Unemployment rate was unchanged at 5%
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Canada’s economy gained 21,800 jobs in February, and the unemployment rate was unchanged at 5 per cent.
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Economists had expected a gain of 10,000 jobs, according to Bloomberg.
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The gain wasn’t as big as January’s 150,000 increase but is still a sign that Canada’s economy is starting 2023 with more momentum than expected, said CIBC economist Andrew Grantham in a note after the release by Statistics Canada.
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Wage growth was 5.4 per cent, up from 4.5 per cent in the month before, Grantham said that was partly due to a weaker year-ago comparison.
“That said, the still historically low unemployment rate and strong wage growth will keep the Bank of Canada leaving the door open to future rate hikes, although we still don’t think the data will be strong enough for policymakers to actually walk through that door,” he wrote.
Most of the gains were in full-time positions led by health, public administration and utilities sectors. Fewer people working in business, building and other support services, said the statistics agency.
More to come …
Job gains in Canada double expectations
2023-03-10 13:46:36
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