Canada Job Creation Is Five Times Economist Forecasts

[jpak]

http://www.businessweek.com/news/2010-07-09/canada-job-creation-is-five-times-economist-forecasts.html

Canada’s job creation was almost five times more than economists expected in June, led by retailers and other service companies, and the economy has now recovered almost all of the job losses since 2008.

Employment rose by 93,200 in June, following gains of 24,700 in May and April’s record 108,700, Statistics Canada said today in Ottawa. The jobless rate fell to 7.9 percent, the lowest since January 2009, from 8.1 percent. Economists surveyed by Bloomberg predicted 20,000 new jobs and an unemployment rate of 8.1 percent, according to the median of 23 estimates.

The job market has been one of the strongest parts of a Canadian recovery the International Monetary Fund says will lead advanced economies this year. The Bank of Canada raised its key lending rate from a record low 0.25 percent June 1 after the economy grew at a 6.1 percent annualized pace in the first quarter. The bank said future moves depend on the balance of domestic growth and an uneven global recovery.

“You can’t really argue anything in this report,” said Benjamin Reitzes, an economist at BMO Capital Markets in Toronto. “Businesses are confident in our recovery and are hiring. That should get the ball rolling on growth from a private sector perspective.”

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[Vinca]

1. It must be easier for businesses if they can borrow money

from REGULATED banks and, of course, don't have to worry about huge health insurance premiums every month.

[jpak]

2. yup

n/t

[safeinOhio]

3. Keep it up

and they'll have to build a fence to keep us out.

[SocialistLez]

7. Oh yes, those pesky health insurance premiums.

I am convinced if we had single-payer, a lot more businesses would move their production back to the U.S. or to the U.S.

[BootinUp]

4. Candas banks didn't play the same game

as those in US and Europe IIRC.

[Uben]

5. My guess why.....

....Canadian corporations aren't sitting on a trillion dollars in cash, they are investing and growing while U.S. companies are just hoarding cash in wait for their republican buddies in congress to give them more tax cuts to invest that money.

[tsuki]

6. Invest the money in what? CEO bonuses? nt

[HEyHEY]

8. Well, I don't 100 per cent trust the figures

However, I would guess that alot of it is due to Canada having a resource based economy for the most part. So, with Chine still doing reasonably okay and Canada having a small population... there ya go.