Tags: CN | Canada | Economy

Canada Unemployment Falls as 108,000 Jobs Added

Friday, 07 May 2010 10:59 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

The Canadian economy added a record 108,700 jobs in April, more than four times the consensus forecast, the government reported Friday.

Statistics Canada said the gain was the biggest ever recorded by the agency in terms of the number of jobs, pushing the unemployment rate down to 8.1 percent.

Royal Bank Chief Economist Craig Wright called it a "shockingly large increase" and said it raises the odds Canada's central bank will raise interest rates on June 1. That could make Canada the first Group of Seven country to raise rates since the financial crisis.

The unemployment rate fell from 8.2 percent in March. The drop in the percentage was not as dramatic as the rise in the number of jobs added because more Canadians went looking for work.

The Canadian dollar surged more than three quarters of a U.S. cent to 95.79 cents after the announcement, reducing some of the losses from Thursday when the Canadian dollar dropped about 2 cents after Thursday's dramatic stock selloff.

Canada's economy, a resource-rich economy dependent on oil and other commodity prices, has emerged from the global downturn faster than the United States. Canada has not experienced the failure of any major financial institution, and there has been no crippling mortgage meltdown or banking crisis in Canada, where there is greater oversight of mortgages.

But Wright expects Canada's central bank to raises interests slowly from the record emergency low of 0.25.

"It's all adding up to a fairly buoyant Canadian recovery, but the cloud from Europe is still present, so when they do begin tightening it will be in modest increments rather than something more aggressive," Wright said.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved