Chapter 5 (More Jobs for Everyone)

Economy adds better-than-expected 54,900 jobs

Canada's economy created 54,900 new jobs in March as the unemployment rate remained unchanged at a 30-year low of 6.1 per cent. Alberta's booming economy was mostly responsible for higher wages, rising 5.4 per cent in the first quarter of this year. In addition, women reached a new high in workforce participation as well as the sectors in the manufacturing and trade. As an economic recline begins in the United States, Canada can outperform their giant trading partner across the border. Canada has developed a prosperous economy since it creation of 158,000 jobs during the start of this year that will continue to be a strong foundation to support Canadian income and expenditures.

Based upon the income approach to GDP, the level of business in Canada indicates high economic growth. Since our economy is growing and producing more, it is assumed that the standard of living of Canadians are improving as well. Although one of the effects of GDP increase is population size, Canada remained to have a low population rate. Families continue to have fewer children and thus, the government of Canada is depending on immigration to sustain our GDP per-capita. Compared with last year, Canada is in excess of the 1.6 per cent inflation rate. There is an increase in the current Canadian loonie and with a low inflation rate, it does not have a drastic impact on the constant dollar GDP. However, Canada’s GDP can still be higher if all financial transaction are recorded especially in British Columbia with a low 3.9 per cent unemployment rate that included additional 12,500 jobs. The underground economy in BC is impressive from professional services to illegal items. It continues to be difficult to include the calculations of these transactions which employs numerous Canadians. The British Columbia government is taking this opportunity to purchase the single-room-occupancy hotels in Downtown Eastside which will increase the GDP in the expenditure approach. This investment ranges high in the government spending of $80 million. Overall, Canada has a sold circulation of business activity indicated in their GDP from current low unemployment rates, low inflation, and high income rates.

I personally am ecstatic on the news of women dominating the workforce in 2007 and the low unemployment rate for me in the future. The current trend in participation in these additional 54,900 jobs is that women are receiving higher levels of education, positive attitudes towards women’s involvement in the labour force, and the ideal of lower family sizes. Although these lower family sizes will hinder the Canadian population, Canada will be able to rely on other solutions to subsidize their labour force. I am content to attain a job after graduation and this endeavor will be easily attainable.

Without labor nothing prospers.

~ Sophocles

http://www.cbc.ca/consumer/story/2007/04/05/jobs-march.html