Thursday, 20 September, 2018

Northeast unemployment lowest in BC in January

A worker in Ontario A man works at the Brose Canada plant in London Ont on Thursday Feb. 27 2014
Andrew Wong | 11 February, 2018, 04:12

The agency says jobs fell by 88,000 in Canada last month contributing to a 5.9 per cent unemployment rate, an increase of one basis point from December.

Compared with 12 months earlier, employment in the province rose by 46,000, entirely due to increases in full-time work. The market consensus was for a loss of roughly 9,000 jobs.

"The June quarter survey showed zero employment growth and a drop in the participation rate, followed by a surge in both measures in the September quarter", he said.

Frances Donald, senior economist with Manulife Asset Management, wrote in a tweet that Alberta accounted for over half of the net gains in full-time work.

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In total, 560,100 people in the province were employed in January.

The region hasn't reached that threshold since the start of 2015, when unemployment had been too low report for several months. The province said the gain was led by jobs in the transportation and warehousing industries. There were also decreases in New Brunswick and Manitoba.

The monthly employment figures for specific regions of Canada, like Cape Breton, are determined by a three-month moving average of unemployment rates unadjusted for seasonality, while national, provincial and major city numbers reflect monthly numbers which are seasonally adjusted.

"It's possible the [Bank of Canada] dismisses most of this report as a transitory adjustment to higher minimum wages", he said.

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Construction, as well as health care and social assistance.

The business building and other services sector reported a loss of 4,900 jobs in the a year ago.

The biggest loss of jobs in a single month in nine years highlighted January's unemployment figures from Statistics Canada, while Victoria's jobless rate gets closer to four per cent. BMO Financial Group chief economist Doug Porter said the January figure brings the job market "back down to Earth".

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