Unemployment rate in Canada sinks
Ottawa – Finance Minister Joe Oliver today issued the following statement regarding Statistics Canada’s announcement that the Canadian economy added 43,100 jobs in October. The unemployment rate lowered to 6.5% from 6.8%.
“While the global economy remains fragile, our long-term job gains demonstrate that our Conservative Government’s plan for the economy is working. Our unrelenting focus on jobs, growth and long-term prosperity is paying off for Canadians from coast to coast to coast. The long-term trend is positive as Canada has the best job creation in the G7, with over 1.2 million net new jobs created since the depth of the recession.
“Under Prime Minister Harper’s leadership, Canada is on the right track. And we will stay on track to a balanced budget in 2015, while creating quality jobs and keeping taxes low for families and businesses.”
Oliver’s statement came after a draft released by Statistics Canada showing Ontario’s economy has grown as 37,000 jobs were inducted in the month of October including an increase of 33,700 full-time jobs. The province’s youth (aged 15-24) employment increased by 6,300. With October’s gains, employment in Ontario has increased by 551,300 since June 2009 — 93.1 per cent of which are full-time and 71.3 per cent in the private sector. Ontario’s unemployment rate has declined from a recessionary high of 9.4 per cent in June 2009 to 6.5 per cent last month.
Ontario’s recent actions to foster opportunities and create jobs include Premier Wynne’s trade mission to China, which attracted $966 million in new investment and will create 1,800 jobs in communities across the province, and the government’s recently announced partnership with Honda Canada, which will make Alliston one of the most innovative plants in North America and protect 4,000 jobs.
Fostering opportunities and creating jobs are part of the government’s economic plan for Ontario. The four-part plan is building Ontario up by investing in people’s talents and skills, building new public infrastructure like roads and transit, creating a dynamic, supportive environment where business thrives and building a secure savings plan so everyone can afford to retire.
According to details:
- Ontario’s Youth Jobs Strategy is creating job opportunities for about 30,000 youth. It has already created internships and job placements for more than 20,000 youth in the province.
- Ontario’s new 10-year, $2.5 billion Jobs and Prosperity Fund is part of a comprehensive plan for creating jobs and growing the economy.
- The Southwestern and Eastern Ontario Development Funds have attracted more than $1.25 billion in investment and have helped to create and retain more than 29,000 jobs in Ontario communities.
Ontario was the number one jurisdiction in North America for foreign direct investment based on capital expenditure in 2013.