Canada posts significant jobs gains as COVID restrictions lift

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The nation added 336,600 jobs in February, greater than making up for losses within the earlier month, knowledge confirmed.

Canada's unemployment fee fell to five.5 %, from 6.5 % in January, which is the primary time the jobless fee has fallen beneath its pre-COVID degree [File: Bloomberg]

Canada’s labor market blew previous expectations final month after the nation lifted COVID-19 restrictions meant to include the unfold of the Omicron variant.

The nation added 336,600 jobs in February, greater than making up for losses within the earlier month, Statistics Canada reported on Friday from Ottawa. Economists in a Bloomberg survey had been anticipating a acquire of 127,500.

The unemployment fee fell to five.5%, from 6.5% in January. That’s the primary time the jobless fee has fallen beneath its pre-COVID degree, and it’s now close to a five-decade low.

Friday’s report reveals the financial system is again up in opposition to what the Financial institution of Canada believes is full capability and can reinforce expectations for as many as six extra rate of interest will increase this 12 months after the central financial institution started a climbing cycle earlier this month.

The loonie jumped as excessive as C$1.2715 per U.S. greenback and bonds tumbled. Two-year yields had been up greater than 7 foundation factors on the day to 1.627% as of 8:58 a.m. Toronto time.

Tight labor markets have endured all through the Omicron wave, with unemployment charges remaining beneath pre-pandemic ranges in provinces together with Alberta and British Columbia, in response to a March 10 report from RBC Economics. Canadian employment is now about 369,000 positions above pre-pandemic ranges.

Full time employment was up 121,500 jobs in February, whereas part-time work rose by 215,100 positions. Features in full-time work greater than offset January losses, whereas part-time development erased cumulative losses sustained over the earlier two months.

The nation shed about 200,000 jobs in January, ending a seven-month run of positive aspects. A lot of the losses had been in pandemic-exposed sectors like lodging and meals providers, and that business recorded the largest acquire final month, with a 12.6% improve.

Hours labored — which is carefully correlated to output — rose 3.6% in February, exceeding pre-COVID degree for the primary time and reaching a report excessive. The month-to-month improve in hours labored was additionally significantly pronounced in lodging and meals providers, however nonetheless lagged February 2020 ranges.

On a year-over-year foundation, common hourly wages elevated 3.1%. Alongside the upward pattern in wage development, there have been continued will increase in the price of dwelling for Canadians. In January, inflation surpassed 5% for the first time since 1991. February knowledge are due subsequent week.

“The labor market appears to be like prefer it’s at or very near full employment,” Royce Mendes, head of macro technique at Desjardins Securities Inc., mentioned in a report back to traders. “In consequence, the Financial institution of Canada will be capable of confidently hike charges once more subsequent month.”

(Updates with market response, particulars all through.)

–With help from Erik Hertzberg.

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