Good news:Unemployment falls to 6.5 % in Canada,5.8% in United States

The U.S. Bureau of Statistics and Statistics Canada released the unemployment numbers and their respective monthly labour force surveys this morning and the results are good. Its a pity the American electorate didn’t see the numbers before the mid term elections as they would have confirmed that the Obama stimulus and Federal reserve policies had worked, albeit imperfectly just as Canadians can see that keeping interest rates low and increasing deficit spending after the crash have also contributed to economic recovery in Canada.In the U.S. the participation rate is still on the low side not reaching the level that prevailed in 2007 , perhaps because in part of demographic factors and real wages are still not growing fast enough but the headline rate is now down to 5.8 % and the broader measure U6 is down to the 11.5 % range. There is more work to be down but the developments are positive and the Fed and the Obama government deserve credit for this.In Canada unemployment remains elevated at 7.7% in Québec which is foolishly implementing austerity. But Ontario’s rate has fallen to 6.5 % which is good for both Ontario and the national economy.

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About haroldchorneyeconomist

I am Professor of political economy at Concordia university in Montréal, Québec, Canada. I received my B.A.Hons (econ.&poli sci) from the University of Manitoba. I also completed my M.A. degree in economics there. Went on to spend two years at the London School of Economics as a Ph.D. student in economics and then completed my Ph.D. in political economy at the University of Toronto. Was named a John W.Dafoe fellow, a CMHC fellow and a Canada Council fellow. I also was named a Woodrow Wilson fellow in 1968 after completing my first class honours undergraduate degree. Worked as an economist in the area of education, labour economics and as the senior economist with the Manitoba Housing and Renewal Corporation for the Government of Manitoba from 1972 to 1978. I also have worked as an economic consultant for MDT socio-economic consultants and have been consulted on urban planning, health policy, linguistic duality and public sector finance questions by the governments of Manitoba, Saskatchewan,the cities of Regina and Saskatoon, Ontario and the Federal government of Canada. I have also been consulted by senior leaders of the British Labour party, MPs from the Progressive Conservative party, the Liberal party and the New Democrats on economic policy questions. Members of the Government of France under the Presidency of Francois Mitterand discussed my work on public sector deficits. I have also run for elected office at the municipal level. I first began to write about quantitative easing as a useful policy option during the early 1980s.
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2 Responses to Good news:Unemployment falls to 6.5 % in Canada,5.8% in United States

  1. Good news but it’s not the full story… http://socioeconothinking.wordpress.com/

    Cheers,

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