Alberta was the only Canadian province that was able to report any notable job growth for full-time employment during the month of June. Employment in Alberta went up by 19,500 jobs during this month while other Canadian provinces reported job losses.
Nationally, employment went down by 9,400 in June. The biggest job losses were seen in Ontario with a fall of 33,900 jobs. At the same time, the unemployment rate officially went up to 7.1%, which is the highest recorded in 6 months. These numbers are coming from Statistics Canada.
It was earlier expected that June would see a sizable gain in employment. When the numbers came out, however, the loonie's value went down to 93.46 cents against the US dollar. The low results indicate that the chances are good that the interest rates will stay low until the middle of 2015.
According to BMO Capital Markets' chief economist, Doug Porter, basically no Canadian job growth overall has been seen in Canada during the last year. He says that the best way to create further jobs in the upcoming years would be with a recovery in the Canadian export industry.
Alberta is really skewing the numbers when it comes to the job rate growth since the figures continue to grow in this province. When you take out Alberta and only factor in the other provinces, there would be a total of 10,000 job losses during the last year.
During June, there were 43,000 part-time jobs lost and a total of 33,500 full-time jobs added. Many workers decided to create their own employment with a rise of 23,400 self-employed jobs created. The number of unemployed Canadians also went up by 25,000 during the month.
When you take a look at these numbers is easy to understand why there is so much net migration occurring into Alberta from other provinces across Canada. The employment opportunities in this province are high and the economic prospects for the future continue to look outstanding.