Which Field of Work Saw the Rise in New Jobs?
The whole rise in employment in March took place in the private sector. In Quebec, Ontario, BC, and Alberta, manufacturing was an area of weakness as it posted reduction by 3200 jobs.
On the other hand, the crisis in the oil sector is still persisting. Payroll will get hit with the second-round effects through the middle of the year. This is because the oil production and business investment in that area are constantly going down.
What’s up with the GDP?
The current labor market report, which is surprisingly strong, pursues last week’s amazing reading on January GDP. In fact, the numbers were quite beyond expectation. Many Bay St economists had lifted their first-quarter GDP prediction to over 3.0 percent – which is quite above the 1.0% reading in the final quarter of last year.
However, exports have gone down to 5.4% along with a 14.4% drop in energy shipments. Imports are also flaccid with only 2.6%. Nevertheless, remaining exports are continuously speeding up to put on economic growth again in the first quarter, as the Canadian economy continues to turn around.
In Conclusion
The Canadian economy is growing impeccably. Furthermore, it will most probably grow at just below 2% this year while keeping the Bank of Canada on a tangent. On the other hand, in the United States, growth will most likely go over 2% with the Fed.
