Statistics Canada says economy added 55,900 jobs in February

The participation rate of women in the workforce rose in February Statistics Canada said

The participation rate of women in the workforce rose in February Statistics Canada said

The back-to-back results gave Canada its strongest two-month stretch of job creation since the spring of 2012 - and its best two-month start to a year since 1981. Employment may be on a tear, but despite all the new jobs, Canadians are working fewer hours in aggregate.

Scotiabank's Derek Holt, Head of Capital Markets Economics, thinks job creation and wage growth will get the Bank of Canada's attention.

Much of the employment gain shown in February was due to Ontario seeing 37,000 additional jobs - weighed slightly against their western neighbour, Manitoba, which saw a decrease of 3,300.

But B.C.'s unemployment rate fell another 0.2 percentage points from January to land at 4.5 per cent - the lowest among all provinces. Economists were forecasting a gain of just 1,200 in February. "Maybe it's just resting, since today's jobs data seem to suggest that there's a lot of life left in it". Most economists expect the sluggishness to persist in the first six months of this year, before growth picks up steam later in 2019. According to the Alberta Government, the increase happened because the labour force increases by 16,900, while employment increased by 3,800. Much of the increase in Canada's population comes from global working-age migrants.

The surge followed an even bigger gain of 66,800 positions in January. In an economy with more than half a million vacant jobs, many seem to be finding work.

Alia Bhatt, Sidharth Malhotra, Vidya Balan & more attend the Ambani wedding
Joining them was Vidya Balan who looked elegant as ever in a white Sari as she arrived with husband Sidharth Roy Kapur. The wedding was held at the Jio World Centre in the Bandra-Kurla Complex.

The Canadian dollar strengthened against its US counterpart on Friday, as bets for an interest rate cut by the Bank of Canada this year were slashed after domestic data showed a spike in jobs that surprised investors. The U.S. Labor Department on Friday reported a 20,000 increase in nonfarm payrolls for February.

The labor force increased by 55,100 in February, and is up by 159,000 so far this year.

"A total of 67,400 full-time positions were added during the month but 11,600 part-time jobs were shed, accounting for the 56,000 net total".

Year-over-year average hourly wage growth in February was 2.3 per cent, which was up from a reading of two per cent in January.

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