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unemployment rate up 0.4% points to 8.4% its highest rate in 11 years,
Statistics Canada said Friday.
Since an employment peak in october 2008, employment has fallen by
363000 or 2.1%, the government agency said.
"Its hardly shocking that Canadian employment has retreated again the
job shakeout likely still has a way to go, even if the broader economy
bottoms out in the coming months," said BMO Capital Markets analyst
Douglas Porter.
However, as increases in job numbers usually lag behind other signs of
economic recovery, these dour job figures failed to sour analysts'
optimistic forecasts.
"Arguably, the very narrowness of the job losses in may almost
exclusively concentrated in ontario manufacturing holds out a whiff of
good news for the broader economy," Porter said in a note.
"That is, the devastation in the auto sector is not being repeated in
other sectors,"he said.
"Indeed, the modest gains sprinkled among most services sectors &
around much of the rest of the country add to the view that domestic
spending is stabilizing."
