B.C. adds 8700 jobs in January amid 'solid' labour market

Economists had expected the addition of 5,000 jobs for the

The unemployment rate has seen an overall decrease since last January, dropping 0.7 per cent. Last month, that went up to 6.8%, according to the Statistic Canada assessment.

Year-over-year average hourly wage growth in January for permanent employees was 1.8 per cent, which was up from December's reading of 1.5 per cent, but still well below its May peak of 3.9 per cent.

The significance is that had people not left the labour force in the numbers they did, our jobless rate would now be significantly higher.

In B.C., Stats Canada says the unemployment rate climbed three-tenths to 4.7 per cent in January, still the lowest of any Canadian province.

Economists had expected the addition of 8,000 jobs for the month and an unemployment rate of 5.7 per cent, according to Thomson Reuters Eikon.

The wholesale and retail trade sector saw the biggest drops, with 2,100 jobs lost from January 2018.

In Calgary, the unemployment rate was at 7.3% last month, while in Edmonton, it was at 6.4%.

The full statistics for Alberta can be found through the provincial government's website.

Locally, the number of people listed as employed has gone up from about 20,600 last year to an estimated 21,600 this year.

In Toronto, the participation rate was 66.2 per cent in January and the employment rate was 62.4 per cent.

Elsewhere, though, including Quebec, Ontario, Nova Scotia, New Brunswick and Manitoba, jobs were added.

The jobless rate, in Canada, for men 25 years of age or older was 5.2%.

Across the province, the unemployment rate was down slightly from 5.5 per cent to 5.4 per cent - the second-lowest rate in the country, after British Columbia, where the unemployment rate was 4.7 per cent. In Alberta, the rates were 6.7% (men) and 5.3% (women). "So while today's data will be bullish for the Canadian dollar and bearish for fixed income, the Bank of Canada is still likely on the sidelines for the first half of 2019".

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