Economy

New jobs report says Calgary’s unemployment increased

New jobs report says Calgary’s unemployment increased

This is the best month for jobs since 2012, and this strong February comes after an even stronger January. The Canadian dollar jumped on the news.

Chances of an interest rate cut by December, which had climbed this week on a more dovish tone from the Bank of Canada, fell to less than 20 percent from about 40 percent before the jobs data, the overnight index swaps market indicated. Ontario was the sole province with a notable employment gain.

The report, releases Friday, says Medicine Hat's unemployment rate rose to 8.9 per cent in February, up from 7.7 per cent in January.

"We're going to continue to do stuff like this to generate more employment, to continue to invest in infrastructure generally and continue to fight to get the pipeline to tidewater in order to build that level of investor confidence that will move us forward". "Maybe it's just resting, since today's jobs data seem to suggest that there's a lot of life left in it".

Last week, Canada's statistics agency reported the nation's economy grew by just 0.1 percent in the final three months of 2018. Most economists expect the sluggishness to persist in the first six months of this year, before growth picks up steam later in 2019. In an economy with more than half a million vacant jobs, many seem to be finding work.

More news: Google brings Assistant's "continued conversation" feature to smart displays

Job creation in Canada once again blew past expectations with 56,000 positions added in February - a lot of them were full-time. The Canadian dollar jumped on the news, gaining 0.4 percent to C$1.34012 per US dollar at 8:36 a.m.

The province saw job losses in agriculture, down 1,800 jobs, construction, down 6,300 jobs, and transport and warehousing employment down by 2,300 jobs.

The labor force increased by 55,100 in February, and is up by 159,000 so far this year.

Employment in Ontario rose for the second consecutive month in February, up by 37,000, boosted by a gain of 59,000 full-time jobs; the unemployment rate in the province remained at 5.7%.

Year-over-year average hourly wage growth in February for permanent employees was 2.3 per cent, up from January's reading of 1.8 per cent.


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