Canadian financial system added 104,000 jobs in December: Statistics Canada – Enterprise Information

The Canadian financial system added 104,000 jobs in December because the unemployment price fell barely to five.0 per cent, Statistics Canada stated Friday.

This marks the third decline within the unemployment price in fourth months, edging it nearer to the record-low of 4.9 per cent reached in June and July.

In its newest labour drive survey, the federal company stated the rise in employment was pushed by a rise in full-time work.

British Columbia’s unemployment price was pegged at 4.2 per cent, down from 4.4 per cent in November.

In Kelowna, it was 4.8 per cent, down from 4.9 per cent.

The variety of workers within the non-public sector additionally elevated final month, with job positive aspects made throughout industries.

In the meantime, employment within the public sector held regular.

Wages continued to develop at a year-over-year tempo above 5.0 per cent for the seventh consecutive month, with wages up 5.1 per cent.

Nevertheless, wage development nonetheless lags the nation’s inflation price, which was 6.8 per cent in November.

Employment amongst youth aged 15 to 24 rose in December, totally recouping job losses skilled between July and September.

The roles report additionally famous that the employment price amongst ladies between the ages of 25 and 54 reached a record-high final month.

The Financial institution of Canada has beforehand flagged the nation’s tight labour market as a contributor to excessive inflation.

The central financial institution has raised rates of interest aggressively in hopes of bringing down the tempo of worth development and cooling the financial system..

Whereas economists count on unemployment to rise in response to increased borrowing prices, the labour market has remained resilient over current months.