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Nation adds jobs in February, less people looking for work in P.A.

Mar 9, 2018 | 11:00 AM

After shedding the most jobs since 2009 in January, the nation’s economy added 15,400 net new jobs in February, edging the unemployment rate down a point to 5.8 per cent.

According to Statistics Canada’s monthly data dump, the gains come heavily on the back of part-time work, offset by a decline in full-time employment, and mostly in the public sector. The country lost 39,000 full-time positions and generated 54,700 part-time jobs, according to the report.

Employment bumps were found in a number of industries, led by the health care and social assistance sectors. Jobs were lost in the wholesale, retail and manufacturing industries, the report said.

Over the past 12 months, the nation’s employment is up by 1.5 per cent or 283,000 jobs. These gains were fueled by full-time work.

Regionally, there was little change in employment in most provinces. New Brunswick and Nova Scotia saw the largest additions to their workforce. 

In Saskatchewan, the economy shed 2,900 jobs. This 0.5 per cent drop ticked the province’s unemployment rate to up to 5.6 per cent. Year-over-year, employment in the province has declined by 1.4 per cent or 8,200 jobs. Saskatoon’s unemployment rate fell from 7.4 per cent to 6.9, while Regina’s ticked up from 4.4 to 4.9 per cent. The province’s unemployment rate is tied for the third lowest in the country with Qubec, trailing Ontario at 5.5 and British Columbia at 4.7.

In Prince Albert, year-over-year, while employment remains on par, the city’s unemployment rate has dropped from 10.4 per cent to eight per cent. This is mainly due to less people participating in the workforce, which reflects those either working or looking for work, down from 67.8 per cent in Febuary 2017 to 65.7. But some optimism can be made from the numbers, as employment continues to grow locally. In December, only 20,300 people were working in the city. Those employed held steady in February from the month prior and the unemployment rate dipped from 8.4 per cent. However, month-over-month comparisons are difficult to make as the data is unadjusted for seasonal differences that influence each month.

Wednesday, after ushering in three interest rate hikes since last summer, the Bank of Canada held its benchmark rate at 1.25 per cent. The central bank pointed to trade uncertainty and growing protectionist measures for creating clouds around the economic outlook. The next rate announcement from the bank is scheduled for April 18. It will also publish its economic projections at that time.

Editors note: This story was updated on March 10 to correct a mathematical error. 

 

tyler.marr@jpbg.ca

On Twitter: @JournoMarr