Canada Labor Market Weakens on Full-Time Decline: TakeawayTheophilos Argitis
Here are some key features of Canada’s reports Friday on the job market for February:
*Alberta’s job market continues to feel pain, with unemployment rate rising to 7.9 percent, the highest since 1995. That was largely driven by a 12,600 jump last month, a 6.9 percent increase.
*What happened in Ontario? One of Canada’s main drivers of job growth had an off month in February. The province lost 11,200 jobs, including 48,900 full-time posts, and saw its jobless rate increase to 6.8 percent. The big culprit was a 35,600 job loss in services-producing industries.
*On the upside, Canadian manufacturing seems to be making a comeback, largely in Ontario. The number of jobs added by factories in February was 7,600, bringing the gain from a year earlier to 2.4 percent.
*Construction led all industries in February, with a whopping one month gain of 34,000, the most since August 2005.