Canada’s Economy Lagging, But Improving

Statistics Canada said the country’s unemployment rate remained unchanged at 8.6%, an 11-year-high, the Associated Press reports. Canada lost a more-than-expected 45,000 jobs in July. The 45,000 job loss figure is well above the previous month’s 7,400 retreat.

Toronto-Dominion Bank economist Craig Alexander said even when the economy starts to grow again you still have some lingering job losses. Canada’s central bank predicted economic growth this quarter.

Alexander said Canada’s economy typically lags the U.S. by a quarter. Since the recession began in Canada, in October 2008, the economy has lost 414,000 jobs.

The bulk of the losses have occurred in manufacturing and have been centered in Canada’s most populous province of Ontario, also the center of the country’s manufacturing sector.