Canada Employment Surges Higher Again in April

Canada Employment Surges Higher Again in April

Thomas unemployment rate decreased in April to 4.8 per cent, down from 5 per cent in March, data released by Statistics Canada Friday morning shows. The upbeat data may help put the Canadian Dollar back on a bullish footing going forward, with the currency struggling for direction lately.

The London-area jobless rate dropped in April, but so did the number of people in the labour force.

"It does augur well for economic growth", Ms. Desjardins added, noting that the strong job market will fuel consumer activity in the coming months.

Manufacturing, agriculture, utilities, health care, and financial services also saw gains while, professional services and education saw losses.

Overall, compared with March, employment in April was up 0.6 per cent, which was the highest proportional monthly expansion since 1994 when it reached 0.7 per cent.

The economy added 39,700 goods-producing sector jobs, mostly in construction, and gained 66,900 services-sector jobs, mostly in wholesale and retail trade.

"It was kind of a 'wow.' Pretty great job numbers", said Dawn Desjardins, deputy chief economist at Royal Bank of Canada. This could contribute to an increase in trade between Australia, New Zealand, Canada, and even South Africa, as well as many other countries, with the UK's mediation.

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Despite the added jobs, the unemployment rate held steady at 6 per cent as more people entered the labour market.

Hiring was up in six of 10 provinces, led by Ontario (47,000) and Quebec (38,000). The labour market has been a bulwark against these other lagging indicators for a few months now.

The April jobs surge certainly caught the eye of Bank of Canada watchers.

The rate in March was 7.9 per cent.

The Canadian dollar rallied on the back of the jobs report to 1.3400 against the US dollar. These figures reflect improved investor confidence in the Canadian economy in the wake of the jobs report, which is poised to drive the influx of capital and GDP growth as well.

On a year-over-year basis, employment grew by 426,000 (2.3%), with gains in both full-time (248,000) and part-time (179,000) work, states the Stats Canada report.

Adjusted to USA concepts, the unemployment rate in Canada was 4.7 per cent in April, compared with 3.6 per cent in the United States.

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