Published: Sun, March 10, 2019
Markets | By Otis Pena

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

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

What happened: B.C. adds 3,600 jobs in February; unemployment rate falls 0.2 percentage points to 4.5 per cent.

Stats Canada states that positions in those areas have been up since March 2018 and have risen by 6.8% since last February.

At 4:04 p.m. (2104 GMT), the Canadian dollar was trading 0.4 percent higher at 1.3405 to the greenback, or 74.60 US cents. "This is a very strong indication of employer confidence, to create that many full-time jobs", said Derek Holt, vice president of capital markets economics at Scotiabank.

"The Bank of Canada will be happy to see the generally healthy trend in labour markets continued in February, but today's report probably bears even less influence on their thinking than usual".

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The unemployment rate in Northeast B.C. saw an increase last month of 0.5 percent, up to 6.0 percent when compared to January's rate of 5.5 percent. For the third time in four months, the number of positions increased notably.

"A total of 67,400 full-time positions were added during the month but 11,600 part-time jobs were shed, accounting for the 56,000 net total". 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. 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 number of public-service workers in the region fell from 164,300 in January to 162,600 last month. In particular, it focuses on a reading called "wage common", which incorporates payroll data from several sources, not just from the labour force survey.

Bank of Canada deputy governor Lynn Patterson said Thursday that she expected economic growth to build fresh momentum in the second half of the year, thanks in large part to the still-strong employment conditions and improving wages.

The services-producing sector saw employment increase by 46,200 in February, while jobs in the goods-producing increased by 9,500. Over the past year, employment in the industry has grown by 6.8 per cent.

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