June 14: It has been reported from the latest statistics that Canada’s economy has boosted up to 3 times after addition of 55,000 new jobs in the month of May. This has given a blow and busted all the expectations. And also a surge has been observed in the full time work.
Almost all of the new jobs have originated from the private sector; however the self-employment and public sector were slightly changed. Economists expected a net addition of only 15,000 during the month.
The TD Bank economist Brian DePratto has stated that the addition of this many jobs means that the in the past year, there has been an addition of 317,000 jobs and has boosted Canadian economy significantly.
Both sides of the medal
It is also important to note that despite an increase in job offers, there has been a 6.6 per cent increment in the unemployment rate. More than 78,000 people have been looking for the jobs during the same month. According to DePratto, the increment in unemployment rate is actually beneficial. This because it has opened the eyes to a labor market, drawing back the Canadians in the industry and tech sectors.
25,000 new jobs have been added to the manufacturing sector, 15,000 to the health sector. The finance, insurance and real estate sector has lost almost 17,000 jobs. The wages have also been increased slightly, one percent since the last year. All the new jobs originated in any of the three provinces, Ontario, British Columbia and Quebec.
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