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Wednesday, February 12, 2020

Announcing the opening of the door to 34,500 new jobs in Canada

Announcing the opening of the door to 34,500 new jobs in Canada
In the news of the happiest residents in Canada and those wishing to come to it, the Canadian labor market created 34,500 jobs in a net outcome in January, and the unemployment rate fell 0.1 percentage points to 5.5%, according to data released by Statistics Canada .
Economists polled by Refinitiv Financial Services had expected an increase in the number of jobs by an average of 15,000 jobs, less than half of the already registered.
One of the most positive points in the job data released today is the number of full-time jobs. The job market has added 35,700 full-time jobs and lost 1,200 part-time jobs.

This data is followed by encouraging previous data on the labor market in December issued a month ago, after November data that reported a loss of 71200 jobs in a net result, which was then the largest monthly loss of jobs in Canada since the financial crisis Global 2008.

Doug Porter, chief economist at Bank of Montreal (BMO), one of the largest Canadian banks, believes that job growth in Canada is on the right track.
“As the Bank of Canada (the central bank) is on high alert regarding the potential economic effects of the new Corona virus, recent indications suggest that the (Canadian) economy has propelled properly in the beginning of the year,” said Porter.
The commodity-producing sector was the engine of growth in the labor market last month, adding 49,100 jobs, including 20,500 jobs in manufacturing, 15,800 jobs in construction and 11,500 jobs in agriculture.

On the other hand, the services producing sector lost 14,500 jobs, in net result. The loss of 16,000 jobs in health care and social assistance contributed to this loss.
In the 12-month period ending in January 2020, the Canadian labor market added 268,000 jobs, bringing the number of jobs in Canada by 1.4% “all attributed to full-time work”, and “the total number of hours worked increased by 0.5% As stated in the statistics agency data.
At the provincial level, the labor market in Ontario, the largest province in terms of population and size of the economy, added 15,900 jobs and the unemployment rate fell 0.1 percentage point to 5.2%.

In Quebec, again in the major provinces, the job market added 19,100 jobs, and the unemployment rate fell 0.2 percentage points to 5.1%.
Oilfields from asphalt sand near Fort McMurray in North Alberta, Western Canada (archive) / Jeff McIntosh / CP
As for Alberta, Canada's richest oil provinces and the fourth largest in terms of population and third in terms of the size of the economy, the labor market lost 18,900 jobs in net result, and the unemployment rate rose by 0.3 percentage points to 7.3%.

British Columbia remained the lowest unemployment rate among the provinces located on the Pacific coast, reaching 4.5%, down 0.3 percentage points. British Columbia is the third most populous province and the fourth largest by economy.
The biggest difference in unemployment was recorded in the Nova Scotia, where the rate fell 0.5 percentage points to 7.4% last month.

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