Job losses show global pressures: Flaherty

Fri Aug 8, 2008 2:15pm EDT
 
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OTTAWA (Reuters) - Job losses in Canada show the country is feeling the effects of global economic factors beyond any one government's control, Finance Minister Jim Flaherty said on Friday.

"However, Canada's economic fundamentals remain solid. Canada's labor market has outperformed that of the U.S. since the start of the year, while over 70,000 jobs have been created in Canada, the U.S. has lost over 463,000," he said in a statement after data showed 55,000 job losses in July.

"While Canada's fundamentals and economic policies put us in a good position to weather this economic storm, we must focus on becoming more innovative and more competitive. Creating an environment that encourages investment and spurs further job creation is the key to a stronger economy."

(Reporting by Randall Palmer; Editing by Peter Galloway)