Canadian employers added 90,000 jobs in April, far surpassing forecasters’ expectations and marking the largest employment gain in more than a year.
Statistics Canada released its labour force survey on Friday, which says the jobless rate held steady at 6.1 per cent last month.
The agency says the April employment gains were driven by part-time work.
(Sponsored)
In a tough economy, investing in community is more important than ever
When finances are tight, it might seem counterintuitive to give back, but supporting our most vulnerable neighbours this holiday season can actually help businesses weather their own challenges. At United
Inspired by love and loss, donor Tom Moore triples Giving Tuesday donations
For Tom Moore, a retired tech executive and longtime Ottawa resident, giving back to The Ottawa Hospital isn’t just a gesture of generosity. It’s personal. Tom grew up on a
“Today’s showy headline jobs increase will give the Bank of Canada some pause, since it reinforces the point that the economy is clearly not rolling over,” wrote BMO chief economist Douglas Porter in a client note.
The April employment gain was the largest monthly increase since January 2023.
Economists have been widely expecting the central bank to begin lowering its policy rate in June or July. But the latest employment numbers have made financial markets less certain an interest rate cut will materialize next month.
“Still, the reality is that economic slack is still rising,” Porter noted, adding that the Bank of Canada may focus more heavily on the longer-term trends.
The unemployment rate is up a full percentage point from a year ago as population growth outpaces job creation.
Statistics Canada’s Friday report says that compared with a year ago, unemployment is up across all major demographic groups, with youth taking the largest hit.
Meanwhile in April, employment increased in professional, scientific and technical services, accommodation and food services, health care and social assistance as well as natural resources.
Employment fell in the utilities industry.
Wage growth slowed last month to an annual pace of 4.7 per cent, down from 5.1 per cent in March.
The Bank of Canada’s next interest rate decision is scheduled for June 5.
Its key interest rate currently sits at five per cent, the highest it’s been since 2001.
