TORONTO, ON, August 5, 2016 – For months Alberta dominated headlines and now Ontario is taking the reins from Alberta on the job loss front. Ontario shed 36,000 jobs in July; increasing the national employment rate to 6.9 per cent.
Ontario’s economy took a beating last month with the majority job loss in public administration, educational services, insurance, finance, construction and real estate according to the recent Labour Force Survey by Statistics Canada. On a national level, the Canadian economy lost 71,000 full time positions however the economy also gained 40,000 part time jobs.
Although the economy in Ontario was hit with a blow, Newfoundland and Labrador suffered the same. Newfoundland lost 5,000 jobs and pushed their unemployment rate to 12.8 per cent in July. Despite the job losses in Ontario and Newfoundland and Labrador, the employment gains in British Columbia and New Brunswick helped to offset the employment losses elsewhere. British Columbia gained 12,000 new positions in July dropping their unemployment rate to 5.6 per cent – the lowest in Canada. And New Brunswick also emerged victorious in July with the creation of 5,000 jobs – dropping their unemployment rate to 9.7 per cent.
“Although there are some encouraging trends in this report for British Columbia and New Brunswick some of the other findings are a cause for concern,” says Jeffrey Schwartz, executive director, Consolidated Credit Counseling Services of Canada.
“The economy in Ontario took an unexpected turn in July. It is too early to tell if this will be a trend for future months. Nevertheless, Canadians can be proactive by planning for the unexpected. You can start this by creating a savings account only for emergencies,” says Schwartz.
Creating a rainy day fund is great for unexpected emergencies. It is ideal to put away three to six months of your expenses so this way you will be covered in the event you lose your job. To help Canadians plan for the unexpected, Consolidated Credit Counseling Services of Canada offers the following:
- Budget your way through life. Improve your cash flow by understanding what is coming in from going out. If you are concerned about your job security, now is not the time to go on a massive shopping spree. Better to put that money towards an emergency fund!
- What do you know about Employment Insurance? Nothing is more frustrating than scrambling to find the appropriate paperwork in order to qualify for Employment Insurance. The more you know about how to qualify, the more prepared you will be in the event you lose your job.
- Make cash your friend. For some consumers, it is too hard to keep track of their digital purchases and as a consequence, they over spend their hard earned cash. End this trend by paying for your everyday purchases with cash.
- Seek credit counselling if your recent job loss will make it hard for you to keep up with your high interest credit card payments. A trained credit counsellor can help you with your debt management.
About Consolidated Credit Counseling Services of Canada, Inc.:
Consolidated Credit Counseling Services of Canada is a national non-profit credit counselling organization that teaches consumers about personal finance.
For more information or to request an interview with Jeffrey Schwartz, please contact:
Natasha Carr, Community and Public Relations Manager, Consolidated Credit Counseling Services of Canada, Inc., T: 416-915-7283 ext.1041, C: 416-830-4720, F: 416-915-5200, E: [email protected]