Posted on 07/09/2010 10:52:58 AM PDT by NormsRevenge
OTTAWA (Reuters) – Canada's economy created six times more jobs than forecast in June, a near-record gain that pressures the central bank to raise interest rates again this month even as cracks in the U.S. recovery threaten to cool the country's scorching growth.
The staggering employment gain contradicts a recent string of weaker data, including another report on Friday showing housing starts fell in June.
Statistics Canada said on Friday that employment surged by 93,200 in June, flying past market expectations for 15,000 jobs, led by hiring in the retail and wholesale trade sectors, while factories laid off workers.
The gains fell short of the record 108,700 reported in April, but it was the third straight month that employment data exceeded forecasts.
The labor market has now nearly recovered the 417,000 jobs lost during the recession, Statscan said.
Still, the unemployment rate is well above pre-recession levels at 7.9 percent, though down from 8.1 percent in May.
Even taking into account signs of slowing domestic growth, the labor market strength reflects an expanding economy where emergency low interest rates no longer make sense, analysts said. The report increased expectations of a second consecutive central bank rate hike on July 20.
(Excerpt) Read more at news.yahoo.com ...
Must be all the US money that we use to buy oil from Canada, our number 1 supplier.
Obummer takes credit for cross-border Stimulus working to create jobs- IN CANADA!
Canada’s top corporate tax rate is 19.5%. The US is 39% (and going higher under Obama).
I believe it was on my favorite blog that I read that, US economic suicide notwithstanding, the world economy marches on...with or without us. And in the latter case, we lose competitive position.
I am surprised Barry is not out bragging how he created these jobs with his ‘stimulus’ program. Even though they are Canadian jobs, surely some of Barry’s cash must have helped create those jobs?
Thanks, President Obama, for keeping our rates down.
I wouldn't have believed that stat had I not verified it at the DOE site.
However, as oil demand is correlated almost perfectly with economic activity, I assure you, we're not buying as much oil as we used to, or as we might.
Hey, he's earned the nickname, "Zero."
No statistics on how many jobs are govt jobs.. or even how many people work for all forms of gov’t.. including contractors and sub-contractors..
Canada also has a government run health care system and very high personal income tax rates and sales tax, so what gives?????
How can we praise Canada when it is used as the bad poster child for a government run health care system.
“Our recovery is definitely more on track than most other countries, especially our neighbors to the south,” Grauman [Meny Grauman, a senior economist at Canadian Imperial Bank of Commerce in Toronto] said.
Oh, that's rich.
As many have been saying that the key to fixing our economy is conventional energy production. Basically it’s like one dollar spent will get you ten back. This is how Canada is doing it. Washington knows this and still won’t act.
Canada also has about one tenth our population - 34 million people. That’s a much more manageable number, even with a quasi-socialist safety net. They also don’t spend much on defense, and have a virtual free ride on the US in that regard.
They also don’t frack about when it comes to mineral and oil extraction.
Investment dollars will be streaming over the border faster than drunken bachelor party attendees heading for the Windsor Ballet
Spot on. They actually exploit their natural resources.
or US companies which have their factories over there.
About 2.5 million bbls a day ain’t chicken feed.
I talked with a guy who was working on the Tar Sands Project in Fort McMurray, Alberta. Very close to the Arctic Circle. Almost overnight it ballooned to 60,000 population and now has a mall, etc. The Enviros keep protesting it but PM Harper keeps telling them to take a hike.
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