Canadian Unemployment Falls By 0.3%

Posted: October 12, 2009    Categories: economy, recession

Tired of hearing about recession-this and new-economy-that?  In what seems to be a rare and welcome glimmer of good news, unemployment in Canada fell by 0.3% in September.  This drop places unemployment at 8.4% nation-wide.

The drop in unemployment was sparked by two consecutive months of job growth, with September bringing 31,000 new jobs.  While the number of part-time positions has increased significantly during the duration of this recession, the 31,000 new jobs created last month were largely full-time positions.

Signs of Economic Improvement – Labour Force

A recession is a complex economic situation that doesn’t simply “fix” itself over night.  However, there are many signs on the labour front that are pointing toward an eventual economic correction.  While it is likely that we will not return to the “golden age” of spending (aka- 2007/2008) for quite some time, we will hit an economically stable point sooner rather than later.

Statistics Canada has published a significant amount of information that pertains to regional economic employment statistics.  As it stands, Britich Columbia, New Brunswick, and Prince Edward Island are the only provinces with notable employment gains in September.  Ontario would have been included in that list were it not for significant losses of part-time positions (despite large full-time position gains).

Notable statistics include:

• Overall, employment has fallen by 2.1% since its October 2008 peak. This results in a rough job-loss of approximately 357,000.

• Construction, manufacturing, and educational services say employment increases in September.

• Canadians have been working more hours since April 2009 by approximately 2.0%.

Compared to the doom and gloom that we have been hearing about for the last 18 months or so, this latest batch of good news is yet another sign that the Canadian economy is well on its way to improvement and stabilization.

How does this affect new home buyers, or people purchasing real estate in general?  Read our article on purchasing a home despite economic doom and gloom.

Source: http://www.statcan.gc.ca/subjects-sujets/labour-travail/lfs-epa/lfs-epa-eng.htm

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