Canada Jobless Rate Unexpectedly Declines in May to Its Lowest Since 2009
Canada’s jobless rate unexpectedly declined in May to the lowest since January 2009 as the economy added workers for the seventh time in eight months.
The unemployment rate fell to 7.4 percent last month from April’s 7.6 percent, Statistics Canada said today in Ottawa, as employment rose by 22,300.
In the past, it was always thought that if the USA sneezed, Canada would catch the cold. Meaning that what ever happened economically to the US, Canada was sure to follow.
Canada is The USA’s biggest trading partner, the equivalent of $1.5 billion a day in goods. As well as the biggest in people-to-people contact, about 300,000 people cross the shared border every day.
Canada is also U.S. most extensive defense partner with more arrangements than with any other country.
Canada has, for the first time, a more conservative federal administration than the USA.
The Canadian Dollar (One Canadian dollar buys $1.02785 USD) is looking very strong, but it is really the US dollar that is weak.
This weak US dollar has hurt me personally, as I own US stocks in my retirement portfolio. I also own real estate in the USA.
It also hurts business in Canada, as it make exporting more expensive.
So it is not something Canada strives for, not something planned for.
And yet there it is.