Trump Created Jobs, But Canada’s Trudeau Got A Much Darker Economic Report

Posted: Dec 06, 2019 5:43 PM
Trump Created Jobs, But Canada’s Trudeau Got A Much Darker Economic Report

Source: AP Photo/ Evan Vucci

Canadian Prime Minister Justin Trudeau was caught doing blackface and brownface, but managed to secure another term in office. He may have been caught mocking President Donald Trump at a NATO summit in London this week, but he shouldn’t. The U.S. had solid jobs report in November. Over 250,000 new jobs created, wages grew, and unemployment dropped to 3.5 percent (via WSJ):

The U.S. job market strengthened in November, as hiring jumped and unemployment fell to a half-century low, adding fuel to the economic expansion.

Employers added 266,000 jobs in November—the fastest pace since 312,000 in January—and the jobless rate dipped to 3.5%, matching September as the lowest level since 1969, the Labor Department said Friday. Wages also advanced 3.1% from a year earlier.

“This is a ‘who would have thought moment?’” said Becky Frankiewicz, president of staffing company ManpowerGroup’s North America division. “No one would have ever guessed we could be sitting at 3.5% unemployment with 110 months of job gains.”

U.S. stocks and government-bond yields rose Friday after the upbeat jobs report, offsetting some of the jitters about trade from earlier this week.

Jobs have grown an average 205,000 a month in the three months through November, a pickup from the pace earlier in the year but less than 223,000 a month in 2018.

Make America Great Again, indeed. In Canada, however, they suffered the worst job losses in nearly a decade (via Financial Post):

Canada’s job market unexpectedly weakened for a second-straight month, registering the biggest drop in employment since 2009 and casting doubt on the resiliency of the domestic outlook.

The economy lost 71,200 jobs in November, Statistics Canada said Friday in Ottawa, following a decline of 1,800 in the prior month. That pares the total number of jobs added this year to around 285,100.

The report missed the median economist forecast for a gain of 10,000 jobs. The unemployment rate increased to 5.9 per cent in the month, from 5.5 per cent in October, the biggest one-month jump since 2009. The decrease in employment was broad-based among both the goods-producing and service-producing sectors.

Talk about a tale of two nations. Hey, Canada, you voted for this Trudeau clown again. Nice work, there.