What Doom? Canadian Unemployment Drops to 7.9%

Despite what some economists and bloggers say about the impending doom of Canadian economy and its 'about to crash' housing market, Canada added 93,200 new jobs in June, bringing the jobless rate to 7.9%. This is the first time it has been under 8% since January 2009.

As a result, the Canadian dollar rose over half a cent.

The Canadian economy has now recouped practically all the jobs that were lost during the economic crisis of 2008 and 2009.

The two most populous provinces did well. Ontario gained 60,300 workers and Quebec gained 30,400 new jobs.

According to Stats Canada, the new jobs were split between full-time and part-time, with more than half private sector. There was also a big increase in student employment.

Negatives

10,200 fewer were reported working in the goods producing industries.

Other provinces didn't do a well. While most registered slight gains, Newfoundland and New Brunswick suffered job losses.