Montreal unemployment rate drops below Toronto's (again) in January
11 February, 2019, 03:09
Nationally, more people started looking for jobs in January, and that pushed the unemployment rate up from a 43-year low of 5.6 per cent to 5.8 per cent.
The national unemployment rate, meanwhile, increased 0.2 percentage points to 5.8 per cent.
The country saw a surprise rush of 66,800 net new jobs in January in a gain fuelled by a hiring surge in the private sector, Statistics Canada said Friday.
The Canadian dollar jumped more than a quarter of a cent in the moments after Statistics Canada announced the jobs numbers.
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. This article is strictly for informational purposes only.
Economists had expected the addition of 8,000 jobs for the month and an unemployment rate of 5.7 per cent, according to Thomson Reuters Eikon.
"We're working hard to nurture a sustainable economy that works for people".
In a note to clients Friday, CIBC Chief Economist Royce Mendes wrote the latest job readings were "a vehicle stuck on one of Canada's clogged highways: speeding up then slowing down just to speed back up again".
In Toronto, the participation rate was 66.2 per cent in January and the employment rate was 62.4 per cent.
In Prince Albert and Northern Saskatchewan, which includes data for our region, year-over-year, the unemployment rate vaulted to 7.8 per cent from 6.7.
Last week, Bank of Canada senior deputy governor Carolyn Wilkins said the country has been in a "puzzling" stretch of weak wage growth at a time when the job market has been experiencing one of its biggest labour shortages in years.
The region also lost 700 full-time jobs and gained 400 part-time jobs month-over-month. Most of the jobs went to youth aged 15 to 24 in services-producing industries.
But analysts warned the 52,800 job bump among youth may simply be catch-up after losses in previous months, noting the unemployment rate for youth was little changed at 11.2 percent as more looked for work. For last month, the rate was at 7.8%, an increase of 0.8% from December.