We all know that the recession took much worse toll in 2009 than expected. Because of the great recession, the U.S. economy lost about 8.4-million jobs since it began in December 2007. The number was about 1.2-million more than what was previously estimated.
Much to the misery of the people of US and Canada, the new year started with a very bad note as the employment rates dipped in the very first month of the year. Canada and the United States reported reasonable drop in unemployment rate in January 2010.
According to Statistics Canada, the countries unemployment rate stood at 8.3% in January. The US Labour Department stated that the U.S. unemployment rate dropped to 9.7% from 10% in December 2009.
However, Canada managed to add 43,000 jobs in January 2010, which is almost three times more than analysts were expecting. Meanwhile, U.S. employers cut 20,000 jobs where analysts were anticipating at least 25,000 job gains.
Some of the economists say that the robust economy of Canada may help it boost its employment rates whereas the United States said to struggle with high unemployment for the rest of this year.
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