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17.08.2014
Last week, we learned that Canada is officially in a recession, even though it is relatively shallow for now. Statistics Canada scrambled to fix an error in its July jobs report, the Wall Street Journal reports, based on an access to information request.
Officials at Statistics Canada were initially unaware of the magnitude of an error in its July jobs report, couldn’t locate a key employee to discuss it and faced a barrage of questions and criticisms over the incident, according to a report by the Wall Street Journal. The portrait of an agency scrambling to fix an unusual and embarrassing error is contained in 200 pages of government documents obtained by the Journal under Canada’s access to information laws, the newspaper reported late Thursday. The July jobs report initially showed the country had lost a net 200 jobs that month, well below economists’ expectations. Following an internal investigation, Statistics Canada said in late August that inadequate oversight and communication among staff was the cause of the problem.


Increase in inventory of unsold homes, prices, mortgage rates and supply of rental units all expected to contribute to slowdown in starts, sales, Canada Mortgage and Housing Corp.
Krishen Rangasamy, Senior Economist, National Bank Financial tells BNN what Canada's employment data reveals under the surface and why he expects the Canadian dollar to be under pressure. Thanks for visiting!A better than expected jobs report from Canada: 12K jobs were gained in August, far better than a loss predicted. The US gained less jobs than expected but the revisions were positive and so were the wage numbers. It is important to note that the US releases its own report at the exact same time and this NFP is critical for the Fed decision on whether or not to raise rates.
The Canadian dollar and the economy were hit hard by falling oil prices, Canada’s critical export.


The corrected version, released a week later, showed in fact Canada had gained 41,700 jobs. That morning agency officials traded emails on how best to describe the mistake to users of Statistics Canada data.




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