2023-05-05 12:36:44
The number of jobs remained stable in Quebec in April, but it continues to increase at a good pace in Canada, with an increase of 41,000. The unemployment rate in the country remains unchanged at 5%.
The increase of 41,000 jobs in April is higher than the increase of 34,500 recorded in March and once again exceeds expectations. Labor market observers were banking on 15,000 more jobs. April’s increase was concentrated in part-time employment, while the number of full-time jobs remained unchanged.
New jobs are concentrated in Ontario, and in the wholesale and retail trade sector.
In Quebec, the number of jobs remained stable for a third consecutive month and the unemployment rate, at 4.1% in April, remains close to its historic low of 3.9% in January.
The Quebec region has the lowest unemployment rate in Canada, with 1.7%. In the Montreal metropolitan area, the unemployment rate is 4.6%.
The average hourly wage continues to increase at an annual rate of 5.2%, which is higher than inflation. The Bank of Canada considers that this rate of increase is incompatible with the return of inflation to the 2% target.
The inflation rate stood at 4.3% in March and the central bank hopes that it will continue to decline to reach 3% by mid-year. After eight increases in its key rate, the Bank of Canada decided to take a break to assess the effect of these increases on the economy. So far, the labor market has not suffered from the increase in interest rates. The key rate is currently at 4.5%.
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