- Joined
- Mar 24, 2009
- Messages
- 16,743
OTTAWA - A surprisingly big increase in the number of self-employed workers in Canada last month has provided a sign that the deepest recession in decades could be approaching bottom, although observers say it`s too soon to say the labour market recovery is at hand.
The gain of 35,900 workers - all in the lower-paying self-employment category - kept the official jobless rate for April at a seven-year high of eight per cent.
The Canadian dollar surged by more than one cent, rising over 86 US cents for the first time since early November.
"Now that`s a green shoot," said economist Douglas Porter of BMO Capital Markets, referring to the currently fashionable term for recent encouraging signals in economic indicators.
"This report is clearly good news, but it`s premature to send the all-clear signal."
South of the border, a further 539,000 jobs were lost in April, less than projected but still disappointing considering recent encouraging signals on the manufacturing, housing and sales fronts.
And in a dismal signal, Canada Mortgage and Housing Corp. reported April`s housing starts crashed to 117,400, the lowest since 1996, as condominium construction collapsed after March`s rebound.
Porter noted that "head fakes" during recessions have occurred in the past, including five separate months of job growth during the 1991 slump. He said April`s improvement may be little more than a rebalancing from the deep losses of the previous five months, when employment dropped by 357,000.
Read full article here.
The gain of 35,900 workers - all in the lower-paying self-employment category - kept the official jobless rate for April at a seven-year high of eight per cent.
The Canadian dollar surged by more than one cent, rising over 86 US cents for the first time since early November.
"Now that`s a green shoot," said economist Douglas Porter of BMO Capital Markets, referring to the currently fashionable term for recent encouraging signals in economic indicators.
"This report is clearly good news, but it`s premature to send the all-clear signal."
South of the border, a further 539,000 jobs were lost in April, less than projected but still disappointing considering recent encouraging signals on the manufacturing, housing and sales fronts.
And in a dismal signal, Canada Mortgage and Housing Corp. reported April`s housing starts crashed to 117,400, the lowest since 1996, as condominium construction collapsed after March`s rebound.
Porter noted that "head fakes" during recessions have occurred in the past, including five separate months of job growth during the 1991 slump. He said April`s improvement may be little more than a rebalancing from the deep losses of the previous five months, when employment dropped by 357,000.
Read full article here.