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(Erwin Wodicka/Hemera / Getty Images)

Markets shouldn’t have to wait for reliable jobs data

It’s disconcerting to learn that Statistics Canada miscalculated its latest employment data so badly that it had to rescind one of its most important and influential economic reports just days after issuing it. But even once Statscan fixes what it called an “error in processing” and reissues the July Labour Force Survey (LFS) this Friday, the estimate of the number of jobs gained or lost likely still won’t be all that accurate. Month in and month out, Statscan’s flagship labour market report is showing us an entire dartboard – and largely guessing where the bull’s eye is.