The Canadian economy gained a net 336,600 jobs in February, more than expected, and the unemployment rate fell to 5.5%. — via financialpost finance unemploymentrate canadianeconomy
337,000 jobs in February, recouping the 200,000 positions that disappeared during the worst of the Omicron wave in January, and then adding the equivalent of an exceptional month of hiring on top of it.
Some 84.6 per cent of women aged 25 to 54 were employed, the highest employment rate ever recorded for that group. Similarly, the employment rate of Indigenous men and Indigenous women in that age group rose to record highs. There had been a sense the economy would need more time to push through the headwinds created by Omicron. Last winter’s fight with COVID-19 caused growth to stagnate. Bank of Canada governor Tiff Macklem opted against raising interest rates in January in part because he was unsure how the economy would respond to strict lockdowns in Ontario and Quebec.
“The labour market is in excellent shape, so the Bank of Canada should continue to normalize monetary policy over the coming months,” Benoit Durocher, an economist at Desjardins Group, said in a note.Article content
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