- Canada’s economy lost 1,100 jobs in April, but full-time jobs increased by 28,800.
- Economists had expected an increase of 20,000 jobs.
- Wage growth grew faster than expected, by 3.3%.
Canada’s April jobs report disappointed, with the economy shedding jobs as wage growth accelerated.
The economy lost 1,100 jobs, data from Statistics Canada showed Friday, a surprise for economists who had expected an increase of 20,000 jobs. The unemployment rate was virtually unchanged at 5.8%, the lowest in a decade and in-line with expectations.
On the other hand, wage growth beat economists’ forecasts. Hourly earnings rose 3.3% from a year ago, which is the highest rate since January. Last month, wages were up 3.2%.
Notably, there was a significant shift from the number of full-time to part-time workers employed. Full-time employment increased by 28,800, while part-time employment decreased by 30,000.
Breaking it down by industry, employment declined in wholesale and retail trade and construction and gained in science, tech, food and accommodation.
The labour force participation rate fell two basis points to 65.3% over the year, slightly higher than in the US.
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