Canada Releases Atrocious Jobs Data; Then Revises It Above The Highest Estimate Following Public Outcry

Tyler Durden's picture

A week ago, Canada released a jobs number that was a simply put a disaster: instead of creating the 20,000 jobs analysts had expected, the country's Statistics bureau reported that a tiny 200 had been added in the month of July, following a drop of 9,400K the month before. This promptly led to screams of pain and howls of bloody murder - after all the data is clearly not allowed to show negative trends: as the Globe and Mail reported, National Bank chief economist Stéfane Marion was among the more optimistic forecasters, with an expectation that July will actually show a net gain of 30,000 jobs and who immediately took offense with the report.  "That was mind-boggling,” he said. “These are numbers we don’t see outside recessions. I just don’t believe we’re in a recession, so therefore I would expect the full-time employment numbers to be [higher].”

And sure enough, since one can't possibly have a recession in a centrally-planned world, just hours after the release, and following the outcry from the cognitive dissonance, Statistics Canada yielded to pressure for a correction and promptly admitted it had made a mistake and was forced to correct its report. However instead of pulling a laughable ISM "seasonal adjustment glitch" excuse, the agency said it failed to count workers who should have been categorized as full-time employees, even though it clearly did count most full-time employees. Just not those that were critical to keep the illusion going.

Which is why this morning it was take two for the Canada jobs print, which was as follows: In July, Canada employment increased 41.7K in July according to Statistics Canada's second attempt, from -9.4K in prior month. This was about 41K higher than the previous "erroneous" print, and double the original estimate: high enough to make everyone happy. In fact, it was so high, it surpassed the highest range of the forecast, which topped out at 41.4K based on 20 economists.

The biggest variable was in the net change in full time employment, which dropped by -18.1K in July from 33.5K in prior month. This compared to an original print of -59.7K in the "erroneous" number. Offsetting the weak, if revised, full-time jobs number was part time employment which rose 59.9K in July from -43.0K in prior month. Obamacare now in Canada too? The good news, this was "less" than the original part-time report of +60.0K.

Other revisions:

  • Private employment increased 54.6K in July from -21.0K in prior month; private employment was originally reported as +26.3K
  • Public employment increased 24.2K in July from -11.9K in prior month; public employment was originally reported as +3.2K
  • Self employment fell 37K in July from 23.4K in prior month; self employment was originally reported as -29.2K

In other words, Canada mysterioualy had a swing of over 67K self-employed jobs in the month. Congratulations.

And so on. The bottom line: it is increasingly becoming the case that "unpleasant" official economic numbers are released, they show ugly "recessionary" data, and are subsequently revised much higher to stem the public outcry as analysts scream "bloody recession." Rinse, repeat... At least until the revisions can no longer mask the actual truth of the underlying data.

As for Canada Statistics, it was confident this wholesale, and very laughable error, was an "isolated incident." At least until next time.

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idea_hamster's picture

It's not Canada's fault that they put the "+" and "-" keys right next to each other.

After all, as everyone knows, clubbing seals makes your fingers fat.

astoriajoe's picture

I met a Canadian once. Fingers like bratwurst. Its amazing they get anything done.

fonzannoon's picture

that was one of the funniest things i have ever read. thank you.

Latina Lover's picture

Who gives a fuck about Canada anyways?  It is nothing more than a second rate puppet state of the USSA.

asteroids's picture

Just don't piss us off or we may do something drastic like invade and burn down the White House. Maybe we'll recall all our comedians. We know Amerikans have no fucking sense of humor.

813kml's picture

You can take back the Bieber but leave Trebek alone.

CheapBastard's picture

I thought all the Canadians bought those cheap merikan houses and moved south of the border, eh?

Citxmech's picture

I always wondered when they'd just start drawing the charts they wanted.  I guess now we know.

Latina Lover's picture

Yep, as I said, a second rate extension of the USSA.

BTW, do you know why Canadians always say Eh?  It's short for Asshole.

Welcome to Canada, EH?

Nice to meet you, EH?

We love Americans, EH?

 

Terminus C's picture

Unfortunately, the current government under Steven Harper is exactly that.  American sycophant and lackey is the only way to describe him.  It is funny that people in Canada joke about the Conservative party being dominated by the old Alberta Reform Party and it is true.  The funny thing about a political base in Calgary is that its money comes from American oil companies... so here we have a guy whose power base is from an area dominated by American oligarchs and is a lackey of the American government (read: oligarchs)... go figure.

Oh and... elections don't matter in Canada any more than they do in the 'States...

The other voting 'options' are no better.

Ozy_mandias's picture

LL your comment doesn't really make sense. Are you implying that every time a Canadian says 'eh' they are calling themselves an asshole? Or that they are calling every person they are addressing an asshole? Just need to clarify eh?

Slave's picture

I bet the women like it.

Canadian Dirtlump's picture

I'm generally a genetic disaster but am gifted with nice fingers of all things. My dalliance with 10 pin bowling helped harpoon that for my left hand regrettably.

mt paul's picture

you only need so many

artificial inseminators

 

for the beaver population 

onthesquare's picture

If the model does not fit the data;  change the data

Toburk's picture

Two years ago they changed their methodology, but it didn't accomodate the way teachers are "layed off" for two months a year.

 

They literally forgot to acount for the teachers (for both public and private schools) going on summer break again, and thus not showing up on the payrolls. Exact same thing happened last year.

 

 

Yes We Can. But Lets Not.'s picture

Fudgin' 'er a bit up der too, eh?

813kml's picture

The numbers are a bit loonie, but it's good to see the Canucks have finally embraced modern statistics.

TheFourthStooge-ing's picture

They recalculated the numbers after deciding that Canadian mercenaries working for the Kiev Yatzis should be counted as "employed".

https://pp.vk.me/c619321/v619321108/12356/PKTJR89f3aw.jpg

Latina Lover's picture

They also goosed their GNP up by including the weapons they are sending to the Ukraine on behalf of the USSA, paid by the dumbass taxpayers of Canuckistan.

asteroids's picture

Nah, our numbers are inflated due to our outrageous housing market. "It IS different here". The implosion, when not if it happens, will truly be amazing. Our government is getting ready by preparing bail-in laws. When that happens I will strongly look at removing all my money from Canadian Banks. Pity eh?

Latina Lover's picture

Only for the suckers who will have money in Canuck banks.

Debt-Penitent's picture

However instead of pulling a laughable ISM "seasonal adjustment glitch" excuse, the agency said it failed to count workers who should have been categorized as full-time employees...

 

"You want a revision?  We'll give you a revision to show it's been totally REVISED".

Toolshed's picture

TPTB think the peasants are morons.........sadly, they are correct.

JailBank's picture

"I don't believe we are in a receesion." HAHAHA this dude is going to just imagine it away. If I don't open my eyes the monsters can't get me.

Wait What's picture

exactly my thoughts. the global political class is in such a delusional state right now, when reality finally intrudes they are going to shit themselves something fierce.

"no one could have seen it coming"

Terminus C's picture

That asshole knows it is coming, if he doesn't he's a fucking moronic asshole.

They will all cry, " no one could have seen it coming" so they can keep their jobs robbing the people blind on the way down and the way back up.

Greenskeeper_Carl's picture

Technically he is right, we aren't in a recession. We are in a world wide depression ....
Recession, we should be so lucky.

Mr Pink's picture

It doesn't feeel like we are in a recession, so these numbers must be wrong.

I gotta get one of these economist jobs

CrimsonAvenger's picture

As for me, I don't feel fat and old, so I must have a pretty good shot with those hotties at the bar. I'll let you know how that works out.

813kml's picture

That's the spirit, in the new normal everyone is a perfect 10.

SilverDOG's picture

American immitation, such an HONOR. s/

danpos's picture

How hard is it for them to just release positive numbers the first time?  C'mon guys.

Dr. Engali's picture

"In other words, Canada mysterioualy had a swing of over 67K self-employed jobs in the month."

 

I see, pan handling is now considered self-employed. I wonder how mach the GDP data will be revised now.

813kml's picture

I imagine panhandling is a very seasonal job in the Great White North.

Latina Lover's picture

So is working as a fisherman for 10 weeks, and then enjoying 42 weeks of unemployment.

Terminus C's picture

Those days are mostly gone... because there are no fish.

How'd that happen...?

sixsigma cygnusatratus's picture

Chocolate rations were also increased from 30 grams to 25 grams per week.

RacerX's picture

Just another day in bizarro-world.. Eh?

apberusdisvet's picture

 

O fascist pricks,

we stand on guard for thee

 

Dubaibanker's picture

Jobs or no jobs, Canada has had a 7% approx unemployment rate for the longest time.

Canada's saving grace is the 250k approx new immigrants that are allowed to enter Canada every year for the past 10-20 years. This keeps the population growing and brings new money, aside from foreigners buying the real estate that tempers any massive declines or volatility. Banks have dramatically expanded into the US and for the first time ever have more branches in US than in Canada for TD etc. BMO and RBC are also very large in US than they were 10 years ago.

Canada also has a low foreign debt. Even debt securitization is controlled and taxes have infact been cut in order to improve Canada's competitiveness over the past decade. 

I don't believe, a dramatic real estate crash like the US or Spain can occur, so let us hope for the best, despite CMHC and others warning of a slowdown or a correction.

http://www.youtube.com/watch?list=UUngq92xrmmsfEgGdfAJ6giQ&v=clXaUhFTus8

Latina Lover's picture

Did you include the millions of canadians living permanently on social assistance or welfare? Notice they are not considered unemployed by the Canadian Government. Also, you might want to include provincial debts when calculating Canadas foreign debt.  In spite of his nationality, I did permit myself to have a Canadian friend once who explained that the purpose of Canada is to transfer money from the english canucks to the French.  Personally, I think this is good social policy since the french girls are much better looking than the pasty, hairy legged fat feminist english gals.

Global Hunter's picture

The cons probably threatened somebody's child.

Irishcyclist's picture

pick a number, any number, for god's sake

the not so mighty maximiza's picture

Just keep your eyes on my swinging watch

Its a recovery, a recovery, a recovery

(waving fingers in front of your eyes) 

A recovery , a recovery, a recovery

tuttisaluti's picture

tyler, what happen to the us net tic flow   minus 153,5 B

 

pauhana's picture

Pick a number - any number  .  .  .  . 

general ambivalent's picture

Haha, John Baird's such an asshole. He must have had Mike Duffy importing cocaine with his Colombian mistress. Lots of jobs there, I guess.

firstdivision's picture

The laughable part will be 'Canada's bulletproof banks' balance sheets when housing slides there. Housing is outrageously overvalued there. Their fall will make the US housing price drop look quite small.

The Shape's picture

I dunno how much pain the banks will be in. They palm all their dogshit mortgages off to be insured by the government.