By Gordon Isfeld
OTTAWA (MaceNews) – Canada’s labour market appears to be following a different course than the economy as a whole, with February marking the second straight month of strong job growth and an unemployment rate that was unchanged from the previous month at 5.8%, according to the national data agency Friday.
Since the start of 2019, the economy has added about 122,700 positions overall – with both full-time and part-time jobs contributing to the workforce, Statistics Canada reported.
Private and public sectors added 55,900 net jobs in February alone, mostly full-time positions, the federal agency noted. The majority of Canadian analysts had expected a much weaker performance in job creation last month. In January, the economy generated 67,000 net new jobs.
Together, the two-month string of employment gains were the strongest since 2012, according to Statistics Canada.
At the same time, Canada’s employment gains in February overshadowed job creation in the United States, where overall hiring amounted to only 20,000 net new positions.
Hiring in Canada was focused on the services sector, which amounted to a gain of 46,200 new positions last month – mainly concentrated in professional jobs, such as in scientific and technical services. Employment growth was also strong in public administration, wholesale and retail trade.
Meanwhile, youth employment – those between the ages of 15 and 24 – rose by 29,000 in February, the second straight monthly increase, and hiring was almost equally shared between young women and men.
“The ongoing gains in employment suggest that the current soft patch in broader activity is not morphing into something more ominous,” BMO Capital Markets said in note to clients.
“Still, the reported sag in overall hours worked are a pretty clear indication that growth did indeed stumble around the turn of the year, and takes some of the shiny gloss off this release, BMO analysts continued. “Overall, the message for the Bank of Canada from recent economic data is that staying on the sidelines is the place to be.”