According to Statistics Canada, Canada’s economy added nearly 60,000 jobs this February, with the majority being in Ontario.
An unexpected surge in full-time jobs is to thank for the huge boost, with projections massively underestimating the jump. Economists had been expecting low numbers for February, with a little over 1,000 new jobs. The 56,000 figure was a welcomed surprise.
“A total of 67,400 full-time positions were added during the month but 11,600 part-time jobs were shed, accounting for the 56,000 net total.”
The Canadian dollar also benefited from the job gain, as it went up about half a cent when the numbers were released. The loonie reached a high of 74.67 cents US at one point.
The jobless rate, meanwhile, stayed flat at 5.8 per cent despite the job surge because more people were looking for work, too.
“Almost all the new jobs came in Ontario, which added 59,000 full-time positions. Everywhere else, the job market was relatively flat.”
This is the best month for jobs since 2012, and this strong February comes after an even stronger January. The best two month-stretch in the job market since 2012.
“The sudden surge in jobs in Canada comes as a bit of a head scratcher for economists because other recent economic data, including gross domestic product and inflation, have been suggesting the economy is softening.”