Unemployment rate was unchanged at 5%
Canada’s economy gained twice as many jobs as expected in February. Photo by Joe Raedle/Getty Images Canada’s economy gained 21,800 jobs in February, and the unemployment rate was unchanged at 5 per cent.
Advertisement 2 This advertisement has not loaded yet, but your article continues below.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada.
Unlimited online access to articles from across Canada with one account Get exclusive access to the National Post ePaper, an electronic replica of the print edition that you can share, download and comment on Enjoy insights and behind-the-scenes analysis from our award-winning journalists Support local journalists and the next generation of journalists Daily puzzles including the New York Times Crossword SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada.
Unlimited online access to articles from across Canada with one account Get exclusive access to the National Post ePaper, an electronic replica of the print edition that you can share, download and comment on Enjoy insights and behind-the-scenes analysis from our award-winning journalists Support local journalists and the next generation of journalists Daily puzzles including the New York Times Crossword REGISTER TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience.
Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Economists had expected a gain of 10,000 jobs and for the unemployment rate to inch up to 5.1 per cent.
Financial Post Top Stories Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300
The gain wasn’t as big as January’s 150,000 increase but is still a sign that Canada’s economy is starting 2023 with more momentum than expected, said CIBC economist Andrew Grantham in a note after the release by Statistics Canada.
Wage growth was 5.4 per cent, up from 4.5 per cent in the month before, Grantham said that was partly due to a weaker year-ago comparison.
“That said, the still historically low unemployment rate and strong wage growth will keep the Bank of Canada leaving the door open to future rate hikes, although we still don’t think the data will be strong enough for policymakers to actually walk through that door,” he wrote.
Most of the gains were in full-time positions led by health, public administration and utilities sectors. Fewer people working in business, building and other support services, said the statistics agency.