The U.S. economy added 201,000 jobs in August. The U.S. unemployment rate is 3.9%. And year-over-year U.S. wage growth jumped to 2.9%. [Bureau of Labor and Statistics Link]
Meanwhile, the Canadian economy dropped 51,600 jobs in August. The unemployment rate increased to 6%. And year-over-year wage growth dropped to 2.6%.
CANADA – The net loss in August — which was the second largest monthly decline since the last recession — drove the unemployment rate to 6 per cent, from 5.8 per cent a month earlier, while wage gains decelerated to their slowest this year.
Economists had expected a gain of 5,000 jobs and an unemployment rate of 5.9 per cent, according to the median estimate in a Bloomberg survey. So far in 2018, the Canadian economy has shed 14,600 jobs. (read more)
In the media analysis Bloomberg talks down the strength of the U.S. economy, and tries to dismiss the scale of the economic growth in America. Simultaneously, the same Bloomberg media outlet calls the Canadian results “whacky” and “unexpected” and makes excuses for the miserable economic results. Huh, imagine that.