02) "ECONOMY STILL
IN FREE-FALL"
(The following
article is from theSeptember 1-15, 2009, issue of People's Voice,
Canada's
leading communist
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Canadian Labour
Congress chief economist Andrew Jackson says the StatsCanada job
numbers for July 2009 "are a clear sign that, far from entering a
recovery, the Canadian economy is still in free‑fall. While the
national unemployment rate remained unchanged in July at 8.6%, this was
only because 53,000 workers gave up the fruitless search for jobs and
dropped out of the labour force. The participation rate fell sharply,
from 67.5% to 67.2%, the largest monthly decline we have seen since the
recession began. "We lost another 45,000
jobs in July, but the picture is much worse on closer examination.
There were 79,000 fewer workers in paid jobs compared to June, while
self‑employment rose by 35,000. This was on top of another big jump in
self‑employment of 37,000 last month. Put it all together and the
picture is of large losses in paid jobs, with the impact on the
headline unemployment rate cushioned by workers giving up the search
for jobs or turning to self‑employment.
"The impact of the recession has spread decisively to women. There were
22,000 fewer adult women (aged 25 and over) working in July compared to
June, and another 31,000 adult women dropped out of the labour force.
"The figures suggest little impact to date from the federal
government's stimulus package. We lost 18,000 construction jobs in
July, bringing the total loss in this sector since October to 120,000
or 9.6%. The unemployment rate for students in July was 20.9%."