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September 5, 2009

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Canada Adds Job In Surprise Development

CANADA unexpectedly added jobs in August, in what analysts said was another sign the country's economy was starting to recover after months of turmoil.

Statistics Canada said yesterday that 27,100 jobs were created in August, compared to the 10,000 job losses predicted by market observers.

The unemployment rate rose to an 11-1/2 year high of 8.7 percent from 8.6 percent in July as more people entered the labor market. The jobless rate was the highest since the 8.8 percent recorded in January 1998.

"It's a surprisingly solid result, but certainly the details are not quite as impressive as the headline would suggest," said Doug Porter, deputy chief economist at BMO Capital Markets.

"But I think it fits in very nicely with the story that the Canadian economy is beginning to recover."


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