Canada's unemployment fell to 7.0 percent last month, which is the lowest its been since December 2008, even while cutting 21,900 jobs. A Canadian agency stated this drop was due to the decreasing number of people seeking work which helped cause this four year low in unemployment. About 58,000 Canadians left the workforce or stopped looking for jobs which is largest exit from Canada's labor market since 1995. The biggest losses occurred in Ontario and British Columbia with most of the jobs coming from the public sector. Many economists predicted a balancing of the labor market coming at some point due to the recent economic struggles Canada suffered in latter part of 2012. Despite unemployment giving a lagging indicator of economic state, economic growth in the third quarter of 2012 fell about .6 percent and many forecast it won't improve during the fourth quarter possibly reaching about one percent. The Canadian dollar also fell to its lowest value since January 30th. These numbers just go to show the economic struggles across the globe and how unemployment number don't always tell the true story about the economic state of a nation. Until Canada along with many others are able to find a solution we can get used to seeing numbers like this across the board.

http://www.washingtonpost.com/business/canada-sheds-21900-jobs-but-unemployment-rate-drops-to-7-percent-in-january/2013/02/08/b6703e18-7204-11e2-b3f3-b263d708ca37_story.html