Canadian Economy Surges with Creation of 81,100 Net Jobs in August 2019 -9th September, 2019

Canadian Economy Surges with Creation of 81,100 Net Jobs in August 2019
The economy of Canada gained more than anticipated 81,100 net jobs in August 2019, principally driven by additions in part-time work, Statistics Canada data revealed on 06 Sept 2019 in its last major announcement on economic statistics prior to the national election campaign starts.

Recent Statistics on Rate of Unemployment in Canada

The national rate of unemployment held steady, as anticipated, at 5.7 percent in August, meanwhile, wages for permanent employees increased by 3.8 percent year-over-year.

Clearly, the jobs figure is comparatively robust, told BMO's chief economist, Doug Porter, when contacted by phone. Of the entire number of latest jobs, 57,200, or higher than two-thirds, were in to part-time.

Statistics Canada told 20,500 more individuals were working in services of education in August 2019, mainly in Quebec. Finance, real estate, rental, insurance, and leasing were also up, increasing by 22,400 in August, while the scientific, professional, and technical services sector saw an improvement of 16,800 jobs.

The number of employees in private-sector rose by 94,300 in August 2019 whiles the number of self-employed workers decreased by 11,200.

Excellent news as Canada sweeps prior expectations, creating higher than 81,000 latest jobs in last month. Bill Morneau, Finance Minister tweeted on 6 Sept 2019.

With above 1 million latest jobs generated since 2015, we have an opportunity to perform better in this election: establish on this development or go back to the Harper years, he continued, pointing to previous Conservative PM Stephen Harper, on whom Trudeau won in 2015.

Canada's principal bank, which held rates of interest again on 6 Sept 2019, has not progressed since last October 2018, even as few of its counterparts, along with the U.S. Federal Reserve, have expedited.

The Bank (of Canada) has granted a pretty clear sign that they are in no rush to drop; this report will strengthen that, told Porter.

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