Canada adds jobs, sees more job hunters

THE CANADIAN PRESS  Jonathan Hayward Workers are

Statistics Canada data released on June 6 reveals the province lost 8,000 jobs in June. It was 14.5 per cent in May, but 15.5 per cent in June.

Year over year, employment increased by 215,000, or 1.2 per cent, with all the growth in full-time work, according to Stats Canada. Average hourly wages in June rose by a healthy 3.5 percent from a year earlier.

Before December 2017, the unemployment rate in the region had never dipped below six per cent since comparable statistics started being recorded.

The main reason is "the group's view that Canadian economic data in the second quarter have rebounded from a sluggish beginning to 2018", the MPC says, noting that domestic output has risen since April, the labour market is tightening and the housing market is stabilizing.

Canada added 9,100 full-time jobs in June and 22,700 part-time positions, while work in the less-desirable category of self-employment rose by 22,000. The construction, natural resources and manufacturing sectors saw the greatest job creation, while employment declined in hospitality and food services, as well as in agriculture. "Over the same period, total hours worked grew by 1.4 per per cent", it said.

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"Overall it is a good number for Canada this morning".

Nationally, Canada added 31,800 jobs last month.

Traders see an 85.6% chance of a hike next week, activity on global markets overnight indicated. At the BoC's September meeting, the MPC predicts the central bank will hold at 1.5%, with "further increases raising [the target for the overnight rate] to 2% by July of 2019".

The data underscored the continued importance of the USA market, which took 74.2 percent of all Canadian goods exports in May. But forecasters are less bullish than they were a month ago as escalating trade uncertainty competes with expected Bank of Canada rate hikes.

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