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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

5 January 2018

Canada’s jobless rate falls to the lowest level since 1976

In December, Canadian economy created 79,000 new jobs, exceeding all the forecasts and pushing the unemployment rate to its lowest level since 1976.

According to Statistics Canada, the jobless rate fell by 0.2% to 5.7%, which is the lowest mark in 42 years.

Earlier, economists surveyed by Bloomberg predicted only 2,000 new jobs. All provinces added new positions, but Alberta and Quebec provided more than half of the new jobs – each of them created more than 26,000 vacancies.

The Canadian dollar rose to 80.56 cents US amid this news.

Such an optimistic report also made investors raise their odds for a rate increase by the central bank from less than 50% to 70%.

Last month’s results finish the job market data for the previous year, which was the best for Canadian employment since 2002. In 2017, there were 423,000 jobs added.

Most of the positions created in December were part time, however in case we take the whole year, we’ll see that 394,000 of them were reported in the full time sector.

Scotiabank economist Derek Holt says it’s another incredibly strong employment report with over 150,000 new jobs in two months. He also underlined strength in full-time work and private sector jobs.

"The job market is showing strong activity in Canada," - Holt told his American readers.



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