Canada added more jobs than expected in February, extending the labor market’s recent strong run as full-time hiring jumped, while fewer people looking for work sent the unemployment rate lower, data from Statistics Canada showed on Friday.
The 15,300 increase in jobs last month topped economists’ expectations for a gain of 2,500.
The gain was driven by a 105,100 increase in full-time hiring, which offset a 89,800 drop in part-time positions. The gain could temper concerns about deteriorating job quality after an increase in part-time work last year.
A decrease in the participation rate to 65.8 percent saw the unemployment rate fall to 6.6 percent from 6.8 percent, which tied with January 2015 for the lowest rate since October 2008, just as the global financial crisis hit.
Hiring was strongest in the service sectors, including a 19,100 increase in retail and wholesale trade, while public administration rose by 11,900. Public administration has created 65,200 new positions since last February as federal and local government hiring has increased, Statistics Canada said.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Dean Popplewell
He has a deep understanding of market fundamentals and the impact of global events on capital markets.
He is respected among professional traders for his skilled analysis and career history as global head
of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean
has played an instrumental role in driving awareness of the forex market as an emerging asset class
for retail investors, as well as providing expert counsel to a number of internal teams on how to best
serve clients and industry stakeholders.
Latest posts by Dean Popplewell (see all)
- Euro zone bond yields sink as German manufacturing slows - 24 July 2019
- How Boris Johnson Plans to Deliver Brexit in 100 Days - 24 July 2019
- Weak PMI’s Sink EUR - 24 July 2019