Best Job Market Since 2002
CBJ — Canadian job growth in 2017 was revised slightly higher by Statistics Canada. From December 2016 to December 2017, the economy created 427,300 jobs on a seasonally-adjusted basis, the annual revision showed. That was modestly higher than the initially reported increase of 422,500 jobs. The 2.3% over the course of last year was the fastest job growth since 2002.
The acceleration in employment, as well as unexpectedly strong economic growth in the first half of 2017, has prompted the Bank of Canada to raise interest rates three times since last July, and many economists expect two more hikes this year.
December’s unemployment rate was revised slightly higher to 5.8% from 5.7%, while December’s monthly employment change was downwardly revised to 64,800 from 78,600.
Even with the revisions, it was still a very robust labor market that continued to improve in the second half of last year despite sluggish economic growth.