Canada’s Economy Adds 58,200 Jobs In April

14 May 2012 10:30am - Victoria Wedderburn

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Canada’s Economy Adds 58,200 Jobs In April

Statistics Canada said Canada’s economy added 58,200 jobs in April as Canadians found jobs in most regions of the country. As a result Canada reported its best two-month jobs gain in 30 years following 82,000 jobs added in March. Analysts had only expected a modest job growth of 10,000 jobs in April. The news will come as a welcome sign that Canada’s recovery is gathering steam. However, the unemployment rate rose slightly to 7.3% but this was mainly because there were more people looking for work last month. Most of April’s gains were in the goods sector, with construction up 24,600, manufacturing up 23,800, forestry, fishing, mining, and oil and gas up 11,000, agriculture up 10,200 and utilities up 300. Among service industries, education employment increased but public administration decline.

Doug Porter, deputy chief economist at BMO Capital Markets said, “The biggest back-to-back job gains in 30 years will silence concerns that the Canadian economy was sagging notably,” But he did said that it was too soon for talk of an interest rate hike by the Bank of Canada adding, “While this surprisingly solid result will not massively change the Bank of Canada’s view, it will embolden them to keep up the hawkish rhetoric, even with turmoil in Europe and marked cooling in China.”

Related Links:
• Statistics Canada
Labour Force Survey, April 2012
• Related News
Canada’s Economy Adds 82,300 Jobs In March
• BMO Capital Markets
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