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The Canadian economy has recorded maximum job gains and a rise in wages in the month of April. This clearly indicates that Canada is coming out from a six-month long period of weakness.
The country has added total 106,500 net jobs in April 2019 and Statistics Canada said in its latest labour force survey that most of the jobs are full time. With a notable job gain in Ontario, Alberta, Prince Edward Island and Quebec, Canada has encountered a drop in Canada’s unemployment rate to 5.7 percent in April, from 5.8 in March.
The Canadian dollar has also jumped 0.7 percent to C$1.3386/U.S. Dollar in Toronto at 9:54 a.m. The Canadian government s two-year bond yields have also raised 4 basis points to 1.62 percent.
From the Top Economists View
Derek Holt, an economist at Scotiabank has quoted, “As much as I try to poke holes in these numbers, I can’t. You’ve got sector breadth, you’ve got regional breadth, the four biggest provinces are up.”
Brian DePratto, a senior economist at Toronto Dominion Bank said, “It seems like there’s a little more strength left in the Canadian economy,”
Bloomberg News said the employment rise reflects the fact that the Canadian economy is pulling in new workers, namely immigrants aging 24 and younger.
Numbers have Surpassed the Expected Estimates
Economists had forecasted a gain of around 10,000 for the month of April and the unemployment rate to remain at 5.8 percent.
A closer look at the numbers reveals shows the overall gain of 84,000positions in the private sector and 73,000 full-time.
In comparison to a year earlier, Canada has added 426,400 jobs for a comparative rise of 2.3 percent and the labour market has managed to create an average of 36,000 jobs/month over the last year.
One of Canada’s most populous provinces, Ontario has recorded employment of 47,000 in the month of April. As per Statistics Canada, it happens because of the gains in part-time positions among people falling between the age group of 15 to 24 years.
In Quebec, the employment has increased by 38,000, which in turn has decreased the unemployment rate by 0.3 percentage points. It has been the lowest rate since Canada Statistics have started compiling similar data in the year 1976.
Alberta province has also recorded an employment rise of 21,000 in April. While, New Brunswick is the only province, which has seen an employment decrease in April.
Chart Showcasing an Employment Gain Across Several Industries:
|
Industries |
Employment gains |
|
Wholesale and retail trade |
+32,000 |
|
Construction |
+29,000 |
|
Information, culture and recreation |
+14,000 |
|
Public administration |
+9,000 |
|
Agriculture |
+7,000 |
Also Check How to Get Job in Canada from India 2019?
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