Friday, May 06, 2011

Unexpected! Unemployment Rate Falls ... in Canada

A corollary effect of a conservative government.
Canada added more jobs than economists forecast in April and the unemployment rate declined on increased hiring by service companies and part-time work.

Employment rose by 58,300 after a March decline of 1,500, Statistics Canada said today in Ottawa. The jobless rate fell to 7.6 percent from 7.7 percent, as the labor force grew by 47,400. Economists forecast no change in unemployment and 20,000 new jobs in Bloomberg News surveys that had 24 and 25 estimates, respectively. The largest estimate was for 40,000 new jobs.

Prime Minister Stephen Harper won a majority government May 2 after campaigning on his Conservative government’s record of helping Canada restore output and employment following the global recession. The Bank of Canada said last month economic growth is likely to slow to a 2 percent annual pace in the April-June period after a surge in the first quarter.

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