On Friday, Canadian Government data had unveiled that the world’s ninth-largest economy by nominal GDP (Gross Domestic Product) and the fifteenth-largest by PPP (purchasing power parity) had reported a better-than-anticipated job growth in August as unemployment rate fell to the lowest since mid-March, a critical data that could leverage PM Trudeau’s chances in a re-election scheduled to take place on September 20.
In factuality, latest set of data from Statistics Canada came forth just 1-1/2-week before a September 20 election as beforementioned, rekindling hopes for the ruling Liberals led by PM Justine Trudeau who could now fend off their hefty spending plans to battle the pandemic outbreak as election campaign had entered into final stages.
Meanwhile, praising Canadians’ hard-work en-route to an economic recovery and trumpeting an auspicious success stemming from Liberals’ fiscal policies, Canada’s Junior Finance Minister Mona Fortier said in a statement following the announcement, “These results are a testament to the hard work of Canadians, as well as the strength of our plan to get Canadians through the pandemic to recovery”.
Canada’s jobless rates hit pandemic low
According to Statistics Canada, the country’s economy had added 90,200 jobs in August, just a notch of an analysts’ estimates of 100,000 despite a chronic labour shortage, while unemployment rate dipped to 7.1 per cent, within 1 per cent of a pre-pandemic level.
Meanwhile, adding that the latest employment report had vindicated the significance of a robust Summer reopening of the economy with pandemic-battered services sector sharply clawing back, a chief economist at BMO Capital Markets, Doug Porter said, “It was a solid report, probably a little bit better than we expected. The main story is the economy is slowly but surely grinding back”.