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Unemployment Drops A Little

 March 12, 2012 11:23 AM

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).

[Related -Finally, Market Capitulation Gives Bulls A Real Test Of Conviction]

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?

[Related -Health Care & Energy: US Sector Momentum At The Extremes]

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 2012February 2012Jan
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

Labour force18,778.218,740.3-37.969.7-0.20.4
Participation rate66.766.5-0.2-0.5
Unemployment rate7.67.4-0.2-0.3
Employment rate61.661.60.0-0.2
Part-time rate19.119.0-0.1-0.6 …
Youths, 15 to 24 years

Labour force2,847.82,822.8-25.0-67.2-0.9-2.3
Participation rate63.963.3-0.6-1.5
Unemployment rate14.514.70.20.4
Employment rate54.754.1-0.6-1.5
Part-time rate47.947.3-0.6-0.7 …
Men, 25 years and over

Labour force8,431.88,429.3-2.579.30.00.9
Participation rate72.772.6-0.1-0.3
Unemployment rate6.66.3-0.3-0.4
Employment rate67.968.00.10.0
Part-time rate7.87.80.0-0.3 …
Women, 25 years and over

Labour force7,498.67,488.2-10.457.5-0.10.8
Participation rate62.061.8-0.2-0.3
Unemployment rate6.05.9-0.1-0.3
Employment rate58.258.20.0-0.1
Part-time rate21.721.80.1-0.6 …
… not applicable
Related CANSIM table 282-0087.
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