Unemployment Rate Edges Up

Jobs logo

CBJ — Despite the creation of about 30,000 jobs across the country, Canada’s unemployment rate actually rose .1% to 5.6% last month. That’s because more people were actively seeking work in February.

According to figures released by Statistics Canada it was a particularly good month for Quebec, which now has an unemployment rate of 4.5%, and is the lowest it’s been in about 40 years.

The monthly jobs report came just days after the Bank of Canada’s decision to cut its interest rate by .5% to 1.25% due to uncertainty over COVID-19 and its potential to create economic unrest.

Provincial jobless rates (January figures in parenthesis):

  • Newfoundland and Labrador 12.0% (11.9%)
  • Prince Edward Island 8.0 (7.5)
  • Nova Scotia 7.8 (7.4)
  • New Brunswick 6.9 (7.5)
  • Quebec 4.5 (5.1)
  • Ontario 5.5 (5.2)
  • Manitoba 5.0 (5.1)
  • Saskatchewan 6.2 (6.0)
  • Alberta 7.2 (7.3)
  • British Columbia 5.0 (4.5)

@CanBizJournal

 

Recommended
OPEC logo