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Unemployment rate hits 32-year low of 6.3% CBC News \|\| April 10, 2006 [KDR: 12,000 factory jobs disappeared last month alone. Our country cannot function on only service sector jobs. The headline is really nice. Everything is fine. The economy has never been stronger. Go back to sleep.] Canada's jobless rate fell a tenth of a percentage point to 6.3 per cent in March – the lowest in 32 years – as the economy churned out 50,500 new jobs. The job creation figures handily exceeded economists' expectations of 21,000 new positions. Full-time jobs accounted for 44,000 of the new positions. "This continues the long-term trend toward full-time employment growth in this country," Statistics Canada said. In the past year, 330,300 jobs have been added to the country's payrolls, with all of those positions being in the services sector. It was a similar story in March, when the services sector created 60,000 jobs while the goods-producing sector lost 9,500 positions. Manufacturing continued to be a weak spot in what was otherwise a strong report. Another 12,000 factory jobs vanished last month, bringing the total to 117,100 in the past year. Article Posted at www.KnowledgeDrivenRevolution.com Nationally, employment increased in oil and gas, building services, transportation and warehousing, health care and social assistance, and in information, culture and recreation. Loonie rises The Bank of Canada is expected to raise its key interest rate to four per cent at its next meeting on April 25. The strength of this jobs report has some economists suggesting that even more rate hikes may follow after that. "An April Bank of Canada rate hike was already a done deal, and the strength of the labour market will lead to talk about the need for additional tightening beyond their next move," said CIBC World Markets economist Warren Lovely, in a morning commentary. The prospect of further rate hikes boosted the Canadian dollar above the 87-cent US mark. It closed at 87.06 cents US, up 0.36 cents US. Canadian Labour Congress economist Pierre Laliberté acknowledged the "all-round good news report" but said the weakness in manufacturing "brings some questions as to the sustainability of the current situation." Statistics Canada said the average hourly wage in March was up 3.5 per cent from a year ago, well above the 2.2 per cent increase in the consumer price index. In booming Alberta, the average wage was up seven per cent. B.C. jobless rate at 30-year low Alberta's jobless rate rose three-tenths of a percentage point to 3.4 per cent, even though 6,600 new jobs were created. The jobless rate rose because more people entered the labour force looking for a piece of the Alberta boom. That province still enjoys the lowest unemployment rate in Canada. British Columbia, which has been enjoying a boom of its own, saw its jobless rate drop four-tenths of a percentage point to 4.4 per cent. That broke the 30-year low set in February. Ontario also saw job gains, especially among young people. "The strike action that temporarily closed Ontario college facilities may have given many youths more time to work at a paid job," Statistics Canada speculated. Newfoundland and Labrador lost 3,000 jobs last month, boosting its jobless rate by six-tenths of a percentage point to a country-high 15.7 per cent. No jobs have been created in that province in the past year. From coast to coast, here are the provincial jobless rates for March (with February's rates in brackets): * Newfoundland: 15.7% (15.1%) * P.E.I.: 12.0% (10.9%) * Nova Scotia 7.8% (8.4%) * New Brunswick: 9.2% (9.4%) * Quebec: 8.5% (8.2%) * Ontario: 6.1% (6.2%) * Manitoba: 4.2% (4.4%) * Saskatchewan: 5.3% (5.3%) * Alberta: 3.4% (3.1%) * B.C.: 4.4% (4.8%) * Canada: 6.3% (6.4%) About KDR \| \| Home \| \| Weekly Features Archive	Weekly Weekly Features Archive
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Unemployment rate hits 32-year low of 6.3%

CBC News || April 10, 2006

[KDR: 12,000 factory jobs disappeared last month alone. Our country cannot function on only service sector jobs. The headline is really nice. Everything is fine. The economy has never been stronger. Go back to sleep.]

Canada's jobless rate fell a tenth of a percentage point to 6.3 per cent in March – the lowest in 32 years – as the economy churned out 50,500 new jobs.

The job creation figures handily exceeded economists' expectations of 21,000 new positions.

Full-time jobs accounted for 44,000 of the new positions. "This continues the long-term trend toward full-time employment growth in this country," Statistics Canada said.

In the past year, 330,300 jobs have been added to the country's payrolls, with all of those positions being in the services sector.

It was a similar story in March, when the services sector created 60,000 jobs while the goods-producing sector lost 9,500 positions.

Manufacturing continued to be a weak spot in what was otherwise a strong report. Another 12,000 factory jobs vanished last month, bringing the total to 117,100 in the past year.

Article Posted at www.KnowledgeDrivenRevolution.com

Nationally, employment increased in oil and gas, building services, transportation and warehousing, health care and social assistance, and in information, culture and recreation.

Loonie rises

The Bank of Canada is expected to raise its key interest rate to four per cent at its next meeting on April 25. The strength of this jobs report has some economists suggesting that even more rate hikes may follow after that.

"An April Bank of Canada rate hike was already a done deal, and the strength of the labour market will lead to talk about the need for additional tightening beyond their next move," said CIBC World Markets economist Warren Lovely, in a morning commentary.

The prospect of further rate hikes boosted the Canadian dollar above the 87-cent US mark. It closed at 87.06 cents US, up 0.36 cents US.

Canadian Labour Congress economist Pierre Laliberté acknowledged the "all-round good news report" but said the weakness in manufacturing "brings some questions as to the sustainability of the current situation."

Statistics Canada said the average hourly wage in March was up 3.5 per cent from a year ago, well above the 2.2 per cent increase in the consumer price index. In booming Alberta, the average wage was up seven per cent.

B.C. jobless rate at 30-year low

Alberta's jobless rate rose three-tenths of a percentage point to 3.4 per cent, even though 6,600 new jobs were created. The jobless rate rose because more people entered the labour force looking for a piece of the Alberta boom. That province still enjoys the lowest unemployment rate in Canada.

British Columbia, which has been enjoying a boom of its own, saw its jobless rate drop four-tenths of a percentage point to 4.4 per cent. That broke the 30-year low set in February.

Ontario also saw job gains, especially among young people. "The strike action that temporarily closed Ontario college facilities may have given many youths more time to work at a paid job," Statistics Canada speculated.

Newfoundland and Labrador lost 3,000 jobs last month, boosting its jobless rate by six-tenths of a percentage point to a country-high 15.7 per cent. No jobs have been created in that province in the past year.

From coast to coast, here are the provincial jobless rates for March (with February's rates in brackets):

* Newfoundland: 15.7% (15.1%)
* P.E.I.: 12.0% (10.9%)
* Nova Scotia 7.8% (8.4%)
* New Brunswick: 9.2% (9.4%)
* Quebec: 8.5% (8.2%)
* Ontario: 6.1% (6.2%)
* Manitoba: 4.2% (4.4%)
* Saskatchewan: 5.3% (5.3%)
* Alberta: 3.4% (3.1%)
* B.C.: 4.4% (4.8%)
* Canada: 6.3% (6.4%)