In its latest round of data releases, Statistics Canada revealed that joblessness in Vancouver has hit a 7-year low of 5.7 per cent last month, significantly lower than the national average (6.9 per cent) and fueling a slightly more positive outlook for the country’s job market in the short and medium term.
As reported by Emma Crawford Hampel for Business in Vancouver
, the city saw the number of jobs grow by 79,000 over the past year, which is approximately 72 per cent of all 109,000 jobs added across Canada in the same period.
“The big picture is that Canadian employment growth continues to steadily grind along in the 0.6%-to-1.0% y/y range, while major shifts are still playing out at the regional level,” BMO Capital Markets senior economist Robert Kavcic said.
Leading the pack in jobs creation is British Columbia, which posted 3.0 per cent growth (69,500 jobs) over the past 12 months.
The total of 109,000 jobs went above and beyond experts’ projections, the report said. Around 20,000 public administration jobs were created, while another 12,200 posts were added to the manufacturing sector.
On the other hand, the retail sector suffered a loss of 41,200 jobs. Owing to the economic slowdown brought about by the Fort McMurray wildfire, the Alberta jobs market also declined by 24,100 posts in May.
While Canadian employment stood on a relatively stable footing as of May, however, the loonie’s exchange rate fell by around half a cent to 78.49 cents U.S. last month, a development that will continue to stoke fears of an economy in peril.
“[The jobs report] will do little to change our view on the Bank of Canada,” Kavcic stated.