Canada blows past forecasts by adding 67,000 new jobs in January

Canada blows past forecasts by adding 67,000 new jobs in January

The services sector saw a gain of 99,200 positions, led by new work in wholesale and retail trade, while the goods-producing industries experienced a net loss of 32,300 jobs, the report said.

According to numbers released by Statistics Canada today (Feb. 8), the unemployment rate increased in Prince George to six per cent, which is up from 5.8 in December.

In the Edmonton census metropolitan area, the unemployment rate rose from 6.3 per cent in December to 6.4 per cent in January.

(StatsCan warns with unadjusted data, one can not make month-to-month comparisons since different seasonal factors influence each month).

The numbers, however, don't come close to matching the 12-month unemployment low in October, when the rate stood at 7.3 per cent.

The average year-over-year wage growth of permanent employees, which is closely watched by the central bank, was 1.8 percent in January, up slightly from 1.5 percent in December. "That blew past expectations for a modest 5,000 gain", said Royce Mendes, an economist with CIBC Economics.

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Halyk said the Workforce Planning Board's new labour market report was titled Help Wanted: Building the Talent Pool because so many employers are struggling to find workers. In fact, 2018 was B.C.'s highest annual wage growth in the past 10 years. One year ago, the region's unemployment rate was 6.6 per cent.

The jobless rate, in Canada, for men 25 years of age or older was 5.2%.

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

When comparing the Lethbridge-Medicine Hat region, the unemployment rate is at 5.4 per cent, up from 4.5 per cent last month, according to the province's labour force statistics. Many analysts expect governor Stephen Poloz to wait until much later in 2019 before making a move.

"Wages continued to rise in January, with B.C. among the top provinces for year-over-year growth".

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