The results of the latest labour force survey reveal that unemployment rates are declining
It may be good news for the Canadian economy and for Canadian small business owners that hiring seems to be up. The latest labour force survey reveals that the national employment rate increased by 43,000 in January, pushing the unemployment rate down to 8.3 percent.
The survey shows that employment gains were led by women between the ages of 25 and 54 and by the country's youth. Notably, Statistics Canada says this is the first increase in youth employment since the start of economic downturn in 2008.
The business sectors that most contributed to the spike in employment were building, support services, and retail and wholesale trade.
There is no data yet to suggest whether these are the same industries that are expanding into international markets, but national economists believe companies that go global will be the leaders in national job creation.
Bank of Nova Scotia chief economist Warren Jestin told the Globe and Mail, "highly entrepreneurial small- and medium-sized businesses in rapid-growth areas will likely be a key source of Canadian job creation over the next decade."
