Job growth cooled in February
But the unemployment rate remains low
By Rob Roach, ATB Economics 10 March 2023 1 min read
After solid gains in January, employment in both Canada and Alberta barely budged in February.*
Seasonally-adjusted employment in Alberta increased by 0.1% (1,600 positions compared to a gain of 0.9% (20,700) in January..
It was a similar story nationally with employment up by 0.1% (21,800) in February compared to a 0.8% jump (150,000) in January.
The unemployment rate in Alberta ticked down from 6.0% in January to 5.8% in February.
Nationally, the unemployment stayed the same at 5.0%.
With the Bank of Canada looking for signs that its interest hikes are dampening economic growth, today’s job numbers are likely weak enough for the Bank to keep the pause button pressed for now.
With that said, it is only one month’s worth of data and the national unemployment rate remains very low by historical standards.
*The Labour Force Survey estimates for February are for the week of February 12 to 18, 2023. Results for March will be released on April 6.
Answer to the previous trivia question: Canadian Pacific Railway moved its head office from Montreal to Calgary in 1996.
Today’s trivia question: When did Labour Day become a statutory public holiday in Canada?