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July 11, 2010    

Canada’s unemployment rate continues to fall

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by Kay Murchie

The Canadian economy, which only entered a mild recession last year, appears to be performing well after figures show the unemployment rate continues to fall.

Statistics Canada said on Friday that the country’s unemployment rate fell in April to 8.1%, from 8.2% in March.

The economy added a better than expected 93,000 jobs last month - exceeding the 15,000 to 20,000 analysts had forecast.

It’s the second biggest gain ever recorded by the agency in relation to the number of jobs and follows a record 108,700 jobs in April and 24,700 in May.

According to Statistics Canada, employment has grown by 403,000 over the last 12 months - making up for almost all the jobs lost during the recession.

In related news, last month the Bank of Canada became the first G7 nation to raise rates since the onset of the recession.

The decision to lift interest rates came as the Canadian economy expanded by an annualised 6.1% in the first three months of 2010.

The figure was slightly better than the 6% analysts had expected and comes after a 4.9% expansion in the final three months of 2009.

Following the jobs news, the Canadian dollar was up 1.24 U.S. cents to 97.03 cents.

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