but since then the expansion has become more broadly based. over the past year and a half, spending by canadian households on consumer goods and by businesses on investments in technology and new equipment has been the driving force in the economy. the strong pickup in economic activity has also contributed to a substantial increase in employment. over 380, 000 new jobs were created in the private sector last year, offsetting many times over the 13, 000 jobs lost in the public sector because of restructuring. even more encouraging is the fact that a good part of this increase in employment represented full - time jobs. moreover, the unemployment rate fell to 8. 6 per cent by year - end from 9. 8 per cent at the end of 1996. inflation has remained low, and within our target range of 1 to 3 per cent for most of 1997, although it did end the year somewhat below target. some of the factors that contributed to this recent greater - than - expected slowing in the trend of inflation are of a temporary nature and are expected to unwind in coming months. but some of the other dampening influences at work may be more persistent than seemed likely earlier. so, although we see the trend of inflation moving back inside the target range in the near future, on balance it will probably be somewhat lower in 1998 than previously expected. i would also like to underline the additional progress made during the year in the area of public finances, where government deficits have been further reduced. more importantly, the ratio of public debt relative to the size of our economy is finally falling. this is a major contribution towards the sounder economic foundations that i mentioned earlier. altogether then, 1997 turned out to be a good year for the canadian economy. prospects for 1998 and the ’ asian factor ’ but what about prospects for the current year? how important are the latest international events when viewed from a canadian perspective? and what is their likely impact on our economy? there is no doubt that what started as financial turbulence related to difficulties in thailand has become a more widespread problem than anyone would have thought likely some months back. an erosion of market confidence led to strong downward pressure on exchange rates and to sharply higher interest rates in the affected south - east asian countries and, subsequently, in south korea. these market difficulties in turn uncovered and exacerbated financial and economic weaknesses that had been plaguing these countries for some time. the international community, including canada, has taken steps, primarily through the imf, to help these countries

those where women's share in employment as of 2019 is above their average share for all industries ( 47. 6 % ). † " resources " includes forestry, fishing, mining, and oil and gas. sources : statistics canada and bank of canada calculations this unevenness across sectors is disproportionately affecting lower - income jobs ( chart 2 ). remote work tends to be possible in higher - paying occupations. jobs in the service industries most affected tend to be lower - paying, part - time and with fewer benefits. chart 2 : the declines in employment were greatest for low - wage workers change in employment from february to april 2020 by weekly earnings, not seasonally adjusted, monthly data % - 5 - 10 - 15 - 20 - 25 - 30 - 35 - 40 - 45 less than $ 500 $ 500 to $ 799 change in employment by weekly earnings sources : statistics canada and bank of canada calculations $ 800 to $ 1, 199 $ 1, 200 or more change in employment for all earnings - 4these jobs tend to be held by women and youth. women make up 47 percent of the labour force but about 56 percent of the accommodation and food sector. young people aged 15 to 24 make up about 40 percent of that sector — more than three times their share of the labour force. before the pandemic, the labour participation rate for women was closing a longstanding gap with men. that trend has reversed. the female participation rate fell during the containment period and is not recovering as quickly as the male participation rate in most age groups ( chart 3 ). chart 3 : more women than men have dropped out of the labour force change in participation rates by age and gender between february and august 2020, seasonally adjusted, monthly data percentage points 1. 0 0. 5 0. 0 - 0. 5 - 1. 0 - 1. 5 - 2. 0 - 2. 5 all ages ( 15 + ) 15 – 24 25 – 54 men 55 + women sources : statistics canada and bank of canada calculations the closing of schools and daycares kept many parents at home, especially women, who tend to take on more of the responsibility for child care ( chart 4 ). how quickly this can be turned around depends on how the reopening of schools plays out and whether at - home learning arrangements allow parents to work. - 5chart 4 : among parents, mothers have seen a greater decline in hours worked and a slower recovery than fathers change in total hours worked