One million new jobs, record-setting job gains, and unemployment at historic lows – our plan to grow the economy & invest in the middle class is working.
Canada employment rose by 106,500 in April, Statistics Canada said Friday in Ottawa, the biggest one-month increase in data going back to 1976. That trounced the median economist forecast for a gain of 12,000 positions. The country’s jobless rate dropped to 5.7 percent, and is hovering near four-decade lows.
Canada has added 426,400 jobs over the past 12 months, the largest one-year increase since 2007 and up 2.3 percent over that period. Over the past two years, the economy has added 700,000 jobs.
The report reaffirms just how much the labor market has been the main driver of Canada’s expansion and ratifies the central bank’s view the recent slowdown would be temporary. Friday’s numbers add to other indicators that show the country is on the path back to growth after stalling for much of the past six months.
The Canadian dollar jumped 0.7 percent to C$1.3386 per U.S. dollar at 9:54 a.m. in Toronto. Two-year Canadian government bond yields climbed 4 basis points to 1.62 percent, as investors pared bets the Bank of Canada would need to cut rates to fuel the expansion.