A report from the U.S. Labor Department shared that the nation’s economy managed to squeeze out a mere 80,000 new jobs this June, adding to the concern and disappointment as the elections draw nearer.
Meanwhile, Canada has revealed that its economy, though struggling, is keeping afloat. The nation’s unemployment rate has fallen to 7.2% this past June, while 7,300 full-time jobs were added despite the global crisis.
According to BusinessWeek, Statistics Canada explained that Canada’s “jobless rate fell from 7.3% in the previous month to 7.2% in June as full-time jobs increased by 29,300 and part-time employment fell by 22,000 positions.”
“In addition,” BusinessWeek wrote, “the number of hours worked increased by 0.4% and hourly wages rose 3.4% on an annual basis, up from May’s 3%.”
May and June’s figures seem to imply a slowdown after the 140,000 jobs added in March and April. Still, analysts claim that the recent gains strengthen those of previous months, and that outlook should remain positive.
Doug Porter of BMO Capital Markets explained: “I’m never going to complain about a dip in the unemployment rate, and we did have a solid increase in hours worked in the month and the second quarter as a whole, which in some ways is almost a better measure.”
He added that consumer spending will likely be supported by the fact that “people were working longer hours and getting paid more for their efforts.”
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