-time positions last month, the report said.



A growing tax burden here, a lower tax burden there. More strangulating regulations and bureaucracy here, slashing red tape there. Our largest industry(oil and gas) losing the confidence of international investors while foreign investment pours into the US energy industry.



The disconnect between Canada and the US is now underway in my opinion. And our inept pm doesn't even have a plan B for NAFTA renegotiation.

I know here in Winnipeg the jobs being created are low pay, little opportunity and few benefits. It's been like that for a long time though.

[Anonymous]

I read we gained 2300 new jobs in Alberta

[Superchecker]

I still see Help Wanted and Now Hiring signs everywhere I go; I see job fairs advertised in the free daily newspaper.



And, YES, I realize the Metro Vancouver region is insanely expensive to find housing.

[Anonymous]

I still see Help Wanted and Now Hiring signs everywhere I go; I see job fairs advertised in the free daily newspaper.



And, YES, I realize the Metro Vancouver region is insanely expensive to find housing.

BC is doing the best in Canada, but not as good as most American states.



March 9, 2018



B.C. Highlights

The unemployment rate in British Columbia was 4.7% in February, down 0.1 percentage points from January and below the 5.1% it was 12 months ago. Compared to January, the size of the labour force was down (‑6,200), while there was a smaller decrease in the number of people employed (-3,400). Over the past twelve months, job growth (+40,200) outpaced the growth in the labour force (+30,000).



Compared to January, there were 28,500 fewer full-time jobs in February, and 25,200 more part-time jobs. The loss in full-time jobs was felt by the 15 to 24 (‑17,100) and 25 to 54 (-11,300) age groups, while those aged 55 and over saw no change (-100). Part-time employment went up for the 15 to 24 (+11,200) and 25 to 54 (+20,000) age groups, while those aged 55 and over had fewer part-time jobs (‑6,100).



In February, employment in the private sector was up (+3,500), while there were fewer employees in the public sector (-3,400) and the number of self-employed individuals was also down (-3,400) compared to January.



Provincial Comparisons

At 4.7%, British Columbia's unemployment rate was the lowest in Canada during the month of February. Ontario had the second lowest unemployment rate (5.5%), followed by Quebec (5.6%) and Saskatchewan (5.6%), while Alberta's unemployment rate (6.7%) was sixth highest among the provinces.

https://www2.gov.bc.ca/gov/content/data/statistics/infoline/infoline-2018/18-49-labour-force-survey">https://www2.gov.bc.ca/gov/content/data ... rce-survey">https://www2.gov.bc.ca/gov/content/data/statistics/infoline/infoline-2018/18-49-labour-force-survey

[Anonymous]

Right across Canada, the quality  of jobs being created is poor. Not enough hours, low wages and little if any extended medical. This is how JT is working (against) for the middle class.

[cc]

The "surface" numbers they like to put out do not tell the story. Only when one peals away the layers does one see the true picture



Soeul is correct. "True and meaningful" employment is suffering greatly in this country

[Anonymous]

The "surface" numbers they like to put out do not tell the story. Only when one peals away the layers does one see the true picture



Soeul is correct. "True and meaningful" employment is suffering greatly in this country

The past year saw solid increases in full time employment. This was due to two factors. First, the US auto sector was unable to meet increased demand and now production South of the border is able keep up. Second, an increase in the price of crude oil. That is over now too as all pipelines are full and the result is that Western Canadian Select is discounted nearly $30 per barrel.



The solution are obvious;, simplify and lower tax rates, cancel or at least postpone a national carbon tax, eliminate job killing pipeline and LNG processing facility infrastructure approval red tape. Trudeau won't do any of these things even though our biggest trading partner is. And now we need real leadership as we renegotiate NAFTA and yet all we get is virtue signalling games. This is not amateur hour.



We are seeing the end of Canada riding the American ascent coattails. Trudeau's economy will look like what he has really put into it around the time of the next election.

[The Langley Ladyboy]

The "surface" numbers they like to put out do not tell the story. Only when one peals away the layers does one see the true picture



Soeul is correct. "True and meaningful" employment is suffering greatly in this country

But, everyone loves Justy and hates Donnie.

[Anonymous]

The "surface" numbers they like to put out do not tell the story. Only when one peals away the layers does one see the true picture



Soeul is correct. "True and meaningful" employment is suffering greatly in this country

But, everyone loves Justy and hates Donnie.

I think the 4.2 million Americans who received a bonus because of Trump's tax cuts would disagree with you.

[Anonymous]

On Thursday, we learned Canada and mexico  will be exempt from these tariffs, at least for now.



Before that, Canadians spent days pondering what we could do in response. Convince Trump to go easy on us? We seem to have done just that, with Canadian politicians and senior civil servants working the phones with their U.S. counterparts.



The other was toying with retaliatory tariffs on select U.S. sectors, with products such as motorcycles and bourbon being floated. All of this uncertainty does no good for workers or businesses. And much of it is unfortunately out of our control.



However, there are mechanisms we do control that would not only serve as buffers against any tariffs but make us a more attractive place to do business regardless. Examples include lower taxes, fewer regulations and decreased energy costs.



Prime minister Justin Trudeau and Finance minister Bill Morneau's budget was widely criticized for failing to adequately discuss serious economic issues.



"The budget's title is 'equality + Growth,' but on the growth side the government's agenda is disappointingly thin," said John Manley, president and CEO of the Business Council of Canada and a former federal liberal finance minister.



Nowhere in the budget's 367 pages is there even a passing acknowledgement of the fact that Canada faces an intense fight internationally for investment, jobs and talent.



If the liberals spend most of the year engaged in social justice virtue-signalling, they're going to be caught off guard whenever real economic issues arise.



Whatever eventually happens with the tariffs, we'd be well-advised to increase our pro-business policies.