Employment soars in Canada
Recent employment statistics released by the Canadian government show that the economy is stronger than many people had predicted.
In both March and April 2012 the amount of jobs created, 82,300 and 58,200 respectively, far outperformed many forecaster’s estimations. These consecutive gains are the largest figures in more than 30 years.
It is highly unlikely that the following months will see such high numbers again but if Canada can continue to create jobs at a rate of around 20,000 per month it will be enough to push unemployment down (currently at 7.3 per cent) and prove that the economy really is performing well in the long term.
The majority of the jobs created were full time and in the private sector. April’s figures in particular featured a lot of jobs in the goods industry, as well manufacturing and construction. The creation of jobs in the natural resources and agriculture industries has also been prevalent in the last couple of months. Regarding the service sector, education saw a rise in employment whilst public administration witnessed a small decline.
This positive trend of creating jobs has occurred despite the continued global economic uncertainty. There is a debt crisis in Europe, the United States is not experiencing the robust recovery that they would have hoped for, and slower than forecasted growth in China, all of which could negatively impact Canada’s continued growth. In particular, manufacturing and resources are global industries and require global growth in order to sustain the current need for Canadian job creation. In the modern global economy the fate of Canada will be influenced by the performance of the rest of the world, however with the employment rate that has been observed in the past two months the Canadian economy is performing as well internally as anyone could have hoped for.
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