Tuesday, 22 January, 2019

Canada's unemployment rate sticks at 43-year low of 5.6 per cent

The unemployment rate stayed at its 43-year low of 5.6 per cent last month as the economy closed out 2018 with the addition of 9,300 net new jobs Canada jobless rate unchanged at 5.6 percent
Russell Knight | 06 January, 2019, 23:09

Even though there more jobs were created, wage growth was weak.

The Bank of Canada has been watching wage growth ahead of its rate decisions as it tries to determine how well-indebted households can absorb higher borrowing costs. Health care and social assistance also saw an increase with the addition of 300 jobs. The labour participation rate rose 0.3 per cent to 60.4 per cent in December, an increase of 0.3 per cent from December 2017. The central bank has pushed its benchmark rate north five times since the summer of 2017, with its next announcement set for Wednesday.

Employment ended up growing 1.8 per cent, which is double the national average and the unemployment rate was 4.4 per cent, which remained the lowest in the country.

Governor Stephen Poloz has signalled that more increases will be needed to prevent inflation from rising too high.

While 18,300 part-time jobs evaporated last month, data released Friday, Jan, 4 from Statistics Canada reveals the province added 22,700 full-time positions to make up for losses.

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"Without bottom-up wage pressure, further monetary tightening is clearly not urgent".

The unemployment rate in Barrie has continued to drop, with the city recording a jobless rate of 4.8 per cent in December.

Across the country in 2018, Statistics Canada reported employment growth by 163,000 or 0.9 per cent, a pace slower when compared with both 2017 and 2016, at 2.3 and 1.2 per cent, respectively. This pushed the province's unemployment rate up to 5.6 per cent from 5.5, as the number of people unemployed grew alongside the labour force pool.

In B.C., the province saw an increase of 44,000 jobs in 2018, nearly entirely full-time work.

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