Unemployment in Canada

Question: Discuss about theUnemployment in Canada. Answer: Key Points in the Article The unemployment rate in Canada has been on fluctuating mode, with a trend ranging between 6%-8.7%. The labor market is weak and cannot sustain the supply in the Canadian labor force supply. The economy is losing more jobs though gains part-time jobs. Consequently, there is net unemployment. Fewer youths employed in the labor market thus more settles for self-employment. Public sector experiences a higher drop-out of workers as opposed to private sectors. The construction and manufacturing industries contribute significantly to unemployment in the country compared to accommodation and food services industries. The over-stretched unemployment conditions negate the economic growth that is redundant on the welfare of the citizens. The GDP of the country has shrunk weak notwithstanding the economic demand of the citizens Summary of Financial Post News Financial Post News outlines Canadas unemployment rate as a fluctuating one though there is no clear correlation between the reports by Canada Statistics and real figures on the economy. In the month of June, there is a discrimination on the employment distribution among the population with more youths affected in comparison to adults. Regardless of part-time job opportunity increment of 40,200, the country could not still sustain the rising unemployment rate. The growing trend is boosted by a fell out of full-time workers. Employment in public sector performed poorly compared to private sector. Among the population who fell out from work, an estimate of 28,000 people was from the public sector. The GDP of the country reduced a behavior that demonstrated the reduction of the Canadian dollar exchange rate. Compared to unemployment report in June, the unemployment rate rose by 0.1%, the effect of unemployment trend affected states differently. Ontario State attained a loss of estimated 36,100 jobs. Canada is bound to undergo high unemployment rate as employment opportunities continuously cease. The rise in unemployment trend demonstrates reduced economic growth. The unemployment trend illustrates uneven distribution, with Ontario and Alberta affected most. Job opportunities are only evident in British Columbia. The article shows that the number of people losing full-time jobs is higher compared to the people employed. However, the employees work on part-time basis though chances unrecovered were on the full-time basis. The net computation is a reduction in employment opportunities in the country. The country experienced the increase of 14,000 jobs in the month of May, but this had no significance on the market trend. The trends in public and private sectors differ with public sector losing more opportunities with the low rate of recruitment. The majority of the population who lost their jobs sort for self-employments (Gross 2014). In June, unemployment in Alberto reduced by around 1,900 contributed by economic factors on oil prices. Ontario followed Alberto with a loss of 4,200. The British Columbia maintained its stability of job creation by adding an estimated of 16,000 positions. The fluctuations demonstrate the unemployment rate of 6.8%. Structural changes have contributed to the unemployment in Canada. Industrial changes contribute to construction and manufacturing industries loss of jobs (Hoffmann 2014). However, accommodation and food services industry remain steady to create more jobs (Financial Post News July 8, 2016). Review of the Financial Post News Summary The unemployment rate in Canada has affected the population unequally with youths affected more compared to adults. Also, the countrys structural changes contributed to the unemployment. Therefore, it is a policy issue in solving unemployment situation in a country (Tansel 2016). The Canadian economy has a static manner composition that does not accommodate dynamism for youths. Companies rely on skilled and experienced labor force instead of tapping fresh graduates in the economy. The cyclical unemployment has also contributed immensely. The government reduces its expenditure on the public goods and services thus discouraging firms (Benard 2013). Structural unemployment is also a major contributor. Changes in consumers purchase pattern discourage companies from the production, they do away with some workers or reduce work time. The article is appropriate. It evaluates the sideshows of the government in the claim of reducing unemployment. As a youth am certainly affected by increasing trend of unemployment in the country, more so the youth unemployment (Boubtane 2013). The Tension Between Self-Interest and Social Interest It demonstrates a claim by Canada Statistic of the creation of new jobs even though it is at a redundant rate. This is a perception of improving social welfare. However, as an individual, the wellbeing is real only if a job is secured. References Bernard, A. and Branch, A.S. (2013). Unemployment Dynamics Among Canada's Youth. Statistics Canada, Analytical Studies Branch. Boubtane, E., Coulibaly, D. and Rault, C., 2013. Immigration, growth, and unemployment: panel VAR evidence from OECD countries. Labour, 27(4), pp.399-420. CBC News (2016). Canada sheds 31,200 jobs in July, unemployment rate rises to 6.9%. Retrieved: October 7, 2016. https://www.cbc.ca/news/business/jobs-canada-july-1.3708611 Financial Post News. (2016). Canada job market set for slow growth as unemployment rate falls to6.8%. Retrieved: October 7, 2016. https://business.financialpost.com/news/economy/canada-unexpectedly-sheds-700-jobs-in-june-but-unemployment-rate-dips-to-6-8 Gross, D.M. (2014). Temporary Foreign Workers in Canada: Are They Really Filling Labor Shortages? CD Howe Institute Commentary, 407. Hoffmann, F. and Lemieux, T. (2014). Unemployment in the Great Recession: a comparison of Germany, Canada and the United States (No. w20694). National Bureau of Economic Research. Tansel, A., Ozdemir, Z.A. and Aksoy, E. (2016). Does Unemployment Invariance Hypothesis Hold for Canada? Available at SSRN 2818432.