15, 400 Canada Jobs were added in the month of February 2018 and the rate of unemployment further declined to 5.8%. The latest figures have been revealed by labor market survey of Statistics Canada. The survey has further revealed that the increase in Canada Jobs was driven by an increase in the public sector jobs with 50, 300. There was also an addition of 54, 700 part-time jobs for the month of February 2018, as quoted by the Star.
The economy of Canada received a push that resulted in the decline of the rate of unemployment to 5.8%. The huge increase in numbers of part-time jobs also resulted in the enhanced positive labor market scenario.
The national rate of unemployment decreased from 5.9% in January to 5.8% in February. This is on par with the lowest level ever since Statistics Canada began maintaining records from 1976. So far, the rate of unemployment has reached as low as 5.8% only twice during this period.
Looking at the year-on-year growth of Canada Jobs, the labor market added 282, 000 positions that were an expansion of 1.5% for the past 1 year. This growth was entirely owing to the addition of full-time jobs.
Signs of moderation were expressed in the creation of jobs in February after the numbers reached more than 420,000 jobs for the year-on-year growth in December 2017.
Bank of Canada and other experts have been anticipating moderation in the growth of jobs now after the accelerated growth in 2017. This is broadly for the economy as well as it nears complete capacity.
Frances Donald Senior Economist at Manulife Asset Management said that there is nothing much worrying in this job report for the economy of Canada.
If you are looking to Study, Visit, Invest, Migrate or Work in Canada, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.