Canada gains 41,000 jobs, more than double expectations
The unemployment rate held at 5%, beating economists' forecasts that it would rise to 5.1%
Canada’s economy gained 41,000 jobs in April, more than doubling expectations.
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Canada gains 41,000 jobs, more than double expectations Back to video
The unemployment rate was unchanged at 5 per cent, beating economists’ forecasts that it would rise to 5.1 per cent, Statistics Canada reported on May 5.
Analysts surveyed by Reuters had forecast a gain of 20,000 jobs.
The gains were all in part-time work, which added a net 47,600 jobs, offsetting the loss of 6,200 full-time jobs.
“Even though today’s increase in employment was fairly narrowly based and driven by part-time work, the labour market is clearly stronger and tighter than we would have expected given signs of deceleration in economic growth to end Q1, which supports the continued hawkish tone from the Bank of Canada,” wrote CIBC economist Andrew Grantham in a note after the data came out.
Wholesale and retail trade led the job gains, rising by 24,000 in April. The number of people working in transportation and warehouses also rose by 17,000.
There were 14,000 fewer people working in business, building and other support services.
The average hourly wage for permanent employees rose 5.2 per cent from April 2022, the same as the March year-over-year increase but higher than the inflation rate.
