Well, this is not going to go well with our American neighbors, but it looks like the Canadian economy is recovering fast. This is good news for Canada, but it's also good news for US, because what's good for Canada is good for US. But how did Canada do it?
I guess you can say it's partially because of the Olympics coming to Vancouver, because it seems there have been major gains in construction and manufacturing. Also, US cash for clunker program might have spilled over the borders. Getting the stimulus without spending anything, might have worked for us.
"September's full-time increase of 92,000 -- the largest since May 2006 -- was partially offset by part-time losses of 61,000," the federal agency said. "Construction, manufacturing and educational services saw employment increases in September, while there were declines in transportation and warehousing."
Our unemployment numbers though are still really high. But it's not like it was unexpected. Canadian unemployment rates vary between 5-7% every year. So, we are almost 1% above the usual.
Could I argue that Canadians continued to spend because they don't have to worry about Health Care costs, etc...? Probably. I am seeing many US companies opening shop here in Vancouver. United Front Games, Microsoft, etc... Could they be running away because of health care costs?
But, Also remember, we did not have to bail out our banks, because our tough banking regulations kept our banks out of the US mortgage mess. Thanks God for the liberal gvt that kept us out and out of Iraq.
Had it been the current idiot in office, we would have been fried.
The report also noted that employment in the beleaguered manufacturing sector increased by 26,000 in September, the first notable increase since February 2009. Employment in construction rose in September by 25,000 and educational services saw a gain of 18,000 jobs.
Canada also had a different kind of stimulus. But it involved giving tax credits for home renovation. I think that might have worked too.