Canada's unemployment rate hasn't been this low in almost a decade

Randall Padilla
September 10, 2017

"The Canadian economy continues to generate jobs - it's at a slightly more moderate pace than what we've been looking at in the first half of the year, but it still represents solid hiring by Canadian firms, adding further onto those earlier gains and sufficient to push the unemployment rate down again". The number of part-time jobs rose by 110,400 in August while full-time jobs fell by 88,100.

This year, Canada's economy added 22,000 jobs in August, with a surge in part-time work offsetting a loss of full-time jobs. But employment among those aged 15 to 24 fell by 32,800, as fewer young people participated in the labour force. "We've had 374,000 jobs created over the past year, and [almost] 60 per cent of those jobs have been full-time", he told The Globe and Mail.

Across Alberta, unemployment in August increased to 8.1 per cent from 7.8 per cent in July, while the national rate dipped to 6.2 per cent last month from 6.3 per cent in July.

RBC assistant chief economist Paul Ferley said the wage-growth number provided tentative evidence that pressure is building on a tightening job market.

But while the exterior of Friday's jobs report looked good, the monthly data also featured several blemishes. "However, the Bank of Canada does believe there is still some slack in the labour market".

Manufacturing employment declined over 11,000 on the month while there was a small increase in construction jobs. The local rate is the second-lowest in Canada. But again, it's just one month and it's coming off eleven previous months of exceptional strength in the jobs market.

Ontario had the best August among the provinces, adding 31,100 jobs, while Nova Scotia lost 5,600.

The Bank of Canada noted earlier in the week that wage growth had been "more subdued" than historical trends have shown.

Other reports by AllAboutTopnews

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