This Week’s Top Economic Data Points: Positive Jobs Data In U.S., Canada
- According to Statistics Canada, the Canadian economy added 26,200 net new jobs in August, but the nation’s jobless rate increased to seven percent from 6.9 percent in July. (The reading for August job growth was much higher than the 15,000 new jobs analysts had predicted.) The report reflected a gain of 52,200 full-time jobs and a loss of 26,000 part-time positions.
- Wholesale sales in the United States fell 0.4 percent from June 2016 to July 2015 and one percent from July 2015 to July 2016. Sales of durable goods were up 0.2 percent for the month and 0.7 percent year-over-year. Wholesale inventories were virtually unchanged in July, but increased 0.5 percent from the previous year. The inventory-to-sales ratio for wholesalers was 1.34, up from 1.32 in July 2015.
- The number of Americans who filed for federal unemployment benefits for the first time fell to 259,000 for the week that ended Sept. 3 from 263,000 the week before. The four-week moving average of first-time claims also fell, as did the number of individuals who continued to receive benefits. That figure declined to 2.144 million for the week that ended Aug. 27 from 2.151 million the week before. The four-week moving average of continuing claims was also down. The U.S. Labor Department also announced last week that there were 5.9 million jobs open in the country at the end of July, up from 5.7 million at the end of June.