Economy added 104K jobs
The Canadian Press – Jan 6, 2023 / 6:38 am | Stories: 404854
Photo: The Canadian Press
The Canadian economy added 104,000 jobs in December as the unemployment rate fell slightly to 5.0 per cent, Statistics Canada said Friday.
This marks the third decline in the unemployment rate in the fourth month, edging it closer to the record-low of 4.9 per cent reached in June and July.
In its latest labor force survey, the federal agency said the rise in employment was driven by an increase in full-time work.
British Columbia’s unemployment rate was pegged at 4.2 per cent, down from 4.4 per cent in November.
In Kelowna, it was 4.8 per cent, down from 4.9 per cent.
The number of employees in the private sector also increased last month, with job gains made across industries.
Meanwhile, employment in the public sector held steady.
Wages continued to grow at a year-over-year pace above 5.0 per cent for the seventh consecutive month, with wages up to 5.1 per cent.
However, wage growth still lags the country’s inflation rate, which was 6.8 per cent in November.
Employment among youth aged 15 to 24 rose in December, fully recovering job losses experienced between July and September.
The jobs report also noted that the employment rate among women between the ages of 25 and 54 reached a record-high last month.
The Bank of Canada has previously flagged the country’s tight labor market as a contributor to high inflation.
The central bank has raised interest rates aggressively in hopes of bringing down the pace of price growth and cooling the economy..
While economists expect unemployment to rise in response to higher borrowing costs, the labor market has remained resilient over recent months.