Published: Sun, February 10, 2019
Markets | By Noel Gibbs

Canada jobless rate rises despite surge in employment

Canada jobless rate rises despite surge in employment

The capital region's jobless rate climbed to 5.2 per cent in January from five per cent in December, marking the fourth consecutive monthly rise, Statistics Canada reported Friday.

Positive news in the Cariboo too where the unemployment rate dropped to 5.9 per cent from 7.3 per cent year-over-year.

In Toronto, the participation rate was 66.2 per cent in January and the employment rate was 62.4 per cent.

"We're working hard to nurture a sustainable economy that works for people".

The region with the lowest rate in Alberta is Red Deer at 4.4 per cent while the province's overall is 6.8.

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Another month, another unemployment rate increase in Prince George.

In December of previous year, the unemployment rate was listed at 4.5%.

When comparing the Lethbridge-Medicine Hat region, the unemployment rate is at 5.4 per cent, up from 4.5 per cent last month, according to the province's labour force statistics.

"On a year-over-year basis, the number of private sector employees rose by 293,000 (+2.5 per cent), while the number of public sector employees grew by 62,000 (+1.7 per cent)".

"The wild ride continues for Canadian employment readings".

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The Alberta rate rose from 6.4 per cent in December to 6.8 last month after almost 16,000 jobs were lost.

"Volatility returned with a notable increase in employment during the month of January", he wrote. For last month, the rate was at 7.8%, an increase of 0.8% from December.

Even with the improvement, the January number remained just under the inflation level, which suggests Canadians' salaries could have a tough time keeping up with rising prices for consumer goods.

"So while today's data will be bullish for the Canadian dollar and bearish for fixed income, the Bank of Canada is still likely on the sidelines for the first half of 2019", says Mendes.

The views, opinions and positions expressed by columnists and contributors are the author's alone.

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