A new ray of light shines over Canada’s economy, after Statistics Canada has announced that 58,900 jobs were added in May. This brings a new and optimistic perspective over the labor market, since it’s the biggest growth that the country has seen in the past seven months.
The numbers are six times higher than expected and it’s a clear sign that employment is back on track, after a rather slow headway. It’s certainly a lot better than April’s loss of 19.700 positions. However, the jobless rate remains at 6.8 percent for the fourth consecutive month, as more people are actively looking for work.
56,800 positions came from the private sector, while the public sector lost 19.100 jobs. Manufacturing has risen for the second consecutive month, gaining no less than 21,500 jobs. Another 20,700 positions were available in health and social assistance and 16.800 in trade. The natural resources industry, however, was still not able to perk up, hence the shift to manufacturing. The decline in energy prices hit hard and it might take a while for this sector to recover.
By province, Ontario is in pole position, with 43,900 jobs, many of them in manufacturing. British Columbia has also gained a massive number of jobs, 30,600. Nova Scotia did not rise so high, but has managed to gain 3,700 new positions. Contrariwise, Alberta is still in free fall, loosing another 6.400 positions. New Brunswick had 4,600 fewer workers, Newfoundland and Labrador lost 4.300 jobs, while Quebec went down by 2,100 jobs. Changes in the other provinces were minor.
For all that, economists say that we should keep our enthusiasm under control, since the numbers are only one percent higher compared to a year ago. Moreover, they anticipate that we will witness a slow, yet consistent, pace of job creations in the next two to three years.
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