What does Bay Street know? Those nattering nabobs of negativity bet Canada’s battered-and-bruised economy would create only 1,000 jobs in February, a number so small that it would have been statistically insignificant.
Employers showed them: some 60,000 Canadians found jobs last month, the fourth sizeable gain in the past six months, according to new data released by Statistics Canada on March 8. The positive result was out of step with recent data, a fact the federal finance minister was keen to highlight. “Another month of strong job growth,” Bill Morneau tweeted. “When we invest in the middle class, Canadians see positive results.”
That probably has something to do with it. Tax cuts and the enhanced child-benefit program juiced household spending in 2017, generating momentum into 2018. Morneau’s deficits are controversial, but they helped offset slumps in export revenue and business investment last year. Government spending might be the only thing keeping Canada from a recession, according to StatCan’s latest reading of gross domestic product.
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