Canadian Employment Surges in April: Statistics Canada Report
The latest data from Statistics Canada reveals that the national unemployment rate in Canada remained steady at 6.1 percent in April, accompanied by the addition of approximately 90,000 jobs across various sectors. The Labour Force Survey indicates that these employment gains were predominantly in part-time roles and within the private sector, each contributing roughly 50,000 new positions.
Key sectors driving job growth last month include professional, scientific, and technical services, along with food and accommodation industries, health care, social assistance, and natural resources sectors. This positive momentum in employment marks a significant turnaround from March, when the economy experienced a slight decline of 2,200 jobs.
Andrew Grantham, the executive director of economics at CIBC, highlighted the April jobs report as surpassing economists’ expectations. However, he noted that while the overall trend appears positive, there are indications of a loosening in Canada’s once-tight labor market, particularly in terms of wage pressures.
The Bank of Canada is closely monitoring the labor market dynamics, especially the pace of wage growth, as it prepares for its upcoming interest rate decision scheduled for June. Although average hourly wages experienced a notable increase of 4.7 percent in April, slightly lower than the previous month’s 5.1 percent, the overall outlook suggests a gradual easing in wage pressures.
The robust performance of the Canadian job market in April underscores resilience and recovery, providing optimism for economic stability and growth in the coming months.
