Red Deer area January unemployment rate lowest in Alberta

Red Deer area January unemployment rate lowest in Alberta

Red Deer area January unemployment rate lowest in Alberta

According to numbers released by Statistics Canada today (Feb. 8), the unemployment rate increased in Prince George to six per cent, which is up from 5.8 in December.

In the Edmonton census metropolitan area, the unemployment rate rose from 6.3 per cent in December to 6.4 per cent in January.

In Calgary, the unemployment rate was at 7.3% last month, while in Edmonton, it was at 6.4%.

Provincially, B.C. continued to have the lowest unemployment rate in the country for the 17th month in a row in January, at 4.7 per cent while nationally, Canada's unemployment rate was 5.8 per cent.

Canada saw 66,800 net new jobs in January, fuelled by a hiring surge in the private sector.

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On a year-over-year basis, total employment was up 327,000 or 1.8 per cent, reflecting increases in both full-time (+166,000) and part-time (+162,000) work. Stephen from 7.1 to 6.5, Fredericton-Oromocto from 7.9 to 7.7 and Edmundston-Woodstock from 7.4 to 7.3. The national unemployment rate went up by 0.2 percentage points to 5.8 per cent as more people looked for work.

Like B.C., the gain in unemployment came as more people entered the workforce.

Employment declined for the second straight month in the province.

Most of the jobs were in the private sector, which recorded the biggest month-to-month increase since the agency started collecting the data point in 1976. Public sector employees remained largely unchanged, adding roughly 15,900 jobs. "That blew past expectations for a modest 5,000 gain", said Royce Mendes, an economist with CIBC Economics.

He credited recent job gains drawing people back in as for why the participation rate is running at its highest level since 2017.

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The economy shed 32,300 goods sector positions, mostly in agriculture and construction.

The Bank of Canada has been monitoring wage growth ahead of its interest-rate decisions as it tries to determine how well indebted households can absorb higher borrowing costs.

Last week, Bank of Canada senior deputy governor Carolyn Wilkins said the country has been in a "puzzling" stretch of weak wage growth at a time when the job market has been experiencing one of its biggest labour shortages in years. The Bank of Canada has expressed confidence that wage growth will pick up its pace.

Employment was up 0.9 per cent from January 2019 in Quebec.

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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc . The number of self-employed positions, which can include unpaid work, declined by 60,700.

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