PEI adds 900 jobs in December

PEI adds 900 jobs in December

Ontario's unemployment rate remained steady month over month at 5.5 per cent.

Unemployment in the Red Deer region edged up to 5.5 per cent last month. All of these gains were in full-time work, while part-time employment ended the year down by 11.5 per cent.

According to data from Statistics Canada, the December unemployment rate dropped to 5.7 per cent nationally, its lowest mark since comparable data became available in 1976. But analysts say the central bank is likely to wait for some uncertainties to clear before raising rates. For homeowners with fixed-rate mortgages, a hike won't change much (at least until their mortgage comes up for renewal.) But for those with variable-rate mortgages - which move up and down with interest rates - payments will go up.

"We know the Bank of Canada is back into a rate-hike mode and they are pretty well data-dependent right now in terms of when and how quickly that pace of rate hikes is going to play out". Economist Robert Kavcic said in a research note the Bank of Canada may move this month if a survey of executives the central bank publishes on Monday also shows strength.

PEI adds 900 jobs in December
PEI adds 900 jobs in December

The Canadian dollar would need to depreciate by about five percent to offset the increase in tariff levels that a dissolution of NAFTA could trigger, said Nick Exarhos, economist at CIBC Capital Markets.

The province gained 4,200 jobs and the unemployment rate fell from 8.3 per cent in November to 7.8 per cent in December. The two-year fell 3 cents to yield 1.70 per cent and the 10-year declined 26 cents to yield 2.083 per cent. The number of public-sector employees rose by 2.3 per cent compared to a 1.8 per cent increase in paid positions in the private sector.

In separate data, Canada's trade deficit in November widened to C$2.54 billion as both exports and imports benefited from increased activity in the automotive industry.

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