Canada created 27,000 jobs in August while the US lost 216,000 jobs during the same month, raising hopes in Canada that the national economy, which is highly dependent on its huge southern neighbour, the US, may have decoupled from it. The Canadian unemployment rate nevertheless rose slightly to 8.7 percent as the number of people looking for jobs still outpaced the jobs available. Since October 2008, which was the peak employment level in the current cycle, 387,000 fulltime jobs have disappeared, a decline of 2.3 percent.
Unemployment in the US climbed to 9.7 percent, its highest rate since 1983, according to the US Department of Labor.
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News story, GenevaLunch, 7 September 2009.
Filed under: World news
Tags: Canada, job creation, job losses, unemployment, unemployment rate, US economy, US jobs losses, world economy
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October 19th, 2009 at 11:35 pm
The US unemployment rate is currently at a 9.8% and I think it will go over 10% very soon and stay there for quite some time. Even though some experts point fingers to positive economic data, there are still many factors of concern that are pushing against a quick recovery. Eventually it will get back to reasonable levels, but we won’t see the economy getting back to shape until 2012 or maybe even 2014 (complete recovery). Nobody knows exactly when things will return back to normal. What experts say it is as good as their imagination allows them to be and the assumption theories they base their forecasts on. I don’t think those experts have a clear vision of future or where is the economy heading…