While Canada’s unemployment rate was virtually unchanged in February from a month earlier, the latest information from Statistics Canada reveals a mixed picture of Alberta’s jobless numbers.
In Calgary the unemployment rate in February dropped significantly — down from 7.7 per cent in January to 7.3 per cent in February — after months of stubbornly staying close to 8 per cent.
In Edmonton the rate was down just slightly from 7.2 in January to 7.1 per cent in February.
The jobless rate also dropped in Lethbridge from 5.2 to 5 per cent.
However, in Red Deer the unemployment rate remains much higher at 9.6 per cent, virtually unchanged from January’s 9.7 per cent rate — the highest rate of any of Canada’s major cities.
Nationally, Statistics Canada said the unemployment rate held steady at 6.6 per cent as the county’s population growth eased to its slowest pace in almost three years.
Get daily National news
Statistics Canada said Canada added just 1,100 jobs last month, well below the 76,000 jobs added in January.
February’s jobless report comes after the first full month since the inauguration of U.S. President Donald Trump — and reflect how the labour market looked before the U-S slapped the country with hefty tariffs.
Brendon Bernard, senior economist at job site Indeed, said February’s unemployment numbers are a clear sign that Canadian employers were not turning to layoffs en masse ahead of looming tariffs from the United States.
However, “there’s potential trouble ahead for the job market,” Bernard added.
Friday’s jobs report is also the last major data release the Bank of Canada will see before its next interest rate decision on March 12.
CIBC senior economist Andrew Grantham said in a note that February’s hiring stall, combined with a looming hit to the economy from the trade war, should tip the Bank of Canada toward another 25-basis-point cut next week.
— with files from The Canadian Press.
Comments