Canada is continuing to generate jobs despite anything else that may be happening in the United States or Europe. In September, 52,100 jobs were added to the Canadian labor market with 44,100 of them being full time.
During the third quarter of 2012, wages paid to permanent workers increased by an average of 3.6%. This type of increase hasn't been witnessed since early in 2009.
In the industry section hiring in the service sector accounted for 17,600 of these jobs while the industry for producing goods generated 34,500 new employment opportunities. Construction employment went up by 29,000 while employment opportunities in the utilities industry declined with payroll cuts.
The services sector experienced both gains and declines. Employment opportunities were up in wholesale and retail trade, professional, finance and public administration services as well as in cultural and information industries. Declines were seen in warehousing, transportation, education and business services. It is important to note, however, that the educational services decline follows 5 months of steady increases.
The labor force in Canada rose by 72,600 in September, which led to a rise of 7.4% in the unemployment rate. In Ontario, 31,000 jobs were added to the labor pool, which helped the province recover from August job cuts of 25,000. Saskatchewan experienced an employment reduction of 3,600 raising the unemployment rate there from 4.4% up to 4.7%. The unemployment rate in Alberta remained the lowest in Canada at 4.4%.
When compared to last year's figures, the hourly wage for permanent workers was up 3.3% on average in September. This has given household spending solid support, which will benefit the overall economic conditions in Canada.
The Bank of Canada estimates that the economy, that's currently operating with some slack, will see this slack diisappear during the 2nd half of 2013.With this occuring the overnight rate set by the Bank of Canada will probably remain at 1% until strengthening growth is seen and the currents start to die down elsewhere. Once these global economic conditions start to fuel up it's expected that Canada's own conditions will gain strength and advance to a new level with unemployment rates lowering and more job creation happening.
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