Statistics Canada says the jobless rate fell in April to another record low as employment was little changed for the month with a gain of 15,300 jobs.
The unemployment rate came in at 5.2 per cent for April compared with the previous record low of 5.3 per cent set in March.
Bank of Montreal chief economist Doug Porter said the moderate gain in employment is a sign of much more normal conditions, but also one where the supply of new workers may be beginning to be the binding constraint on growth.
“For the Bank of Canada, this will do nothing to dissuade them from their tightening path, not with headline inflation aiming at seven per cent,” he wrote in a note to clients.
“The one item of news here that may help contain just how much the Bank ultimately needs to hike is the ongoing calmness of wages.”
The jobless rate fell to its lowest point since at least 1976, which is as far back as comparable data goes, as the number of jobs in professional, scientific and technical services rose by 15,000 in April and the public administration category gained 17,000.
The number of people working in retail trade fell by 22,000 in April and those working in construction dropped by 21,000.
Statistics Canada says a number of signs point to an increasingly tight labour market in recent months, including a drop in the number of part-time workers that would prefer full-time work.
The involuntary part-time employment rate fell to its lowest level on record at 15.7 per cent in April.
Average hourly wages were up 3.3 per cent year over year in April compared with a year-over-year gain of 3.4 per cent in March.
Statistics Canada also noted that the proportion of those making less than $20 per hour in April made up 25.9 per cent of all employees, down from 35.5 per cent in April 2019.
Meanwhile, employees earning $40 or more per hour represented 24.5 per cent of employees, up from 18.0 per cent three years earlier.
The effects of the pandemic continued to be felt in the economy as the total hours worked in April fell 1.9 per cent compared with March, due in part to illness-related absences from work. A blizzard in Manitoba also affected the hours worked in that province.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
