There were surprising economic numbers out yesterday – record job creation, and historic unemployment rate lows in Quebec, and nearing lows for youth unemployment. The government had obviously been preparing for the threshold of a million jobs created since they took office, because once it happened with this morning’s release, they were all over it, and everyone of them was pushing insufferable memes over their social media channels, and trying to wedge it into QP when they got bored of the Mark Norman scripts. And before you ask, no these jobs weren’t all in the public sector, but the majority were in the private sector and were full-time jobs, and were broad across different sectors that tested well, meaning that the data has less chance of being suspect as the month-over-month data can be.
This will set up a few different narratives as we careen toward the election – from the Liberals, it will be seen as proof that their plan for “investing in the middle class” is working, which will be key for their re-election message. While Andrew Scheer has attempted to claim that there was a jobs crisis in this country on several occasions – based in part on deliberately misconstruing StatsCan data – it’s never really stuck. Likewise, this pours a lot of cold water on the claims that the federal carbon price is a job-killer (though they would say that it remains too soon to tell). It also is on the road to completely disproving that said carbon price will drive the country into recession – in fact, it looks like the economy is picking back up steam after the slowdown related to the most recent oil price crash (which the Bank of Canada had always stated was due to temporary factors, though it spread a bit further than initially anticipated). That these job figures had other strong indicators like good wage growth in them, it bolsters the picture of that recovery, which should be back to solid growth by the time of the election. Of course, the Conservatives will try to point to the fact that the Americans are showing bigger job growth than we are, but it also bears reminding that they’ve juiced their economy with a trillion dollars in annual deficit spending, which puts Trudeau’s very small deficits in favourable comparison.
https://twitter.com/MikePMoffatt/status/1126925907908808704
https://twitter.com/MikePMoffatt/status/1126929298563244032
I’m not sure that this will undo all of the damage the Liberals have been doing to themselves, and they’re going to inevitably be arrogant in how they communicate this economic good news, but they can at least point to good numbers.
https://twitter.com/SkepticRod/status/1125431876670255104