Job explosion: Best year since 1987

Canadian economy created 560,000 new jobs in 2002, according to Statistics Canada
||Last Updated: 01/29/2003

The Canadian economy roared ahead in 2002 with nearly 560,000 new jobs being created. That translates into an increase of 3.7 per cent and the strongest annual growth rate since 1987, according to Statistics Canada.

Consumer and government spending, a rise in exports and a booming housing market fuelled the growth and the employment rate, the proportion of the population employed, was higher than the U.S. rate for the first time since 1998 in November. In December the rate hit a record high of 62.4 per cent.

Exceeded expectations