Recovery Time for Canada

As experienced by any Western economy, Canada also suffered the implications of economic recession. Though many lost their jobs, Canada’s job creation system is catching up; last month it created 10,000 more jobs that its US counterpart.  However, analysts observe the fact the new jobs created in Canada is not paying as much it did during the pre-recession times creating a group of underclass workers. Unemployment rate in Canada is slightly less than that of US at 7.9% compared to US rate of 9.5%. Back in January, Canada created 43,000 jobs, whereas in US it was just 14,000.
Economists of the country view Canada evolving better than the USA. To keep up with the economic recovery plan, USA need to create 200,000 jobs  every month irrespective of private or non-private sectors.
However, the bad news for Canada is that the shrinkage of its manufacturing sector resulting in a conversion of high paying manufacturing jobs to low-paying service jobs. The creation of new economic underclass will lead to cultural disruption in the country.
The reason for Canada’s so called reform lies in its well-capitalized banks. These banks are equipped with sufficient strength to recover from an economic tragedy.