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Canadian economy adds 30.3K jobs in February

6 Mar 2020 04:37 PM

The Canadian economy added 30,300 jobs in February, better than expected, which referred to adding just 10,500 jobs, following the addition of 34,500 jobs in January. Unemployment rates also rose, as expected, to 5.6% in February.

Compared to a year ago, employment levels rose by 245,000, or 1.3%.  Wages for permanent workers rose by 4.3%, an indicator closely watched by the Bank of Canada.

The Bank of Canada cut interest rates on Wednesday by half a percentage point, the largest in more than a decade, as policymakers work hard to protect the Canadian economy from the spread of Coronavirus, and the Bank remains ready to further facilitate monetary policy.

All the gains came in full-time jobs, and the service sector saw a net rise of about 24.6 thousand jobs mainly in the wholesale and retail sector.

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