Canada's unemployment rate falls to 8.4%, first decline since recession
By Julian Beltrame, The Canadian Press
OTTAWA - Canada's unemployment rate fell for the first time in nearly a year to 8.4 per cent last month, in perhaps the clearest indication the hard-hit labour market may be recovering sooner than expected.
The September jobs pick-up of 30,600 was five times larger than the economist consensus forecast of 5,000 and - along with a slight decrease in the number of workers looking for jobs - helped drop the national unemployment rate by 0.3 percentage points.
This was the second consecutive month of employment gains.
There was more good news - actual hours worked increased by 1.6 per cent.
More impressive, the agency said 91,600 full-time jobs were added in September, more than offsetting the 61,000 loss in part-time employment.
This reverses the pattern observed most of the past year as employers cut back by first reducing full-time workers to part-time status.
Economists consider employment a lagging indicator because employers usually will wait until they see clear signs that a recovery is underway and will be sustained before beginning to re-hire.
By contrast, the U.S. is still reporting massive monthly job losses even though most believe the economy there has turned the corner and begun to grow.
Canada has seen a fitful rebound from the downturn, although the most recent data on gross domestic product only extends to July and does not capture the next two months of job gains.
Canada's national unemployment rate was 8.4 per cent in September. Here's what happened provincially (previous month in brackets):
-Newfoundland 15.3 (15.6)
-Prince Edward Island 11.8 (13.7)
-Nova Scotia 9.5 (9.5)
-New Brunswick 8.1 (9.3)
-Quebec 8.8 (9.1)
-Ontario 9.2 (9.4)
-Manitoba 5.3 (5.7)
-Saskatchewan 4.6 (5.0)
-Alberta 7.1 (7.4)
-British Columbia 7.4 (7.8)
A quick look at September unemployment (previous month in brackets):
Unemployment rate: 8.4 per cent (8.7)
Number unemployed: 1,549,700 (1,604,900)
Number working: 16,838,000 (16,807,400)
Youth (15-24 years) unemployment: 15.1 (16.3)
Men (25 plus) unemployment: 8.3 per cent (8.4)
Women (25 plus) unemployment: 6.0 per cent (6.1)
Last edited by klein; 10-09-2009 at 07:12 AM.
CDN Tickets hopes on thin Ice
Tim Naumetz, THE CANADIAN PRESS Oct 7, 8:07 pm EDT
Olympics tickets are effectively sold out for Canadian residents after two intensive sales phases that included the use of a lottery because of demand.
Of the 1.6 million tickets printed, only 896,000 were available to Canadian residents. The rest were reserved for government and corporate sponsors, Olympic and sport organizations of other countries, athletes and their families, media broadcasting the games and residents of other countries.
Ticket prices at the hockey venues go up to $775 each for the best seating at the men's gold-medal game and $325 for the best seats at the women's gold.
Sorry Klein but it's Friday and this was to easy not to poke fun at for the laugh!
Besides, you know it's coming at some point anyway.
"The most potent weapon of the oppressor is the mind of the oppressed." Steven Biko
C$ soars on upbeat jobs data, rate speculation
By Frank Pingue and Jennifer Kwan
TORONTO (Reuters) - The Canadian dollar raced to a one-year high on Friday as domestic jobs data zoomed past forecasts and sparked chatter about whether the Bank of Canada will be forced to raise rates sooner than expected.
The currency shot to C$1.0411 to the U.S. dollar, or 96.05 U.S. cents, its highest level since September 2008, after data showed the economy created 30,600 jobs in September, six times more than expected.
Also helping to power the currency's latest rally was talk about whether the central bank may now opt to move early on interest rates and give up its conditional pledge to keep rates at their historic low of 0.25 percent at least until mid-2010.
"It's all on the back of the strong employment report which showed that Canada is creating jobs," said Sal Guatieri, senior economist at BMO Capital Markets.
"It likely suggests the Bank of Canada will move on rates ahead of the Federal Reserve, albeit not for another year."
The Canadian currency finished at C$1.0444 to the U.S. dollar, or 95.75 U.S. cents, up from C$1.0522 to the U.S. dollar, or 95.04 U.S. cents, at Thursday's close. The Canadian unit is up 3.6 percent for the week.
Talk of rate hikes ramped up this week after the Reserve Bank of Australia raised its interest rate and became the first central bank in the Group of 20 nations to tighten monetary policy as the financial crisis abates.
However, analysts said the currency's rally, which makes life tougher for Canadian exporters, has had the same braking effect on the economy as higher rates. As a consequence, the Bank of Canada still has latitude to hold rates steady, giving it flexibility, especially if the United States, Canada's main trading partner, fails to sustain its own recovery.
When I first glimpsed at the article, I thought that Klein had gone to outer space, then I realized it was some other canadian clown.
You've gotta follow that dream wherever that dream may lead.
You've gotta follow that dream to find the love you need.
Klien, What's up with Candian Boxing Day??
Do you all throw off the gloves and go at it, like a Hockey free for all brawl, and then go have a Molson Ale or a LaBatts afterwards?
My, what funny looking Deer you have in Canada!
I live for my dreams and a pocketful of gold.
And Xmas is usually the big Turkey, then all the drinks.
Even before midnight the arguing starts with my family, (mom, brothers),
after after midnight it can get physical.
Anyways, my mom told me to put on the new shirt she has bought me.
That was a big mistake. Sure enough sometime around 2am, it was torn to crap (with a "boxing day match" with my oldest brother).
We rarely ever have a Christmas without arguments. (screwed up family a little) LOL
That's a good find feth. Those deer are rare here.My, what funny looking Deer you have in Canada!