Published: Sun, February 11, 2018
Sports | By Phillip Butler

Canadian financial system misplaced 88000 jobs in January

Canadian financial system misplaced 88000 jobs in January

Provincial summary The drop in the number of people employed also coincided with an increase in the minimum wage in Canada's largest province, Ontario.

The unemployment rate in Northeast B.C. dropped below four per cent in the first month of 2018. Unemployment in Canada is at 5.9 per cent, 3.9 per cent in Victoria and 4.8 per cent in Nanaimo. "Overall, a mysterious mix of good and bad, with the latter's impact blunted by how strong job gains were in the lead-up to these figures", CIBC chief economist Avery Shenfeld wrote in a commentary.

The business building and other services sector reported a loss of 4,900 jobs in the past year.

The seasonally adjusted unemployment rate fell to 4.5 per cent in the December 2017 quarter, down from 4.6 per cent last quarter, Statistics NZ said.

On the flip side, 49,000 full-time positions were generated in January.

The region saw its unemployment rate at 3.8 per cent for the month, a dramatic rebound from one year ago when unemployment sat at 10.5 per cent at the start of 2017.

By region, the agency said Ontario and Quebec saw the biggest decreases last month, while New Brunswick and Manitoba also had net losses. The province said the gain was led by jobs in the transportation and warehousing industries.

Just 1,500 were unemployed.

By comparison, the number of people who identified as self-employed workers - often seen as a less desirable category that includes unpaid work in a family business - increased last month by 23,900.

With files from The Canadian Press. He said the losses reported Friday brought the monthly jobs average more in line with the other economic numbers.

"Even prior to this week's financial market gyrations and this weak jobs data, we were of the view that the [Bank of Canada] would wait until the second half of the year before hiking [interest rates] again - these developments only embolden that view", Porter wrote in a commentary.

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