New Low For Canadian Jobless Rate

Just a couple of weeks ago, we blogged about an article that revealed that the summer of 2011 was one of the hardest ones in recent history for students to find jobs. Necessary for the payment of tuition among other school fees, the summer job is generally depended upon by students each and every year.

Even though it appeared as if there was sign that the jobless rate may spike, last week it was reported that Canada’s unemployment rate actually dipped last month. Falling to 7.2 per cent, the jobless rate is the lowest it has been since December 2008, according to a Reuters article by Randall Palmer.

In the article, Palmer reveals a Statistics Canada report that found that the economy created over 7,000 new jobs in July. There was a significant growth in the full-time and private-sector fields of employment. Canada’s economy, it seems, continues to strengthen and become a beacon of hope for the future.

Said BMO Capital Markets deputy chief economist, Douglas Porter: “We saw solid full-time gains, the private sector accounted for all the job gains and surprisingly the unemployment rate fell. Overall, I would actually characterize this as good news, even though the headline employment number was a bit below consensus”

Some of the strongest gains in July came by way of the construction, transportation, warehousing and retail and wholesale industries, writes Palmer. Health and education, however, experienced losses. He also notes that the annual increase in hourly average wages for permanent employees fell as well, going from 2 per cent in June to 1.2 per cent in July.

The numbers are modest but do show Canada being on a promising track. As has been mentioned numerous times, Canada is a world leader when it comes to its economy’s strength. Since the recession was considered over, the nation has done a remarkable job in having its citizens reclaim jobs.

As always, the Synergy Merchant Services Blog will keep on top of the nation’s financial story, just as our licensed funding specialists keep on top of helping their clients grow their businesses. After all, without Canada’s small businesses, there would be a lot less jobs to offer Canadians.