Canada gains 15,300 jobs in April, jobless rate edges down to 5.2%
Reuters
Published May 06, 2022 11:09AM ET
Updated May 06, 2022 11:40AM ET
TORONTO (Reuters) - Canada's economy gained a net 15,300 jobs in April, entirely in part-time work, Statistics Canada said on Friday. The jobless rate edged down to 5.2%, a new record low.
Employment in the goods producing sector fell by a net 16,000 jobs, mostly in construction. The services sector grew by a net 31,4600 positions, mostly in public administration, as well as professional, scientific and technical services. Market reaction:
Market reaction: CAD/
STORY:
Link:https://www150.statcan.gc.ca/n1/daily-quotidien/220506/dq220506a-eng.htm?HPA=1
COMMENTARY
JIMMY JEAN, CHIEF ECONOMIST AT DESJARDINS GROUP
"Negative surprise here... Looking at some of the breakdowns, you see the services side feel pretty solid here, 31,000 jobs added. But that weakness comes from the goods producing sectors. I haven't seen much of the narratives yet. It's consistent with the idea that the services sector is the one that really recovering heavily right now. Whereas in goods, we're continuing to see problems with respect to supply chain issues, and also the slowdown in the housing market, which may be related, although I haven't seen the details of it yet. I think the biggest surprise for me is wage growth... We expect wages to accelerate not decelerate right now, so it's a bit of a mystery what's going on with this. We still have a very tight unemployment rate - 5.2% unemployment - so you know, still moving lower, but wages not quite reacting as expected."
"Given the accumulation of evidence we've had on the job market, be it the jobs turnover, the high job vacancies, and all those conditions of tightness... Despite that disappointment, the case is still very solid (for the central bank) towards continuing to move forcefully. So that means super size rate hikes. Obviously, in the last couple of weeks, they've specified that this would probably mean moving at 50-basis-point increments."
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.