'Ka-boom': Canadian economy pumps out 56,000 new jobs

In February 2018, the unemployment rate was 4.5 percent with an estimated 38,000 people working. Youth aged 15 to 24 drove employment growth for the second consecutive month, accounting for more than half of total job gains.

The biggest gains in February came in professional services, which added 3,900 positions, while the accommodation and food services and the education sectors also grew by more than 3,000 jobs each. Canada even beat the disappointing U.S. February tally of 20,000 - for the first month in more than 8 years. The number of public-service workers in the region fell from 164,300 in January to 162,600 last month.

Statistics Canada says in its monthly jobs report that Canada added 56,000 jobs in February, with most of those being full-time positions. 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.

The goods-producing sectors added 9,500 new positions following job gains in natural resources, agriculture and manufacturing. It's a key reason why the Bank of Canada is sticking to its belief the economy will rebound and interest rates will likely head higher. The average year-over-year wage growth of permanent employees - a figure closely watched by the central bank - was 2.2 percent in February, up from 1.8 percent in January.

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In addition, the Ontario Government said in a release that Kitchener-Waterloo-Barrie has the largest employment growth year-over-year across the province at seven per cent growth. In particular, it focuses on a reading called "wage common", which incorporates payroll data from several sources, not just from the labour force survey.

According to BC Stats, the province saw job gains in fishing, mining, quarrying, oil and gas, up 2,500 jobs, and in retail and wholesale trade, up 3,500 jobs.

The recent strength of labour market gains sent the trend (6mma) pace to 48.3k per month, the strongest it has been since 2002.

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.

(Copyright © 2015. All Rights Reserved.)
 
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