Although we have proudly proclaimed this before, it is only right we do so again. Canada’s economy is among the strongest in the world. Following the recession, our great nation continues to prove its rebounding prowess in a number of ways. Most notably, the nation’s economy is bouncing back thanks to the addition of numerous new employment opportunities.
As evidenced by QMI Agency’s Sharon Singleton in an article appearing on The Toronto Sun‘s website last week, Canada is adding jobs at a noticeably high rate, In the month of April, the nation increased its employment by 109,000 which was four times the pace that economists had predicted. Bringing the national unemployment rate down by 0.1 percentage points, it now sits at 8.1 per cent, according to Statistics Canada.
Interestingly, two-thirds of the job increase was among males over the age of 25. However, Singleton writes that “despite the huge gain in employment for men over 25 in April, employment in this demographic still remains 137,000 below its October peak.”
Nevertheless, she notes that these statistics provide further evidence that Canada is a world leader in rebounding from the recession. The nation’s economy, in fact, has grown by nearly 6 per cent in the first quarter of the year.
Canada’s growing employment rate has urged HSBC to consider the country a “juggernaut” in the field. BMO regards the nation as a “jobs machine”. As far as we’re concerned, Canada is simply “awesome”. Perhaps the number one complaint among Canadians during the height of the recession was the numerous loss of jobs. And rightly so, the country is turning things around by bringing Canadians back to work.
BMO Capital Markets Deputy Chief Economist Doug Porter had this to say: “Just as the rolling European crisis looked like it could ice the Bank of Canada for a spell, the domestic economy has served a rather loud warning that it needs tending to as well. April’s dramatic surge certainly tips the odds back in favour of the Bank beginning to hike rates in June, although clearly the global financial backdrop can still weigh back in.”
So far, reports Singleton, the Canadian economy has added 285, 000 jobs since July of last year when the recession was slowly meeting its end. The largest increases took place in Manitoba, Ontario, Quebec and British Colombia based on reports from StatsCan. All in the private sector, there were 65,000 part-time and 44,000 full-time jobs created in April.
Synergy Merchant Services, in fact, is happy to report that we currently house our largest staff in the company’s history, having added several positions over the past couple of months. We would like to publicly welcome all of our new team members in hopes that they will be joined by many new employees in the future.