Chapter 5
'B.C.'s unemployment rate drops to 4.3%'
Link:
http://www.canada.com/theprovince/news/money/story.html?id=af000191-b361-4fae-8e29-31b74c12103e&k=87430
Summary
Statistics Canada reported that despite a large drop of almost 2,000 jobs, unemployment rates still declined 0.4 per cent. In May the jobless rate was 4.7, and in a short time period, it fell down to 4.3 per cent. Overall, there was a lost of 6,000 full time jobs, but this number was partially offset by a opening of 4,000 part time positions. Service Canada’s Vancouver office believes that the switch of full time jobs with part time jobs indicates a slowing job market in BC. The lower unemployment rate might have been due to a lowered participation rate. More job seekers are giving up their hunt for work. B.C’s participation rate was lowered from 65.7 per cent in May to 65.2 per cent in June. Growth in some sectors of BC grew like construction and health, while others fell like the manufacturing industry. Throughout Canada the same situation is also occurring, 4,600 jobs disappeared nationally. Alberta is a shinning star in all of this; their employment went up 3.9 per cent, which is three times as much as the rest of the countries average. The interest-rate decision by the Bank of Canada is uncertain, because of the new report that came in on the loss of jobs. “The bank has raised its short-term policy rate seven times since last September in an effort to prevent hot spots in the economy from flaring into general price inflation.”
Relation to Ch.5 – Economic Indicators
This short article shows us the importance of certain economic indicators. It serves as a great example seeing how interest rate decisions are somewhat decide upon employment and unemployment rates. Are the people in BC becoming lazier? Since the unemployment rate only reflects on those who are wanting to work but cant find work, if a person wanted to give up, they would make it seem like a good thing that the rate went down, falsify the data. Participation rate however, shows the per cent of the working age population either working or seeking work, it is a good idea to use this rate in conjunction with the unemployment rate. I don’t really get what’s going on with here, but Alberta seems pretty cool and attractive. If I end up aimless in my future and don’t go to post secondary then I guess going to work in Alberta would be an option. Workin’ in on an oil rig, it would seem like a strange lifestyle that I certainly know my parents wouldn’t approve of. Alberta seems to have it “going on”.
'B.C.'s unemployment rate drops to 4.3%'
Link:
http://www.canada.com/theprovince/news/money/story.html?id=af000191-b361-4fae-8e29-31b74c12103e&k=87430
Summary
Statistics Canada reported that despite a large drop of almost 2,000 jobs, unemployment rates still declined 0.4 per cent. In May the jobless rate was 4.7, and in a short time period, it fell down to 4.3 per cent. Overall, there was a lost of 6,000 full time jobs, but this number was partially offset by a opening of 4,000 part time positions. Service Canada’s Vancouver office believes that the switch of full time jobs with part time jobs indicates a slowing job market in BC. The lower unemployment rate might have been due to a lowered participation rate. More job seekers are giving up their hunt for work. B.C’s participation rate was lowered from 65.7 per cent in May to 65.2 per cent in June. Growth in some sectors of BC grew like construction and health, while others fell like the manufacturing industry. Throughout Canada the same situation is also occurring, 4,600 jobs disappeared nationally. Alberta is a shinning star in all of this; their employment went up 3.9 per cent, which is three times as much as the rest of the countries average. The interest-rate decision by the Bank of Canada is uncertain, because of the new report that came in on the loss of jobs. “The bank has raised its short-term policy rate seven times since last September in an effort to prevent hot spots in the economy from flaring into general price inflation.”
Relation to Ch.5 – Economic Indicators
This short article shows us the importance of certain economic indicators. It serves as a great example seeing how interest rate decisions are somewhat decide upon employment and unemployment rates. Are the people in BC becoming lazier? Since the unemployment rate only reflects on those who are wanting to work but cant find work, if a person wanted to give up, they would make it seem like a good thing that the rate went down, falsify the data. Participation rate however, shows the per cent of the working age population either working or seeking work, it is a good idea to use this rate in conjunction with the unemployment rate. I don’t really get what’s going on with here, but Alberta seems pretty cool and attractive. If I end up aimless in my future and don’t go to post secondary then I guess going to work in Alberta would be an option. Workin’ in on an oil rig, it would seem like a strange lifestyle that I certainly know my parents wouldn’t approve of. Alberta seems to have it “going on”.
posted by Victor Duong at 1:29 AM
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