Canadian economy lost 1,100 jobs in April, but jobless rate holds steady at 5.8%
Canada's job market was essentially unchanged in April, as the economy shed 1,100 jobs, but the unemployment rate held steady at 5.8 per cent — tied for its lowest level in 40 years.
Statistics Canada reported Friday that goods-producing industries lost almost 16,000 jobs during the month, but the service sector added almost 15,000 to offset that.
Economists had been expecting a modest gain of about 20,000 jobs during the month.
"While no doubt a tad disappointing, many of the details of the release were notably healthier, and we would view this report as roughly neutral overall," Bank of Montreal economist Doug Porter said after the numbers came out.
Porter singled out the fact that the economy added 28,800 full time jobs during the month — they were just offset by a loss of about that many part-time positions.
Over the past year, that means the Canadian economy has added 378,000 full time jobs, and lost 100,000 part time positions.
"As well, wages continue to power up, with average hourly wages up 3.6 per cent," in the past year, Porter said.
"While the headline reading landed on the soggy side of expectations, the details of today's report were decent and don't change the bigger picture for the economy — it's growing moderately," he said.