Friday, October 7, 2011

Canada post +60k in new jobs

Go figure!  Just a few weeks ago all was doom and gloom in Canada.  The consensus was that for September 16,000 jobs were created -- well they were wrong by a factor 3.  In September Canada created more than 60,000 jobs (its as if the U.S. had created 600,000 jobs).  

The immediate impact is that the rate of unemployment fell by 0.2% from 7.3. to 7.1% (BTW strict comparison with U.S. unemployment would reduce the unemployment rate by 1%).

The bulk of new jobs were in private sector -- in fact public sector job levels are back to their September 2010 level... (up 14k).  The growth in labor was greatest in Ontario and Alberta, with British Columbia seeing the greatest percentage surge.

These figures are certain to give some strength to the CAD, and reduce the pressure on Mark Carney the Governor of the BoC to cut interest rate.  Canada's economy is humming along, right now.  The one sector that is slowing is construction, but this could be a seasonal thing more than anything else.  

For Canadian, the employment situation is positive (growth in full time work, reduction in part time work -- e.g. transformation of part time to full time work).  All in all a great way to start to Thanks Giving weekend (in Canada).


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