Canada just posted the biggest jobs gain on record

Canada just posted the biggest jobs gain on record

New Brunswick loses 3,900 jobs in April, labour force report shows

Economists expected a more modest gain of 10,000 jobs for the month and the unemployment rate to remain at 5.8 per cent, according to Thomson Reuters Eikon.

In Quebec, employment increased by 38,000 in April, and the unemployment rate declined to 4.9%, the lowest rate since comparable data became available in 1976. The announcement dropped the unemployment rate to 5.7 percent from 5.8 the previous month.

As well, the unemployment rate declined by 0.1% points to 5.7% as more people participated in the labour market.

The labour market has seen strong employment numbers since mid-2016 and has remained a bright spot for an economy that has struggled in other areas - to the point it nearly stalled over the winter.

Meanwhile, economists have warned that Canada is facing the risk of a recession despite the positive labour market dynamics.

The Canadian dollar jumped 0.7 per cent to 74.70 USA cents at 9:54 a.m.in Toronto.

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The Bank of Canada already knew that labour markets were looking solid when they moved sharply to the sidelines in terms of future interest rate hikes over the last few months.

"It seems like there's a little more strength left in the Canadian economy", Brian DePratto, a senior economist at Toronto Dominion Bank, said in a telephone interview.

After the bank raised rates three times last year in light of a growing economy that was approaching full capacity, the slowdown in recent months prompted it to put further rate increases on hold, likely for the next several months at least - fuelling speculation that it might even reverse course and cut rates this year. There were 83.8k jobs created in the private sector while 22.7k were added in the public sector - the majority of those being full-time positions.

Canada's economy has added 426,400 jobs over the past 12 months, the largest one-year increase since 2007, and 700,000 jobs over the past two years.

Year-over-year average hourly wage growth for all employees in April was 2.5 per cent, up from a reading of 2.4 per cent for March. In Alberta, where struggles in the oil industry have weighed heavily on the labour market, employment jumped 21,000 - the strongest gain in 16 months. Jobs, he wrote, have also leaned toward those under 25 - jobs tied to shorter workweeks and lower productivity sectors.

Overall employment dropped by 7,200 net jobs in March, the first monthly decrease after six consecutive months of rising employment between September and February.

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