Northeast BC unemployment jumps to 6.3% in April

Northeast BC unemployment jumps to 6.3% in April

Northeast BC unemployment jumps to 6.3% in April

While the Canadian unemployment rate stayed at a record low 5.8 per cent for the third month in a row, the overall decline in the number of jobs last month was so small the agency did not consider it statistically significant.

In the country's two strongest economies - Ontario and B.C. - the average hourly wage expanded by 4.3 per cent and 5.6 per cent, respectively.

Statistic's Canada's report also showed a decrease of 13,600 positions in the public sector across the country and an increase of 28,000 private-sector jobs. That's the biggest increase since the fall of 2012, when soaring oil prices fuelled a labour shortage and spike in wages in Alberta.

The indicator, which is closely monitored by the Bank of Canada ahead of its interest-rate decisions, posted an annual increase of 3.3 per cent in March.

"There is nothing about this report that is going to cause the Bank of Canada to rush into a rate hike", said Andrew Kelvin, senior rates strategist at TD Securities.

Last month, the Bank of Canada said despite recent improvements in wage growth, the indicator remained below what would be expected if the economy no longer had slack in its labour force.

Markets see a 68 percent probability the central bank will hike in July, which would make for its fourth rate increase over the course of a year.

The goods-producing sector shed 15,900 positions, mostly in construction. The labour force participation rate for youth slipped to 63.4% from 63.8%.

Calgary's unemployment rate dropped slightly in April to 8 per cent, down 0.2 points from the previous month.

The increase was due to gains in full-time employment, up 378,000, while part-time work declined by 100,000 jobs, according to the agency.

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