The Canadian economy gained 35,000 thousand jobs to start 2015 while the national unemployment rate declined 0.1 points to 6.6 per cent. Stronger than expected job growth to start the year and rebounding oil prices may prompt a rethink among those expecting a second rate cut by the Bank of Canada in March.
In BC, employment was up by 6,700 jobs in January. Full-time employment was particularly strong for a second consecutive month, rising by 12,800 while part-time employment declined 6,100. The provincial unemployment rate ticked 0.1 points higher to 5.6 per cent as the additions to people looking for work outnumbered job growth.
In the United States, the labour market continues to gain strength. January payroll growth registered 257,000 jobs while previous months estimates were revised higher by a combined 147,000 jobs. The US unemployment rate rose to 5.7 per cent due to an expanding labour force.