Wednesday, 20 February, 2019

Prince George's unemployment rate down year-over-year

The Canadian economy added nearly 67,000 net new jobs in January with strong gains in the private sector New Brunswick adds 3,600 jobs in January, pushing unemployment rate down
Priscilla Morrison | 10 February, 2019, 17:40

The number of self-employed positions, which can include unpaid work, declined by 60,700.

Most of the jobs were in the private sector, which recorded the biggest month-to-month increase since the agency started collecting the data point in 1976.

The employment rate was down from 62.8 per cent in December to 62.6 per cent in January.

"Definitely the headline job gain was very impressive", said BMO chief economist Douglas Porter.

The region finished 2018 with a 4.7% unemployment rate in December, when 40,300 were employed.

"As demonstrated in the newest results, higher wages, low unemployment and good jobs in British Columbia show that people are at the centre of our strong and stable economy". Employment in the accommodations and food services sector grew by 5,600 jobs, and transport and warehousing employment grew by 6,400 jobs. In fact, 2018 was B.C.'s highest annual wage growth in the past 10 years. The Bank of Canada has expressed confidence that wage growth will pick up its pace.

More news: Re-elected UEFA head Aleksander Ceferin wants competitions overhaul

Capital Economics also thinks the surprising job gains won't change the Bank of Canada's mind.

In contrast, Alberta saw a second straight month of declines, down 16,000 positions, vaulting the unemployment rate to 6.8 per cent. The central bank stayed on the sidelines last month after five hikes since July 2017, and most analysts expect no action.

"It might catch your eye that you have this massive print in youth employment, but the actual story is that youth employment over the previous year is just flat; it was reversing some of the losses we've seen recently", said Royce Mendes, senior economist at CIBC World Markets.

Part-time job gains outpaced full-time, 36,000 positions versus 30,900, respectively, and youth aged 15 to 24 led employment growth, adding 52,800 jobs.

Across Canada, an estimated 67,000 more people were working, but a larger influx of job seekers pushed the monthly unemployment rate slightly to 5.8 per cent.

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