Canada’s economy in June, included another 45,000 employments knocking the unemployment rate down to 6.5 percent.
Statistics Canada announced Friday that a large portion consisted of new part time jobs. There were 37,000 new part time jobs and around 8,000 new full time made amid the month.
The June numbers mean Canada’s economy has now included employments in everything except two of the most recent 12 months, and has made 351,000 new jobs over that time, a large portion of them full-time jobs.
Canada’s economy has included more than 400,000 jobs in the previous year, something that hasn’t occurred since 1979.
“It’s absurdly strong,” Scotiabank economist Derek Holt noted, “and the Bank of Canada’s recent business outlook survey has CEOs saying they expect to continue hiring at a decent pace over the coming year.”
Amid the month, the majority of the part time jobs in June came in Quebec with 28,000 and British Columbia with 20,000.
Wherever else, the employment market was either is a little higher, or a little lower.
CIBC economist Avery Shanfeld said that Friday’s job numbers will do little to change that plan.
“Today’s jobs numbers cement the case for the central bankers to raise rates in the coming week,” he said, adding that Canada’s job market is getting close to what economists consider to be full employment — when just about every adult who’s able and willing to work has a job.
“Over to you, Gov. Poloz,” Shenfeld said, referring to central bank head Stephen Poloz.