Canada Posts First Job Gain in Four Months on Finance

Discussion in 'Economics' started by ASusilovic, Sep 4, 2009.

  1. By Greg Quinn

    Sept. 4 (Bloomberg) -- Canada recorded a surprise job gain in August, the first in four months, suggesting the country is emerging from its first recession since 1992.

    Employment rose by 27,100, Statistics Canada said. The jobless rate increased to 8.7 percent from July’s 8.6 percent, the highest since January 1998, as the labor force grew faster than employment. Economists surveyed by Bloomberg predicted a job loss of 15,000 and unemployment at 8.8 percent.

    “This is very typical of what you see as the economy is emerging from a recession,” said Sheryl King, head of Canadian economics and strategy at Merrill Lynch Canada in Toronto. “We’ll take it.”

    The Canadian currency advanced 0.7 percent to C$1.0943 per U.S. dollar at 8:50 a.m. in Toronto, compared with C$1.1019 yesterday. One Canadian dollar purchases 91.38 U.S. cents.

    The unexpected gain may help Conservative Prime Minister Stephen Harper fend off attacks from opposition parties seeking to oust him over his handling of the economy. Parliament resumes Sept. 14, and Liberal Leader Michael Ignatieff said three days ago his party will no longer support the government.

    Part-Time Jobs

    The employment gain was led by 30,600 part-time jobs, while full-time positions declined by 3,500. Retailers and wholesalers hired 21,200 people and financial and real estate companies added another 17,500.

    People finding jobs is always good news !:cool:
  2. Always a good sign for sure. Many were part time, but part time is better than nothing! GDP also increased in June, albeit by 0.1%, but it's growth nonetheless. It's early, but it appears our wounds in Canada are starting to heal.
  3. That really is a lot of people who are working in the gift shops at the Olympic Village. :cool: