20,000 new jobs added by Canada in December
Canada, January 7: There has been a net increase of nearly 20,000 new jobs in the month of December in Canada, reveals the median forecast.
This gain has been less as compared to 79,000 jobs added in the month of November.
However, there has been no change in the unemployment rate in the country since the month of November, which remained stable at 8.5 percent, the median forecast states. As per the forecast, the range of unemployment rate was predicted anything between 8.4 percent and 8.7 percent.
And the fact is that the labor market of Canada has been witnessing significantly greater improvements, especially when compared with the labor market of the United States. Also, the economists believe that consumer spending together with the domestic demand will help expedite the recovery of the economy of Canada.
The results are clearly visible with an increase in the number of new jobs in Canada every month. Moreover, the current employment gain will bridge the unexpected losses of jobs and will help to stabilize the economy.
Looking back at the trend over last six months till November was nearly 7,000 per month.
Meanwhile, the tough conditions in the employment market have compelled many to resort to self-employment or even part-time employment. Nonetheless, the government is creating several new jobs to spearhead the growth of the nation’s economy.
The worst sufferers from the global recession in Canada have been the manufacturers and the exporters since the job recovery in these industries has been really slow as compared with the services sector. There have been noteworthy job gains in the recent months in the goods sector, no doubt, but the job gains were less by 324,000 jobs in October 2008.
Rising oil prices have helped significant gains in the Canadian dollar and the stronger job gains in December 2009 are further going to make the Canadian dollar become stronger. Expectations are that the Bank of Canada is likely to keep its interest rate at 0.25 percent at least for the next six months.