Canada Jobless Rate Dropped in February to 10-Year Low

Canada Jobless Rate Dropped in February to 10-Year Low

Stats Can also says 282, 500 full time jobs have been created in Canada in the last 12 months. Most of those gains were in part-time work, which offset a drop in full-time jobs, and in public-sector jobs.

Regionally, there was little change in employment in most provinces. That's the largest number ever recorded by Statistics Canada, according to OBJ files. There were 1,800 people unemployed.

OTTAWA-The Canadian economy added 15,400 jobs in February after a big loss in January but full-time positions shrank and wage growth decelerated, prompting analysts to predict the Bank of Canada will be in no rush to raise rates.

A labour-force survey showed an increase of more than 50,000 jobs in the public sector.

In February 2016, unemployment in the region was at 8.7 per cent. In December, only 20,300 people were working in the city and the unemployment rate sat at 8.6 per cent. At this time a year ago, there were 40,700 people employed.

In Saskatchewan, the economy shed 2,900 jobs. Jobs were lost in the wholesale, retail and manufacturing industries, the report said.

"These jobs numbers fit quite well into the Bank of Canada's cautiously optimistic Canadian narrative", Donald said. Porter, who believes a year of data is needed to get a proper reading on the impact of the minimum wage.

Average hourly wage growth, which is under close watch by the Bank of Canada ahead of interest-rate decisions, stayed solid at 3.1 per cent. Although there was a loss of full-time jobs last month, over the year full-time employment has increased by 1.9 per cent.

"At 3.1 per cent in February, wage growth posted a fourth consecutive month above its longer-term average of 2.6 per cent", Sherry Cooper, chief economist for Dominion Lending Centres, wrote in a research note.

"This suggests the bank will maintain its cautious stance", she said.

Wednesday, after ushering in three interest rate hikes since last summer, the Bank of Canada held its benchmark rate at 1.25 per cent.

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