Canada sees slower job growth in May
Friday, June 08, 2012 Regions
While employment issues in the United States have been well documented, recently released job growth figures across the northern border revealed that Canada's job growth had also slowed, with just 7,700 new positions added in May.
The figures calculated by Statistics Canada revealed that the the jobless rate remained the same at 7.3 percent, which matched the estimates of a Bloomberg News survey. The number of total jobs added was significantly lower than the two previous months when there were 58,200 and 82,300 new positions created.
"Some cooling was expected given the strong gains the prior two months," said Sal Guatieri, a senior economist at BMO Capital Markets, in an interview with Bloomberg. "We likely will see the labor market moderating [because of the risks posed by the global economy."
According to other recent reports, a sizable portion of Canadian employers are planning to hire before the end of 2012. A survey conducted by BMO Bank of Montreal found 46 percent of employers were looking to add jobs.
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