Economy

Canadian Economy Adds Jobs in February, but Full-Time Positions Shrink

Canadian Economy Adds Jobs in February, but Full-Time Positions Shrink

Since February 2017, the B.C. unemployment rate has dropped four-tenths of a point, from 5.1 per cent. "But when we look at the numbers going into that rate, we see that there's a lot of slack and a lot of work that still needs to be done", Halbert said.

Statistics Canada's latest labour force survey also says the job gains in February were driven by an increase of 50,300 public-sector jobs.

Part-time jobs accounted for all of the gains (up by 54,700 positions), while full-time jobs declined for the first time in six months, losing nearly 40,000 jobs.

The London area's jobless rate rose to 6.7 per cent in February, up from 6.5 per cent in January.

Bank of Canada Deputy Governor Timothy Lane said on Thursday the central bank is not on a preset course regarding interest rates, adding it will view future rate moves cautiously and assess incoming data.

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The department reported that Ohio's unemployment rate was 4.7% in January, down from a revised 4.9% in December 2017.

Only Victoria saw an unemployment hike in the province last month with a half-percent jump to 4.4 per cent from 3.9 in January. The next rate announcement from the bank is scheduled for April 18.

The Ontario jobless rate remained steady at 5.5%. It said future decisions will continue to be guided by incoming data, such as the economy's sensitivity to higher rates, the evolution of economic capacity and changes to wage growth and inflation. "Meanwhile, the U.S. job growth rate also slowed from 1.56% in December to 1.45 percent in January".

2,400 people entered the labour force while an extra 500 people claimed unemployment.


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