June unemployment numbers for both Canada and the U.S. underwhelm

Both Canada and the U.S. released June employment and unemployment figures this morning--and there was little cause of celebration.

Canada added a meagre 7,300 jobs last month, though, on a positive note, all that gain came from full-time positions. Somewhat puzzlingly, however, the lion’s share of hiring was in the public sector despite the ongoing fiscal restraint. Unemployment edged down a notch, to 7.2 per cent, though Statics Canada noted the dip was due to fewer people searching for work. All in all, it was neither good nor bad news.

The real downer came from the States, whose June job report fell well short of expectations. The U.S. economy added 80,000 jobs last month--20,000 shy of the consensus forecast, and a blow to President Barack Obama, whose reelection is thought to hinge on America’s job numbers. Unemployment figures, collected in a separate survey, showed the jobless rate unchanged at 8.2 per cent.