Canada's Job Growth Soaring
Economists had predicted that 15,000 people would join the Canadian workforce in January 2011. According to a recent announced by Statistics Canada, almost 70,000 people were added to the workforce in Canada last month, almost 5 times the amount originally predicted.
Most of the new jobs added were in public administration, agriculture, and specialized-service occupations. Health care and social assistance sectors experienced an increase of 15,200 new jobs. There was also an increase of 55,000 females, ages 25 to 54 added to the workforce. Average hourly wages also increased by nearly 3% in January compared to last year.
The provinces of Ontario and Alberta experienced the highest job growth rates, with Alberta adding 22,000 jobs last month. According to the report, Canada has regained all of its jobs lost from the recession.
Despite the encouraging reports, Statistics Canada also found that the unemployment rate rose to 7.8% from 7.6%. Although more jobs are being added, even more people are returning to the workforce and competing for jobs.
Economists are optimistic that the strengthening Canadian dollar and the expected jobs to be added this year will result in a decrease in the unemployment rate for 2011.