Canada sees second straight monthly employment surge with 55900 net new jobs

11 March, 2019, 10:39 | Author: Mary Valdez
  • 12:53pm
 
ID 96505953

Job creation in Canada once again blew past expectations with 56,000 positions added in February - majority were full-time. The back-to-back results gave Canada its strongest two-month stretch of job creation since the spring of 2012 - and its best two-month start to a year since 1981.

Windsor's jobless rate remained at 5.2 per cent in February, unchanged from January according to Statistics Canada's Labour Force Survey for February.

Strong full-time gains offset a loss in part-time roles, with 67,400 full-time jobs added from January to February, and 11,600 part-time jobs shed.

The encouraging numbers provided a bright spot for the economy, which has posted disappointing data in recent months.

There was little change in the number of people who are self-employed, while employment dropped by 11,000 in transportation and warehousing, mostly in Ontario.

The Canadian dollar strengthened against its US counterpart on Friday, as bets for an interest rate cut by the Bank of Canada this year were slashed after domestic data showed a spike in jobs that surprised investors.

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The unemployment rate was also similar one year ago at 5.8%, though it jumped as high as 6% and dipped down to 5.6% within those 12 months. "That decline was driven by public administration and natural resources, but counterbalanced a bit by increases in accommodation and food services". "Our investments in infrastructure and services will generate tens of thousands of good jobs".

The Bank of Canada keeps close watch of several wage indicators ahead of policy decisions on its key interest rate.

More people joined the labour force as participation grew to 62.1 per cent, up from 61.4 per cent the month before.

"Continued strength in job creation, especially full time, alongside recovering wage growth will help support income and spending growth this year", Alicia Macdonald, principal economist for The Conference Board of Canada, wrote in a research note.

In February 2018, the unemployment rate was 4.5 percent with an estimated 38,000 people working.

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