Northeast BC unemployment rate below four per cent in January 2018


Unemployment in Canada is at 5.9 per cent, 3.9 per cent in Victoria and 4.8 per cent in Nanaimo.

Nationally, the unemployment rate rose to 5.9 per cent in January.

Economists are always cautious about reading too much into one-month of numbers in a data series that can be volatile.

The monthly employment figures for specific regions of Canada, like Cape Breton, are determined by a three-month moving average of unemployment rates unadjusted for seasonality, while national, provincial and major city numbers reflect monthly numbers which are seasonally adjusted.

Ontario lost 59,300 part-time positions and created 8,500 full-time spots.

Porter said there were some special factors in January including the minimum wage hike in Ontario, harsh winter weather which affected construction and an inevitable pullback after exceptionally strong job growth in 2017.

When it comes to the Bank of Canada's possible reaction to the January report, Alexander noted the "bad number" could delay the timing of governor Stephen Poloz's next rate hike.

In the United States, there was a increase of 200,000 jobs in January and the unemployment rates was unchanged at 4.1 per cent.

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The number of jobs in Canada fell by 88,000 in January, ending the economy's 17-month streak of job gains, Statistics Canada said Friday.

The drop was driven by a 137,000 decline in part-time work, the biggest on record, which eclipsed a 49,000 increase in full-time positions.

Some have warned the hike in the minimum wage will cause employers to decrease hiring.

It "may be a sign of adjustments made by corporations coping with a minimum wage surge", he said, noting young people ages 15 to 24 lost 24,000 part-time positions. The growth represents an increase of 2.8 per cent.

The higher minimum rate could have underpinned Canada's stronger wage growth. The rate bumped up to 60.1 per cent after spending most of 2017 below 60 per cent.

NutraBlend Foods announced just over a week ago that it would close its facility at 150 Adams the end of February, resulting in the loss of about 100 jobs.

Toronto's S&P/TSX composite closing down 31.08 points at 15,034.53.

"Volatility is here is to continue for a few days perhaps a few weeks longer", said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis.