The smart people tell us the economy is growing again — but will the job market?

August is widely expected to break the labour market losing streak of the past two months. Economists estimate Canada gained about 16,000 jobs in August. That follows a loss of 700 jobs in June and a whopping 31,200 jobs in July, 

"What matters most to us is not that headline figure but where those jobs come in," said Frances Donald, senior economist at Manulife Asset Management. 

• Canada sheds 31,200 jobs in July, unemployment rate rises to 6.9 per cent

In a perfect world, for the month of August Donald wants to see full-time private sector jobs added in Ontario, B.C. and Quebec, provinces she calls pillars to the country's economic growth. And she would like to see jobs created in manufacturing and trade, a sign that the shift to non-energy exports is in the works.

"Now that's an ideal situation, and we aren't likely to get that," said Donald.

Can Alberta turn it around?

It may be even less likely to see that kind of positive turn in Alberta. 

We will get a fuller picture of the workforce in that province this month though. In May, June and July the Fort McMurray wildfire prevented Statistics Canada from collecting labour market data from the Wood Buffalo region, but it will be back in the mix for August.

"Overall, the labour market situation regardless of the forest fire is quite serious," said Todd Hirsch, chief economist at Calgary-based ATB Financial. "We've seen a lot of very good paying jobs being lost, particularly in Calgary and in the oilpatch."

• Alberta estimates wildfire put $1B dent in 2016 oilsands spending plans
• Alberta economy still the best in Canada by some measures

Hirsch is hopeful that massive layoffs by oil and gas companies tapered off in August, but he expects the ripple effects to continue.

"I think we will continue to see a loss of jobs in August," said Hirsch. "Now it is trickling into all those sort of peripheral industries around the oil and gas sector — the construction sector, manufacturing, business services."

Pulling out of a bad few months

Finance Minister Bill Morneau suggested that reporters take a long-term, big picture look when he was at the G20 summit in China.

"We've had a difficult second quarter in terms of economic results, which has been difficult for families in Alberta, obviously, with the wildfires in Fort McMurray," said Morneau. "We do see the economy turning around and getting better in the third and fourth quarter."

• Bank of Canada says economic conditions don't warrant rate change

One signal that a rebound could be in the works is if more Canadians have jobs, and money to spend.

"Since the beginning of the year, one of the big positives for the economy has been that the consumer has been very strong," said Donald. "It's been a pillar of growth in this country, and one of the reasons is a fairly resilient job market in many places in the country."

However, Donald added, "I'm referring to the consumer outside of the energy patch, which is still suffering deeply from a recession in that area."

Statistics Canada's new jobs numbers will be out on Friday at 8:30 a.m. ET, but its Labour Force Survey is notoriously volatile. And while economists may expect some job growth there's no guarantee it will actually show up.