Paul Martin’s Business Update – February 9th, 2015
The January job numbers in this province provided a different look from the one we’ve been accustomed to seeing. The numbers were down.
Unemployment was up, employment down while full-time positions declined and part-time spots rose.
For each of these indicators, that was a new direction. Interestingly, about the only thing that stayed on a growth track was StatsCan’s estimate of our population …it continues to increase although at a slightly slower pace.
Those who watch these figures say it is too early to point to the oil patch as the reason for the change in direction. The impact of lower oil on jobs will not have flowed into the data yet. But it is a sign of a slowing or plateauing of our economy. We’ve had significant growth for a decade and, ultimately, just like a jetliner this has to level out….whether this is a sign that we’ve reached our cruising altitude is yet to be seen as one month does not make a trend.