Industry News

05/02/2010 - The Canadian economy got one step closer to recovery this week as the unemployment rate fell 0.1 percent to 8.3 percent in January, Statistics Canada reported Friday.

Employment increased by 43,000 jobs, largely driven by part-time employment. Women aged 25 to 54, as well as youths, saw the highest gains in employment - notable since the youth employment rate was particularly hard-hit during the recession.

Private sector employment saw more gains than public sector employment, while self-employment declined. The largest employment gains were seen in the business, building and other support services, and retail and wholesale trade sectors, Statistics Canada reported.

January's gain represents the fourth employment gain in the past six months.

Douglas Porter, deputy chief economist at Bank of Montreal, told the Globe and Mail that these figures are a strong indication of growth for the economy, calling it "an amazingly quick turnaround from the dismal conditions of early last year, all things considered."

As the economy rebounds and employment recovers, consumer spending is expected to improve as well, making it more important than ever for businesses to offer debit and credit card processing as part of their merchant services.