Canada, U.S. unemployment expected to rise

Fri Jul 3, 2009 12:44pm EDT
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OTTAWA (Reuters) - The jobless rate in Canada and the United States will continue to rise, Finance Minister Jim Flaherty said on Friday.

"The unemployment rate in the United States is well over 9 percent now and it's likely to go higher into 2010. We expect some continuing growth in unemployment in Canada as well. Recovery from the recession will happen before the reduction in unemployment," Flaherty told reporters on a conference call from Santiago, Chile.

Flaherty he also said he had not seen any sign of contracting wages in Canada.

(Reporting by David Ljunggren; editing by Rob Wilson)

<p>Canadian Finance Minister Jim Flaherty speaks at the International Economic Forum of the Americas conference in Montreal, June 8, 2009. REUTERS/Christinne Muschi</p>