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Saskatchewan adds 5K jobs in December: Statistics Canada

06 January, 2018, 02:59 | Author: Kristen Ingram
  • Canada's Unemployment Rate Hits Record Low

"Given the tremendous progress made in narrowing labour market slack-an area highlighted by the Bank of Canada in recent communication-we think that today's report is enough to push Governor Poloz into a rate hike later this month".

By region, Quebec and Alberta saw the biggest increases last month with each province adding more than 26,000 new jobs.

December's numbers bring a close to the data for 2017 as a whole, which ended up being Canada's best year for jobs since 2002, with the economy adding 422,500 jobs last year with the gains driven by 394,200 new full-time positions. The jobless rate in Windsor fell to 6.1 per cent from 6.3 per cent, with an increase in employment and labour force. However, with more people looking for work, the unemployment rate ticked up marginally by 0.4 per cent to 6.4.

Still, Kavcic remains a little bit hesitant to predict that a rate increase at the January 17 policy meeting is a sure thing.

Saskatchewan adds 5K jobs in December: Statistics Canada

Toronto-Dominion Bank, Bank of Nova Scotia, Royal Bank of Canada and the Canadian Imperial Bank of Commerce changed their forecasts after a Statistics Canada report Friday showed the unemployment rate unexpectedly fell to 5.7 per cent in December, from 5.9 per cent the previous month, on the strength of 78,600 new jobs. Its benchmark interest rate sits at 1 percent, while the Fed's is in a range of 1.25 percent to 1.50 percent.

The U.S. dollar pared gains against a basket of major currencies on Friday after data showed the U.S. economy created fewer jobs than expected in December.

It's also on par with B.C.'s unemployment rate of 4.6 per cent, the lowest in Canada.

In separate data, Canada's trade deficit in November widened to C$2.54 billion as both exports and imports benefited from increased activity in the automotive industry.



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