Roundup: Blockbuster jobs numbers—mostly

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Statistics Canada released the Labour Force Survey numbers yesterday, and they were very good—four times as many jobs were created as had been forecast by economists. All of the jobs lost during the pandemic have been recovered and more, and unemployment is very nearly as low as it was before the pandemic began (at which point we were at record lows, around statistical “full employment”), and it was even noted that “core-aged” women had their highest ever employment levels. Things are turning around. Mostly.

There are still a lot of vacancies and there is a mismatch between jobs available and the skills that unemployed workers possess, and while the government is pouring money into training, that takes time. And labour shortages mean wages are likely to continue to increase (and if anyone says they’re stagnant, they are either lying or haven’t read the data). As well, productivity has taken a dive over the last quarter, so that will matter as well. Conservatives are claiming that the increase in jobs is as a result of the majority of pandemic benefits ending, but I’m not sure there is a direct comparison that can be made given the skills mismatches that are in the economy (and which pre-date the pandemic, which was one of the reasons why the Bank of Canada, among others, was making a concerted effort to call for inclusive growth). There is work still to do, but the government is feeling pretty good about the data.

Meanwhile, here are some economists’ takes to consider:

https://twitter.com/kevinmilligan/status/1466771813594140675

Good reads:

  • NACI’s updated guidance is for anyone over 50 to get a booster shot, and anyone 18 to 49 to wait until six months after they had a second dose.
  • Canada is also contracted to buy 1.5 million doses of oral antiviral treatments for COVID, pending Health Canada approval.
  • Stephen Guilbeault says the government is delaying releasing its new climate plan until March in order to give more time for consultation.
  • The Provost Marshal of the Canadian Forces told the House of Commons he would investigate all claims regardless of rank, and then refused to do so when asked.
  • Canadian Blood Services is about to ask Health Canada’s regulatory body to evaluate their updated donor criteria to eliminate sexual orientation as a disqualifier.
  • The Supreme Court of Canada ruled that Loblaws had not illegally evaded taxes with their Barbados subsidiary.
  • While Senator Denise Batters may still be in the Conservative senate caucus, she has been excluded from all committee duties.
  • A former member of the Conservative Party’s national council is also speaking out about the attempts to silence Senator Batters’ petition to call for a review of O’Toole.
  • The Bloc are concerned that poor audio and interpretation in hybrid meetings has forced committee witnesses to speak English instead of French.
  • The Green Party is considering shuttering their party head office after donations plunged during the Annamie Paul saga, and they are now facing insolvency.
  • Kevin Carmichael explains what yesterday’s jobs data will likely mean for the Bank of Canada’s guidance going forward.
  • Susan Delacourt is seeing signs of cooperation and MPs trying to be more productive in the new parliament (though I’m not sure I fully agree with her).
  • Chris Selley pours cold water on the republicans in Canada salivating for a Barbados-style ditching of their monarchy.
  • Matt Gurney ponders the good fortune we’ve seen in Western society in our lives, and why we shouldn’t necessarily expect it to always be there.
  • My weekend column despairs as senators once again monkey with committee rules in order to take away independence from senators in the name of…independence?

Odds and ends:

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