Canada adds 55,900 jobs in February, exceeding forecasts

The participation rate of women in the workforce rose in February Statistics Canada said

The participation rate of women in the workforce rose in February Statistics Canada said

This is the best month for jobs since 2012, and this strong February comes after an even stronger January.

A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto January 23, 2015.

Scotiabank's Derek Holt, Head of Capital Markets Economics, thinks job creation and wage growth will get the Bank of Canada's attention.

The encouraging numbers provided a bright spot for the economy, which has posted disappointing data in recent months. For the third consecutive month, Ontario and Quebec drove the overall gains, with little marked movement in the other provinces. The unemployment rate was also similar one year ago at 5.8%, though it jumped as high as 6% and dipped down to 5.6% within those 12 months.

"To support economic growth in B.C. over the long term, our government is making historic investments in this year's balanced budget to create more opportunities for people".

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The province added another 3,600 jobs in February and maintained its stranglehold on the country's lowest unemployment rate, according to data released March 8 from Statistics Canada. Most economists expect the sluggishness to persist in the first six months of this year, before growth picks up steam later in 2019. The number of self-employed increased by 15,100. Much of the increase in Canada's population comes from global working-age migrants.

Canada's employment gains were even stronger than those south of the border. In an economy with more than half a million vacant jobs, many seem to be finding work. The Canadian dollar strengthened to 1.3391 to the United States dollar, or 74.68 U.S. cents, after the jobs data.

Part-time job losses of 11,600 were offset by an increase of 67,400 full-time jobs. The jobless rate was unchanged at 5.8 percent as more people joined the labor market.

Wages accelerated again, rising 2.2% for permanent employees (January: + 1.8%). Despite the generally positive details of today's report, aggregate hours worked fell for a third straight month, down 0.7% month-on-month.

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