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The Huffington Post reports on Canada’s surprisingly robust level of job creation:
Stubbornly high unemployment rates got you down? Not sold on the economic recovery? Look no further than America’s polite neighbor to the north, where jobs numbers are surging and home prices have been rising steadily for nearly a year.
Last month, Canada, a nation with roughly one tenth of our population, created about 10,000 more new jobs than America.
Yes, Canada’s economic recovery is outpacing our own. In terms of sheer job creation, June saw Canada create jobs at a pace that was five times the rate predicted by economists, Bloomberg News reports. Canada added 93,200 jobs in June, while U.S. private employers added just 83,000.
Thanks to strong hiring in the service sector, Canada’s unemployment rate fell to 7.9 from 8.1 percent, while America’s unemployment rate came in at 9.5 percent in June, falling only because of a large exodus of Americans looking for work. All told, the U.S. lost 125,000 jobs in June because of a wave of Census layoffs.
Click here to read more.
seeker656 // Jul 9, 2010 at 4:34 pm
How can this be? Don’t Canadian businesses operate in a society that provides health care to all with a single payer system? Isn’t the level of taxation significantly higher than that in the United States?
LB // Jul 9, 2010 at 4:46 pm
The marginal effective tax rate in Canada is 1% higher than it is in the US. And we at least get decent services out of the arrangement. Add to that the lowering business taxes, stable banks, lower employer risk from things like healthcare, an educated workforce, loads of natural resources and things are look positively peachy up here.
hormelmeatco // Jul 9, 2010 at 5:14 pm
@Seeker:
I understand your comment was tongue in cheek.
The recession didn’t hit Canada nearly as hard because they have stricter regulations on banks, such as higher capital requirements. They also don’t have a tax deduction for mortgage interest, which, among other things, makes it harder to buy a house in Canada.
easton // Jul 9, 2010 at 6:50 pm
“things are looking positively peachy up here.” When you get a tropical beach, then call me (and with global warming, who knows??)
DirtyLibrul // Jul 9, 2010 at 8:28 pm
@Easton: it’s not tropical, but it’s pretty nice just the same. Tofino, BC. http://tinyurl.com/3ynnosm
Dredd // Jul 12, 2010 at 9:41 am
Yes, but Canada is a piker compared to us when it comes to debt.
TerryF98 // Jul 12, 2010 at 10:21 am
‘Yes, but Canada is a piker compared to us when it comes to debt.’
That’s because they are not a nation of warmongers!
LauraNo // Jul 12, 2010 at 10:59 am
Canada doesn’t war-monger but they have universal health insurance too which goes a long way toward ensuring there is a middle-class to contribute to society/ the economy. They have also been much more conservative in how they regulate banks and such. They have actual RULES that are also ENFORCED. Don’t tell the rightwing, but their minimum wage is much higher too.
Alex2000 // Jul 12, 2010 at 10:21 pm
@hormelmeatco
You said: ” They also don’t have a tax deduction for mortgage interest, which, among other things, makes it harder to buy a house in Canada.”
I should point out that home ownership rates in Canada are the same as in the USA. ~68% in Canada, 67% in the USA.
forgetn // Jul 13, 2010 at 8:44 am
Nothing to see here, move along, move along!
America cannot and should not try to emulate Canada. You cannot, not because your are stupid or your banks are corrupt, rather Canada’s economy only superficially resembles that of the U.S. We are a natural resource exporting nation — a good chunk of your oil, and the rest of the world buys our Aluminum, Gold, diamonds, copper and timber.
Yes we have universal health care but our defense budget is a minuscule fraction (both in absolute and as a proportion of GDP) of yours. Our population is far more heterogeneous than yous with far less wealth disparity.
Sure Canada’s economy is doing well, but should the rest of the world (read China) suddenly slow down, Canada will not look that smart.