Unemployment In Canada Falls

09 July 2012 12:00 - Lucy Williams

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Unemployment In Canada Falls


Canada has witnessed a gain in employment suggesting that despite the economic crisis affecting economies globally Canada is keeping up its momentum. Unemployment rate in Canada fell to 7.2 percent with an addition of 7,300 jobs. Statistics were released showing increases in full-time and part-time employment and an increase in the number of hours worked. In addition on an annual basis hourly wages have been increased, a benefit for consumer spending and the economy on the whole.

However in spite of the gains seen in June, the figures did not compare to rising figures in March and April which saw the economy add a staggering 140,000 jobs. Yet economists were relieved that statistics showed a gain rather than a reverse and that Canada remained superior to the US in terms of employment. The US unemployment rate stays unchanged at 8.2 percent, a whole point above Canada’s as a result of the disappointing jobs report released on Friday which made public the dismal increase of only 80,000 jobs in June.

It is thought that the employment figures for June may impact the Bank of Canada’s interest rate policy nevertheless Canada’s Finance Minister Jim Flaherty remains optimistic concerning the Canadian economy and believes that the recent results, produced by Statistics Canada, confirm that the economy is strengthening.

The Bank of Canada had predicted a rise in interest rates however this appears to have been currently side-lined, possibly until 2014.

The majority of gains within employment were seen in the public sector, the biggest gains being in business, building and support services and health care/ social services. However Canada has seen a fall in employment figures in some sectors such as a decline in the information, recreation and agricultural fields.

In other Canadian economic news, the Canadian dollar has fallen to its lowest level over the last week. Along with the Australian and New Zealand dollar the Canadian currency has declined, weakening by 0.2 percent to C$1.0216 to the US dollar.

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Related Links:
• Bank Of Canada
Official Website
• Economic Events Calender
Scheduled Economic Events

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