The Synergy Merchant Services Blog has been keeping a close eye on the Canadian economy for several months now. Coming out of a recession, Canada has proven to be a world leader when it comes to rebounding from the global financial crisis. Today, QMI Agency’s Sharon Singleton provides more good news for the nation as job growth – a major contributor to recovery – continues in the nation.
Singleton reports that in every month so far this year, Canadian employers have hired more employees than they have fired. Meanwhile, the United States continues to struggle with boosting employment. Statistics Canada reveals that more than 25,000 jobs were added in April, blowing away the prediction that economists made of 15,000.
In May, the trend continued as the private sector added a whopping 43,400 new workers. According to BMO Capital Markets economist Benjamin Reitzes: “The sizeable gains in private-sector and full-time jobs bode well for Canada’s recovery as they show businesses are driving growth.”
Writes Singleton: “Canada’s economy expanded at its fastest pace in more than a decade in the first quarter as strong consumer spending and investment in property continued to fuel the recovery from last year’s recession.” Economists note that the U.S., on the other hand, is also showing signs of a rebounding economy, although it has not translated into job growth.
“Disappointing” is how TD Bank Financial senior U.S. economist, James Marple puts it. “A slower-than-expected pace of job growth reveals the headwinds still facing the U.S. recovery in terms of heightened uncertainty and risk aversion,” said Marple.
In Canada, the unemployment rate remained steady at 8.1% instead of declining to 8% as was previously predicted. Nevertheless, more people are entering the workforce and it is expected that this will continue in the coming months. The provinces of Ontario and Alberta have shown the largest gains in employment in 2010. Interestingly, Canada’s only two provinces that are known by their initials – B.C. and P.E.I. – experienced declines.
StatsCan has also reported that the transportation and warehousing sectors added the most jobs across Canada in May with 26,000 new positions. Healthcare and social assistance added 18,000. The manufacturing sector saw practically no change while the culture, information and recreation sectors saw declines.
As the Canadian economy continues to grow, more jobs become available. As always, Synergy Merchant Services takes great pride in doing its part to offer employment opportunities. Our ever-growing staff is a testament to Canada’s ability to overcome economic adversity.