Unemployment at 4.5% in February

  • Unemployment at 4.5% in February

Unemployment at 4.5% in February

The unemployment rate fell to 5.8 percent from 5.9 percent, back to the December level that was the lowest in records back to 1976.

In wage-common, the labour-force survey's hourly wage growth "only gets a trivial 5 per cent weight", according to Derek Holt, economist with Bank of Nova Scotia capital markets.

Our region includes Grande Prairie and stretches from Jasper to Peace River.

OTTAWA-Canada's unemployment rate edged down in February to a 10-year low, and the economy added jobs after a steep decline in the previous month.

Additionally, the public sector accounted for almost all of February's job gains - 50,300 government jobs were added in February, compared to just 8,000 in the private sector, reports CBC News.

By region, there were very few changes in most provinces.

The Canadian dollar rose slightly to C$1.2835 to the USA dollar, or 77.91 US cents, from C$1.2880, or 77.64 USA cents.

In Calgary, however, the unemployment rate rose slightly to 7.9 per cent in February from 7.6 per cent in January. But economists say the positive labour market signs will not be enough for the Bank of Canada to raise interest rates. Although there was a loss of full-time jobs last month, over the year full-time employment has increased by 1.9 per cent.

Wage growth, which accelerated to the fastest since 2015 in January, also slowed somewhat but remains still above the average over the past year.

The survey also said the number of paid employee jobs increased last month by 58,800 positions, compared with a decrease in self-employed positions of 43,300.

"The number of people working went from 65,100 to 71,300".

Earlier this week, the central bank highlighted wage growth as one of the key data points that it will scrutinize ahead of future rate decisions.