The economy – Canada
Employment in Canada fell by 71,200 jobs in November from October to a total of 19.09 million, according to seasonally adjusted numbers from Statistics Canada. Still, employment was up 1.6% on a year-over-year basis. Both full-time and part-time jobs fell in November. Full-time jobs were down by 38,400 and part-time jobs fell by 32,800. The Canadian unemployment rate rose to 5.9% in November from 5.5% in October.
Employment in Canada increased by 30,900 jobs in November from October, according to the ADP Canada National Employment report. Additionally, job growth in October was revised upward to a gain of 2,900 jobs from the previously reported loss of 22,600 jobs.
The share of gig workers among all Canadian workers aged 15 and older increased to 8.2% in 2016 from 5.5% in 2005 — or about 1.7 million workers from almost 1 million workers, according to a study released by Statistics Canada.
Operating revenue for Canada’s employment services industry group rose 9.4% year-over-year to C$16.2 billion (US$11.87 billion) in 2018, according to Statistics Canada. However, operating profit margin edged down to 3.9% in 2018 from 4.3% in 2017.
A Manpower survey found, in Canada, a seasonally adjusted net employment outlook of 10%. That’s down from 12% for the fourth quarter and 12% for the first quarter of 2019. This suggests that 10% more employers will be hiring, than will be laying off.
The economy – US
A third estimate of US real gross domestic product in the third quarter put growth at an annual rate of 2.1%, according to the Bureau of Economic Analysis. The estimate was unchanged from a previous estimate of 2.1% for the third quarter. In comparison, real GDP in the second quarter had grown 2.0% on an annual rate while growth in the first quarter was 3.1%.
The number of jobs in IT ticked down 0.01% year over year in November despite an otherwise upbeat jobs report for the month, according to a report from the TechServe Alliance, a trade association of the IT and engineering staffing and solutions industry. However, it said the decrease was based on a shortage of workers, not a lack of demand. Looking at engineering jobs, employment showed renewed strength, up 0.35% November compared to October for total employment of near 2.7 million.
The Conference Board Leading Economic Index for the US was unchanged in November, remaining at 111.6, following a 0.2% decline in both October and September. "While the six-month growth rate of the LEI remains slightly negative, the Index suggests that economic growth is likely to stabilize around 2% in 2020".
The Business Roundtable reported Wednesday that its CEO Economic Outlook Index fell to a reading of 76.7 for the fourth quarter, down 2.5 points from the previous quarter. The index declined for the seventh consecutive quarter and remains below its historical average of 82.7, indicating continued moderation in the pace of economic growth.
IT decision makers in the US plan more hiring in the first half of 2020, but hiring challenges persist, according to a new survey from Robert Half Technology. The survey found 69% anticipate expanding their team in the next six months, up two points from a similar survey for the second half of 2019. Nearly all IT managers polled, 96%, plan to bring on interim professionals. Of those, 60% say hiring project-based IT employees is part of their overall staffing strategy and 58% will look to temporary staff if a role becomes vacant and isn’t filled quickly.
A Manpower report surveyed 11,500 employers in the US and found that 22% planned to increase hiring in the first quarter while only 5% planned to decrease for a net employment outlook of 17%.
Solid job growth will continue in the coming months, according to The Conference Board’s Employment Trends Index which increased in November, suggesting solid job growth will continue in the coming months. November’s index level rose to 110.18, up from October’s index level of 109.96
Forecasts for inflation-adjusted GDP growth in the US held steady among economists taking part in the National Association for Business Economics’ 2019 NABE Outlook report. However, they were split on when a recession would begin. The median forecast for inflation-adjusted GDP growth in 2019 is 2.3%, according to the report released today. The median forecast is unchanged from an earlier survey in October. Looking ahead, the median forecast for 2020 is growth of 1.8%. In comparison, the economy had grown by 2.9% in 2018.
Total US nonfarm jobs rose by 266,000 in November from the previous month, well above the monthly average of 180,000 per month so far in 2019, according to seasonally adjusted numbers from the US Bureau of Labor Statistics.
Economic activity in the US nonmanufacturing expanded in November, but its rate of growth slowed, according to the Institute for Supply Management’s index on nonmanufacturing economic activity. The NMI fell to a reading of 53.9 in November, down from 54.7 in October. However, readings above 50 indicate expansion. The index is based on a data from purchasing and supply executives across the US.
The economy – Outside North America
Global consumer confidence sunk to its lowest level in more than two years, according to the December 2019 Ipsos Global Consumer Confidence Index. The index fell to a reading of 48.5 this month, down 0.1 point from November but a decrease of 1.0 over the last three months.
The unemployment rate for OECD countries remained stable at 5.2% in October 2019 when compared to the previous month. Across the OECD area, approximately 33.2 million people were unemployed during October 2019, up from 33.1 million in September.
The job vacancy rate in the EU28 stood at 2.3% in the third quarter of 2019, stable compared with the previous quarter and up from 2.2% in the third quarter of 2018, according to data from Eurostat, the statistical office of the European Union. The euro area unemployment rate was 2.2% in the third quarter of 2019, down from 2.3% in the previous quarter and up from 2.1% in the third quarter of 2018
Total payroll jobs in France rose by 0.2% in the third quarter to 25.4 million, but temporary employment fell by 0.4%, or 2,900 jobs, to a total of 790,700 jobs, according to data released by INSEE, France’s national institute of statistics and economic studies.
UK employers’ hiring confidence fell to the lowest level since tracking began in 2016, according to the JobsOutlook report for September-November released today by the Recruitment and Employment Confederation. The REC’s measure of business confidence stayed low as well.
The seasonally adjusted unemployment rate in Ireland for November 2019 was 4.8%, down from 5.6% in November 2018, according to data from the Central Statistics Office. When compared to the previous month, the unemployment rate remained unchanged.
Australia added 40,000 jobs in November to nearly 13 million, and the seasonally adjusted unemployment rate in Australia edged down 0.1 percentage point to 5.2% from the previous month, according to data released Thursday by the Australian Bureau of Statistics.
Research by staffing firm Robert Half International Inc. found that 55% of New Zealand business leaders are "very confident" of their growth prospects for the first half of 2020 and 42% are "somewhat confident." As a result, 42% plan to increase permanent staff numbers. Among reasons for increasing confidence, 56% cited expanding business opportunities and 54% said the economic climate.
Hong Kong’s seasonally adjusted unemployment rate increased slightly to 3.2% during the three-month period ended November, when compared to the previous three-month period ended October 2019 (3.1%), according to the latest labour force statistics published by the Census and Statistics Department.
Statistics Korea also published labour market data for November in South Korea showing that the unemployment rate stood at 3.1% during the month, down 0.1% year-on-year. The number of employed persons totalled 27.51 million in November, which went up by 331,000, or 1.2% year-on-year.
India is expected to see a 7.1% rise in job creation during the October-March period, according to TeamLease’s Employment Outlook report. The report shows an increase in the net employment outlook for seven of the 19 sectors surveyed, while nine sectors reported a decrease in their outlook.
Despite external uncertainties and concerns of a softening economy, China has kept delivering job gains with 11.93 million new urban jobs created in the first ten months this year, meeting the annual target of creating more than 11 million new jobs ahead of schedule. Before 2019, China had created more than 13 million new urban jobs annually for six consecutive years even though its GDP growth slowed.
Thailand’s unemployment rate in the third quarter of 2019 stood at 1.1%, up slightly by 0.1% when compared to the previous year, according to data from the Office of the National Economic and Social Development Council.