For the second consecutive month, Canada’s economy has put a surprisingly large number of people to work, and again most of those were in full-time positions.
Statistics Canada said Friday that while 58,200 more people found jobs last month, the unemployment rate edged up to 7.3% from 7.2% in March as others entered the labour market in search of work.
The vast majority of the new jobs in April were in the private sector.
Friday’s numbers add to the momentum from March, when a massive 82,300 jobs were created.
“This is the strongest back-to-month monthly job gain since 1981,” Scotia Capital in a note to investors.
Full-time employment was up by 43,900 positions in April, while part-time hiring totaled 14,300. In March, there were 70,000 new full-time positions and 12,400 part-time jobs.
Compared to a year earlier, employment is up 1.2%, or 214,000 positions. All of the growth the past 12 month was in full-time positions.
The huge gains in March and April came after fourth months of little change in employment rolls.
“The employment gain in April was primarily in the goods sector, with increases in construction, manufacturing, natural resources and agriculture,” Statistics Canada said.
According to Canadian newspaper "Financial Post", Friday’s (April 11, 2012) stronger than-expected job numbers could help push Canada’s GDP to 3% in the second quarter, a development that could spur the Bank of Canada to begin hiking rates this summer, one economist said Friday.
CIBC chief economist Avery Shenfeld said that such strong numbers could have the Bank of Canada rethinking on when to hike. Mr. Shenfeld had originally expected the Bank to leave interest rates unchanged this year, but he admits that the strong data has him weighing the possbility now.
http://business.financialpost.com/2012/05/11/canadas-job-growth-soars-above-forecasts/
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