Canada's jobless rate stays at 5.6 percent in December

Canada's jobless rate stays at 5.6 percent in December

Compared to December 2017, the rate decreased 0.6 per cent.

At the same time, the percentage of people participating in the labour force increased locally.

In B.C., the province saw an increase of 44,000 jobs in 2018, nearly entirely full-time work. Unemployment has fallen 8.2 per cent since December 2017.

"We suspect that behind the scenes, the Bank of Canada is also a bit puzzled by the combination of healthy trend employment gains and decelerating wages".

The jobless rate was 5.4 per cent in December, that's compared to 6.0 per cent in November.

Stats Can reports the jobless rate stayed at 5.6 per cent in December after dropping down the previous month.

Data released on Friday by Statistics Canada said "overall employment in the province has been increasing since June 2016".

Pay raises frozen for Pence, Cabinet secretaries while the shutdown lasts
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"Following strong growth in both goods and service industries in 2017, overall employment gains in 2018 were recorded nearly entirely in service industries, including health care and social assistance (plus 74,000 or plus 3.1 per cent); business, building and other support services (plus 59,000 or plus 7.8 per cent); transportation and warehousing (plus 56,000 or plus 5.7 per cent); and educational services (plus 33,000 or plus 2.6 per cent)".

The most job loses were seen in the wholesale and retail sector, with 600 jobs lost from November. It closed 2018 with total employment growing by 21,600 for the year.

According to the new numbers, St. Catharines-Niagara recorded the province's highest unemployment rate last month at 6.9 per cent.

He noted a belief there was nothing in the report to prompt any near-term response from the Bank of Canada to raise interest rates.

The Bank of Canada has been monitoring wage growth ahead of its rate decisions as it tries to determine how well indebted households can absorb higher borrowing costs.

"Without bottom-up wage pressure, further monetary tightening is clearly not urgent".

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