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04/09/2009 -
Many analysts and major banks are agreeing that the Canadian economy is now in the recovery stage, as the latest unemployment figures from Statistics Canada showed that the economy added 27,000 new jobs in August.The majority of jobs were added in the part-time workforce and private sector, the agency announced. Employment peaked in October 2008, and the economy has lost 387,000 jobs since then.
In addition, hourly wages increased 3.3 percent in August compared to the previous year.
The feared reduction in consumer spending seems to not have drastically affected the health of the retail and wholesale trade industry, which saw the largest increase in employment at 21,000 new jobs.
The increase in jobs and wages will likely continue to fuel the economy's growth, as more consumers will have spending money in their pockets.
This is especially the case considering the fact that the largest employment gains were seen in the demographic of female 25- to 54-year-olds, which is typically one of the largest purchasing demographics.
To leverage this expected increase in spending, businesses are urged to make sure their payment processing systems are up-to-date, secure and capable of handling multiple types of payment cards.
