Canada's unemployment falls to lowest in 40 years

Canada's unemployment falls to lowest in 40 years

Canada's unemployment falls to lowest in 40 years

Calgary's unemployment rate went from 9.6 per cent in December 2016 to 7.2 per cent in December 2017.

Full-time employment fell by 6,200 jobs but B.C. ended the year with a 4.6% unemployment rate - the lowest among all provinces and a year-over-year decline of 1.2 percentage points - after adding a total of 83,000 jobs throughout 2017. The economy added 422,500 jobs previous year with the gains driven by 394,200 new full-time positions.

"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.

In December, the unemployment rate dropped to 5.7 per cent, down from 5.9 per cent the month before, to reach its lowest mark since comparable data became available in 1976. However, with more people looking for work, the unemployment rate ticked up marginally by 0.4 per cent to 6.4. For homeowners with fixed-rate mortgages, a hike won't change much (at least until their mortgage comes up for renewal.) But for those with variable-rate mortgages - which move up and down with interest rates - payments will go up. "If that report flags tightening capacity and broadening labour shortages, the Bank may not wait until March to raise rates".

He expects Poloz to carefully assess the findings in the Bank of Canada's business outlook survey, which will be released Monday.

The Canadian dollar would need to depreciate by about five percent to offset the increase in tariff levels that a dissolution of NAFTA could trigger, said Nick Exarhos, economist at CIBC Capital Markets. A year ago, unemployment sat at 8.5 per cent in Alberta. Job gains were observed among self-employed workers and public sector employees.

Over the past 12 months, the economy added 422,500 jobs with the gains driven by 394,200 new full-time positions, the agency's labour force survey said.

In a separate report Friday, Statistics Canada says the country's merchandise trade deficit widened to $2.5 billion in November, compared to a $1.6-billion deficit the month before, as imports outgrew exports.

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