So very true, Jim. I saw a sign in Toronto lately that said: Help Wanted - Anyone Not Moving to Alberta for Work Apply Within
LOL
Some had posted that this would be a problem but longs responded by saying that all of the Harrow employees were being transferred to Calgary. Fat chance. Differential in housing prices must be about $350,000 more in housing. How does a lumberyard worker make up that differential??
Canada's unemployment falls to 6 pct. August 10, 2007
OTTAWA --Canada's unemployment rate fell to 6.0 percent in July, the lowest rate since 1974, as the oil rich province of Alberta continues to add jobs, according to a Statistics Canada report released Friday.
There was a net gain of 11,300 jobs, less than the 20,000 that analysts had predicted. Unemployment was at 6.1 percent in June.
Economists said the data could push the Bank of Canada to raise its key interest rate at the next rate-setting date next month, despite a credit crunch that is upsetting financial markets.
Only Alberta showed a significant increase in jobs with 14,000 more people working in the western province.
There were 20,000 new manufacturing jobs created in Canada, along with 25,000 new positions in the professional, scientific and technical sectors and 17,000 more in transportation and warehousing.
Those gains, however, were offset by the loss of 57,000 positions in educational services and 13,000 more in finance, insurance and real estate.
Although Ontario's overall employment level was little changed in July, there were 27,000 new manufacturing jobs created in July in Canada's most populous province. That was the first significant increase in this sector in more than a year.
The Statistics Canada report also noted that wages have increased in the country and, on average, now are running ahead of inflation, after slower increases in the first quarter of the year.
In July, Canadians on average were making 3.7 percent more than they were in July 2006, while inflation was running at 2.2 per cent.
"Tightness in labor markets is keeping wage increases on an upward trend," the Royal Bank said in its analysis.
The bank predicted a quarter-point jump in the Bank of Canada rate next month and a further quarter-point increase in October, followed by a third jump early next year.
"Under normal circumstances, this report would give the Bank of Canada a blinding green light to hike rates again next month, especially with wage pressure mounting," said Douglas Porter of the Bank of Montreal.
But turbulent global financial markets have clouded expectations.
"These are not exactly normal times, with the bank's decision likely dependent on financial markets returning to some semblance of calm," he said.
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