Canada sheds 7,200 jobs in March: Statistics Canada

Canada sheds 7,200 jobs in March: Statistics Canada

Canada sheds 7,200 jobs in March: Statistics Canada

Job creation posted a solid rebound in March, with nonfarm payrolls expanding by 196,000 and the unemployment rate holding steady at 3.8 percent, according to a Bureau of Labor Statistics report Friday. Sectors posting notable job growth included health care and professional/technical services.

The annualized growth rate for the last three months (January, February, March) compared with the prior three months (October, November, December) was just under 3.0 percent.

Also, men and women who are 55 and older saw gains in employment in March but women 25 years and over saw declines. The March numbers came in above economists' expectations and much higher than the 100,000 benchmark that would have signaled employers capping growth.

Stats Canada says despite the losses, the jobless rate remained at 5.8 per cent.

Last week's applications for unemployment benefits came in at 202,000, the lowest level in almost 50 years.

Over the first quarter of 2019, it has added 116,000 net jobs, and 332,000 since this time past year, nearly two-thirds of which are full-time. (Data are not seasonally adjusted.) Discouraged workers are persons not now looking for work because they believe no jobs are available for them.

"As such, there's nothing here to justify financial markets pricing in the probability of a rate cut by [Bank of Canada governor Stephen] Poloz and company". Employment continued to trend up in architectural and engineering services, as well as in management and technical consulting services which added a combined 12,000 jobs. The six consecutive months of rising employment, that began in September, added around 300,000 jobs. Within the industry, employment in motor vehicles and parts declined in March (-6,000). This is despite adding a net 123.3k jobs over this time, with more than half in full-time work.

Employment has been one of the most-resilient areas of an economy that has shown signs of slowing down in recent months.

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