Canada's Unemployment Rate Declines to Lowest in Four Decades

Canada's Unemployment Rate Declines to Lowest in Four Decades

Canada's Unemployment Rate Declines to Lowest in Four Decades

The Labour Force Survey showed that the Canadian economy created 23.7k new jobs in December compared to 29.6k previously, and 54.9k part-time jobs compared to 49.9k previously.

"Canadian employment continued to defy gravity, adding almost 80 thousand jobs for a second consecutive month in December - the best back-to-back gains in five years", writes RBC economist Josh Nye in a note released today.

"The gains in 2017 were nearly all in full-time work, and were mainly in health care and social assistance; construction; and finance, insurance, real estate, rental and leasing", Stats Canada noted in its survey.

Nationally job growth was seen as well, the unemployment rate fell by 1.2 percentage points to 5.7 per cent.

The agency said the increase was due to more people searching for work, with the number of people in the labour force increasing by 8,100 to 607,200.

Canada's Unemployment Rate Declines to Lowest in Four Decades
Canada's Unemployment Rate Declines to Lowest in Four Decades

The local unemployment rate fell a notch to 6.2 per cent, down from 6.3 per cent in November. Our region is even lower with just 6 per cent unemployment for the area that includes Banff, Jasper, Rocky Mountain House, Athabasca, Grande Prairie and Peace River.

The city ended the year with a significantly-lower unemployment rate than 12 months before, according to Statistics Canada labour market survey numbers issued Friday.

"This is pretty obviously one vote in favour of the bank certainly moving in March, if not bringing that forward to raising rates in January". Its benchmark interest rate sits at 1 percent. Job gains in the natural resource sector, up 4.6 per cent, followed "heavy losses" in 2015 and 2016, Stats Canada said.

In separate data, Canada's trade deficit in November widened to C$2.54 billion as both exports and imports benefited from increased activity in the automotive industry.

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