Canada adds 55,900 jobs in February, exceeding forecasts

ID 96505953

12:53pm ID 96505953

The unemployment rate was also similar one year ago at 5.8%, though it jumped as high as 6% and dipped down to 5.6% within those 12 months.

The Provincial unemployment numbers for the month of February have been released.

Part-time job losses of 11,600 were offset by an increase of 67,400 full-time jobs.

On the other end of the spectrum, the number of jobs in accommodations and food services shrunk by 14,000. The back-to-back results gave Canada its strongest two-month stretch of job creation since the spring of 2012 - and its best two-month start to a year since 1981.

Canada's employment gains were even stronger than those south of the border.

Statistics Canada says the unemployment rate for the Grande Prairie-Peace River-Banff-Jasper-Rocky Mountain House region stood at 5.1 percent last month, up from 4.8 per cent in January. The private sector led the way, adding 31.8k net positions, while the public sector added 8.8k.

The services-producing sector saw employment increase by 46,200 in February, while jobs in the goods-producing increased by 9,500. The average year-over-year wage growth of permanent employees - a figure closely watched by the central bank - was 2.2 percent in February, up from 1.8 percent in January.

The Bank of Canada's benchmark interest rate is at 1.75 percent. In particular, it focuses on a reading called "wage common", which incorporates payroll data from several sources, not just from the labour force survey.

The much-stronger-than-expected labor market is the only thing giving policy makers comfort amid a run of bleak data in recent months.

By region, Ontario saw the biggest employment increase last month with the addition of 36,900 jobs.

"To support economic growth in B.C. over the long term, our government is making historic investments in this year's balanced budget to create more opportunities for people".

Younger Canadians enjoyed the bulk of the gains, as 15-25 year olds recorded a net rise of 28.6k, which helped bring their jobless rate down 0.4 percentage points to 10.8 percent.

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