Friday, February 3, 2012

Canada: Job growth slow in January

   While the U.S. employment situation is improving Canada is going in the opposite direction. Last month Canada managed to add only 2,300 job. Economists had been predicting that about 24,500 would be added. Unemployment edged up slightly to 7.6 per cent.
     Unemployment is rising in the Atlantic provinces and also Ontario with little change in other provinces. The construction area did not do well with the loss of 13,700 jobs after a decline the month before as well. In the technical, professional and scientific area there were 44,800 fewer jobs last month. This is an area of well paid jobs.
   The chief economist at Toronto Dominion Bank said: "These figures are consistent with an economy fighting to keep its head above water," Many economists believe that job growth will remain weak through 2012. However in the U.S. 243,000 jobs were added in January. This is far above what most analysts predicted and lowered the unemployment rate to the best level since 2009. For more see this CBC article.

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