Canadian job market booming
Toronto, ON -- Aug. 7, 2002 -- The Canadian job market is booming, according to the economists at RBC Financial Gro...
Toronto, ON — Aug. 7, 2002 — The Canadian job market is booming, according to the economists at RBC Financial Group. In June 2002, 66,000 Canadians found jobs, tripling market expectations and pushing the unemployment rate down to 7.5% from 7.7% in May.
The first half of 2002 is the strongest period of job creation in Canada’s history since job data tracking began, with a whopping 303,000 new jobs. RBC says that when you add to this “our suspicion that a significant amount of pent-up demand exists in consumers accumulated during the lean years of the early- to mid-1990s the implications become clear — Canada’s economic outperformance is only just beginning.”
Of the new jobs in June, 60,000 were full-time positions. So far this year just under 200,000 full-time jobs were created compared with 103,000 part-time jobs. “Despite the big jump in employment, hours worked continue to climb,” the bank reports, “suggesting that a good-sized output gain is on the way once the second-quarter GDP figures are released.”
Much of the job gains were located in western Canada, with 27,000 jobs in British Columbia and gains in Alberta (11,000), Manitoba (5,000) and Saskatchewan (3,000).