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article imageCanada's economy creates 57,200 jobs in February

By Karl Gotthardt     Mar 8, 2013 in Politics
Ottawa - Canada's economy created 57,200 jobs in February, but the unemployment rate remained unchanged at 7 per cent. This more than the modest growth economists predicted. Most of the jobs were private sector full time jobs.
According to Statistics Canada there were employment gains in several provinces, led by Ontario, with 35,000 jobs in February, with most gains among youths. Despite this increase in Ontario, the unemployment rate remained at 7.7 percent. .
British Columbia added 20,000 new jobs, while the unemployment rate remained steady at 6.3%. In Nova Scotia the unemployment rate was down 1.4 per cent compared to a year ago. The province added 3,000 jobs, but the unemployment rate was still at 9.3 per cent.
While the number of workers in New Brunswick increased by 2,900, the employment was virtually unchanged, but unemployment was down to 10.1 per cent. In Manitoba employment declined by 3,200 and the unemployment rate was at 4.9%, one of the lowest in Canada.
Quebec jobs numbers were virtually unchanged and the unemployment rate stands at 74 per cent. In Saskatchewan due to a robust economy over the past 12 months the unemployment rate is 3.8 per cent, although there was virtually no change in the labor market. .
Employment rose by 26,000 in the professional, scientific and technical services sectors and accommodation and food services increased by 21,000 in February. Administration employment rose for the second consecutive month and was up 16,000, while agriculture employment increased by 7,300. Manufacturing saw another decline of 26,000 jobs.
Employment rose with those over 55 by 32,000, but mostly men. The 25-54 age group saw little change, but was up 116,000 from the previous year. Youth employment (15-24) remained unchanged and the unemployment rate is at 13.6 per cent, although there has been a slight upward trend since August 2012.
According to CTV news
this should be encouraging news for the markets, especially since export figures rebounded in January.
Economists had expected a second weak month in February given that most indicators have been pointing to modest growth and January saw an outright loss of nearly 22,000 jobs. The forecast had been for about 8,000 new jobs.
But instead markets are likely to be buoyed by the result, particularly as the economy also got some welcome news on Thursday with a report showing exports had rebounded in January.
The Washington Post reported
that the US added 236,000 jobs in February dropping the US unemployment rate to 7.7 per cent.
U.S. employers ramped up hiring in February, adding 236,000 jobs and pushing the unemployment rate down to 7.7 percent from 7.9 percent in January. Stronger hiring shows businesses are confident about the economy, despite higher taxes and government spending cuts.
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