OTTAWA: The Canadian economy added far fewer jobs than expected in April, though the unemployment rate inched down to new record low of 5.2% and the labor market remained very tight, Statistics Canada data showed on Friday.
After adding more than 400,000 jobs over the previous two months, Canada added a modest 15,300 net jobs in April, far short of analyst expectations of a gain of 55,000. The gains were entirely in part-time work, as full-time employment fell.
Despite the disappointing overall gain in employment, labor force participation hit a fresh high among core-age workers.
US unemployment rate expected to fall to 3.5% in April, job gains to slow
“A number of signs have pointed to an increasingly tight labor market in recent months,” Statscan said, noting the number of part-time workers who say they would prefer full-time work has fallen to its lowest level on record.
Still, employment fell in the goods producing sector, led by construction jobs. That decline was offset by a gain in service sector jobs, driven by professional, scientific and technical services and information, culture and recreation.
The average hourly wage of permanent employees rose 3.4%, down from a 3.7% gain in March.
The Canadian dollar was trading nearly unchanged at 1.2831 to the U.S. dollar, or 77.94 U.S. cents.
Comments
Comments are closed.