Canada’s Growth Slows While U.S. Gathers Momentum

28 February 2012 - Which Way to Pay

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Canada’s Growth Slows While U.S. Gathers Momentum

The latest economic data suggests that Canada’s economy looks set to stall while more people in the United States are getting jobs, buying houses and have more confidence in the economy. In January the US created 243,000 jobs which was twice the forecasted rate and unemployment declined 0.2 % to 8.3%. On the other hand, Canada’s economy hardly created any jobs and the unemployment rate rose 0.1 % to 7.6% with more and more people looking for work.  The National Association of Realtors said the number of Americans buying resale homes in January hit a two year high.

Having said this, America is actually digging itself out of a much deeper hole when you start comparing the two countries. Glen Hodgson, chief economist with the Conference Board of Canada said, “Their starting point was much deeper. They lost 5 % of the gross domestic product. We lost about half of that. We’ve also recovered all the jobs we lost. They’ve recovered about a third of jobs they lost. So they’re playing catch up to where Canada already is.”

But a faster growing US economy can only be good news for Canada who is its largest trading partner.

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Related Links:
• National Association of Realtors
Housing Statistics
• Bank of Canada
Canada's central bank
• The Conference Board of Canada
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