An Unusual Contributor To The Solution: The official statistics in Canada shows that the country’s unemployment rate which is pegged at around 8 per cent has held steady with more number of people entering the workforce of the country. The part time sector was the main positive contributor to this increase which added thrice more number of jobs than the full time jobs that increased by 7,000. An overall increase of 10,000 jobs was what the economists had predicted and hoped for.
Deputy Chief Economist of BMO Douglas Porter said that the report was a small point in favor of the Bank of Canada which will slowly raise its key interest later this year. In fact, the Canadian results compared better to the results of the US economy for the month of June which gained just 18,000 jobs. Although this sounds to be a better sounding figure, the comparison in terms of percentage of population getting employment would stand Canada as the clear winner.
Active Government, A Rarity! The Canadian public sector added 51,000 jobs as compared to the private sector that could add just over 22,000 jobs. However, these gains were offset by the decline in the number of people who were self employed. The gains were fuelled mainly by the transportation sector and the warehousing industry while industries like the technical, scientific and professional sectors lost around 20,000 jobs in the same period comparatively.
The provinces that saw changes in their figures were Ontario, Alberta and Nova Scotia who posted gains in employment in June, while Quebec, Newfoundland and Labrador saw losses of opportunities for the citizens there.
Mixed Bag of Results: Although Ontario saw a marginal slump in comparison to last year, there was a rise of 40,000 jobs in that province this year. In fact, many factors that affected countries south of the border and also as far away as Japan have reduced the expectations of production that would contribute to the growth in exports to countries as far away as the Far East.
Road to Recovery: With the recent spate of natural calamities in Japan, the exports and logistics as well as warehousing sectors are facing a severe shortage in the job creation and potential feel good factor that peace all around the world can influence. However, all the countries are facing this calamity with a stoic sense of resilience.
Much to the relief of the population of the world, the overall figures of the resource allocation to be the means to a global end is the factor that can propel the world for the common good in the world.