The alleged drop in the Unemployment rate is mostly from folks who gave up looking for jobs, so don't start thinking the economy is turning around (just yet).
Employment was unchanged in February. A decline in the number of people searching for work pushed the unemployment rate down 0.2 percentage points to 7.4%. Compared with 12 months earlier, employment was up by 121,000 (+0.7%), with the bulk of the increase occurring in the first half of the period.
So that is a little depressing to hear, fewer people looking for a job is reason to lower numbers? That is very worrisome.
Employment over the last little while
So where did these changes mostly happen?
Employment for the month declined in retail and wholesale trade; transportation and warehousing; health care and social assistance; and public administration. These declines were offset by increases in finance, insurance, real estate and leasing; educational services; and business, building and other support services.
How in an aging population can a drop in Health Care employment? These are very interesting times.
Unemployment for past little while
Note the graphic does not have an arrow pointing out that folks stopped looking for jobs to make that "drop" happen.
The Big Table
Stats Canada puts out some great data as well as this report, and I love the tables as well, so go over and check them out as well:
Labour force characteristics by age and sex - Seasonally adjusted
| January 2012 | February 2012 | Jan
to Feb 2012 | Feb 2011
to Feb 2012 | Jan to
Feb 2012 | Feb 2011
to Feb 2012 |
|---|
| thousands (except rates) | change in thousands (except rates) | % change |
| Both sexes, 15 years and over |
|
|
|
|
|
|
| Population | 28,156.4 | 28,180.9 | 24.5 | 314.4 | 0.1 | 1.1 |
| Labour force | 18,778.2 | 18,740.3 | -37.9 | 69.7 | -0.2 | 0.4 |
| Employment | 17,357.0 | 17,354.2 | -2.8 | 120.5 | 0.0 | 0.7 |
| Full-time | 14,048.9 | 14,058.0 | 9.1 | 203.8 | 0.1 | 1.5 |
| Part-time | 3,308.1 | 3,296.1 | -12.0 | -83.4 | -0.4 | -2.5 |
| Unemployment | 1,421.2 | 1,386.2 | -35.0 | -50.7 | -2.5 | -3.5 |
| Participation rate | 66.7 | 66.5 | -0.2 | -0.5 | … | … |
| Unemployment rate | 7.6 | 7.4 | -0.2 | -0.3 | … | … |
| Employment rate | 61.6 | 61.6 | 0.0 | -0.2 | … | … |
| Part-time rate | 19.1 | 19.0 | -0.1 | -0.6 | … | … |
| Youths, 15 to 24 years |
|
|
|
|
|
|
| Population | 4,457.0 | 4,456.2 | -0.8 | -2.6 | 0.0 | -0.1 |
| Labour force | 2,847.8 | 2,822.8 | -25.0 | -67.2 | -0.9 | -2.3 |
| Employment | 2,435.9 | 2,409.1 | -26.8 | -68.7 | -1.1 | -2.8 |
| Full-time | 1,270.0 | 1,268.8 | -1.2 | -20.1 | -0.1 | -1.6 |
| Part-time | 1,165.9 | 1,140.3 | -25.6 | -48.6 | -2.2 | -4.1 |
| Unemployment | 411.9 | 413.7 | 1.8 | 1.5 | 0.4 | 0.4 |
| Participation rate | 63.9 | 63.3 | -0.6 | -1.5 | … | … |
| Unemployment rate | 14.5 | 14.7 | 0.2 | 0.4 | … | … |
| Employment rate | 54.7 | 54.1 | -0.6 | -1.5 | … | … |
| Part-time rate | 47.9 | 47.3 | -0.6 | -0.7 | … | … |
| Men, 25 years and over |
|
|
|
|
|
|
| Population | 11,596.5 | 11,609.3 | 12.8 | 158.2 | 0.1 | 1.4 |
| Labour force | 8,431.8 | 8,429.3 | -2.5 | 79.3 | 0.0 | 0.9 |
| Employment | 7,873.7 | 7,899.5 | 25.8 | 111.3 | 0.3 | 1.4 |
| Full-time | 7,261.9 | 7,281.3 | 19.4 | 122.5 | 0.3 | 1.7 |
| Part-time | 611.9 | 618.2 | 6.3 | -11.2 | 1.0 | -1.8 |
| Unemployment | 558.1 | 529.8 | -28.3 | -31.9 | -5.1 | -5.7 |
| Participation rate | 72.7 | 72.6 | -0.1 | -0.3 | … | … |
| Unemployment rate | 6.6 | 6.3 | -0.3 | -0.4 | … | … |
| Employment rate | 67.9 | 68.0 | 0.1 | 0.0 | … | … |
| Part-time rate | 7.8 | 7.8 | 0.0 | -0.3 | … | … |
| Women, 25 years and over |
|
|
|
|
|
|
| Population | 12,102.9 | 12,115.4 | 12.5 | 158.9 | 0.1 | 1.3 |
| Labour force | 7,498.6 | 7,488.2 | -10.4 | 57.5 | -0.1 | 0.8 |
| Employment | 7,047.3 | 7,045.6 | -1.7 | 77.9 | 0.0 | 1.1 |
| Full-time | 5,517.0 | 5,508.0 | -9.0 | 101.4 | -0.2 | 1.9 |
| Part-time | 1,530.3 | 1,537.6 | 7.3 | -23.5 | 0.5 | -1.5 |
| Unemployment | 451.3 | 442.6 | -8.7 | -20.3 | -1.9 | -4.4 |
| Participation rate | 62.0 | 61.8 | -0.2 | -0.3 | … | … |
| Unemployment rate | 6.0 | 5.9 | -0.1 | -0.3 | … | … |
| Employment rate | 58.2 | 58.2 | 0.0 | -0.1 | … | … |
| Part-time rate | 21.7 | 21.8 | 0.1 | -0.6 | … | … |
Note(s):
Related CANSIM table 282-0087.