Montreal unemployment rate up slightly from January, down from a year ago

Ebony Scott
March 10, 2018

Quebec has added 74,000 jobs over the past year, according to Statistics Canada.

Stock futures for the March quarter on the S&P TSX index were up 0.3% recently.

OTTAWA-The Canadian economy added 15,400 jobs in February after a big loss in January but full-time positions shrank and wage growth decelerated, prompting analysts to predict the Bank of Canada will be in no rush to raise rates.

The London area's jobless rate rose to 6.7 per cent in February, up from 6.5 per cent in January.

Meanwhile, oil prices were up and Action Economics said market narratives suggest position trimming is at play.

Last month's "solid wage numbers, while welcome, are unlikely to change the bank's cautious stance", said Brian DePratto, economist with Toronto-Dominion Bank.

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The rate for Medicine Hat - Lethbridge was 6.9 per cent, an increase of three tenths of a point. Porter, who believes a year of data is needed to get a proper reading on the impact of the minimum wage. The province's unemployment rate is tied for the third lowest in the country with Qubec, trailing Ontario at 5.5 and British Columbia at 4.7.

Statistics Canada's latest labour force survey also says the job gains in February were driven by an increase of 50,300 in public-sector jobs.

Earlier this week, the central bank highlighted wage growth as one of the key data points that it will scrutinize ahead of future rate decisions. Although there was a loss of full-time jobs last month, over the year full-time employment has increased by 1.9 per cent.

By industry, the goods-producing sector shed 10,400 positions last month, led by a decline of 16,500 jobs in manufacturing, while the services industries added 25,900 jobs.

The province gained a total of 2,300 jobs compared to last month.

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