National Bank Financial senior economist Krishen Rangasamy noted that Statistics Canada’s Labour Force Survey showed that employment rose by 107,000 in April to record its highest monthly increase ever recorded.
Key quotes
“The massive job gains allowed the unemployment rate to drop one tick from 5.8% to 5.7%, and that despite a two-tick increase in the participation rate to 65.9%.”
“Job gains were driven by the private sector (+84K), although government (+23K) also saw gains. Self-employment was flat in the month. Employment in the goods sector rose 40K as gains in construction (+29K), manufacturing (+6K), agriculture (+7K) and utilities (+1K) dwarfed declines in resources (-3K).”
“Services-producing industries increased employment by 67K as gains in several sectors including finance/insurance, health care, trade, and public admin more than offset declines in professional services and education.”
“Full time employment soared 73K while part-timers saw their ranks increase 34K. Hourly earnings rose to 2.5% year-on-year, the highest since August last year. Ontario (+47K) led the nation in terms of job creation in April, followed by Quebec (+38K), Alberta (+21K) and BC (+6K).”
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