The February job numbers that were released both in Canada and the U.S. were impressive! Here are the highlights:
Canada:
- Employment rose by 51,000 in February with employment in Ontario rising by 35,000
- The unemployment rate stayed at 7.0% as more people participated in searching for jobs – which means that people are coming back into the labour force
- Of the industries, employment in the services sector increased
- For the full report visit http://www.statcan.gc.ca/daily-quotidien/130308/dq130308a-eng.htm
U.S.:
- The U.S. government said Friday that the economy added 236,000 jobs in February – much stronger than the prior month.
- Meanwhile, the unemployment rate fell to 7.7% from 7.9%. A total of 12 million people remain unemployed.
- Going forward, it remains to be seen what impact the recent forced budget cuts in Washington will have on the economy. Experts have forecast the cuts will cause a loss of jobs and a slowdown in growth, but for the most part the spending reductions have not yet kicked in.
Marc Belaiche, CPA, CA
President
TorontoJobs.ca