New Brunswick adds 3,600 jobs in January, pushing unemployment rate down

Economists had expected the addition of 5,000 jobs for the

Economists had expected the addition of 5,000 jobs for the

The unemployment rate continued to hover at about 5.5 per cent. Year-over-year, Saskatchewan gained 7,700 jobs. "That blew past expectations for a modest 5,000 gain", said Royce Mendes, an economist with CIBC Economics.

In the Edmonton census metropolitan area, the unemployment rate rose from 6.3 per cent in December to 6.4 per cent in January.

Employment growth, according to Statistics Canada, was led by younger workers aged 15 to 24 and the wholesale and retail industries.

"I think it does underscore that for all the doom and gloom in the market, the Canadian economy is not in a bad place in quite a few sectors", said Andrew Kelvin, senior rates strategists at TD Securities.

"As demonstrated in the newest results, higher wages, low unemployment and good jobs in British Columbia show that people are at the centre of our strong and stable economy". In fact, 2018 was B.C.'s highest annual wage growth in the past 10 years. The central bank does focus on a reading called "wage common", which incorporates payroll data from several sources, not just from the labour force survey.

Capital Economics also thinks the surprising job gains won't change the Bank of Canada's mind. Many analysts expect governor Stephen Poloz to wait until much later in 2019 before making a move.

Despite the gain, B.C. still maintains the lowest unemployment rate among the provinces.

"It might catch your eye that you have this massive print in youth employment, but the actual story is that youth employment over the a year ago is just flat; it was reversing some of the losses we've seen recently", said Royce Mendes, senior economist at CIBC World Markets.

Canada added 30,900 full-time jobs last month and 36,000 part-time positions, the report also said. Canada's largest province added 41,000 jobs and saw 31,000 more people join the labour force.

By region, Ontario and Quebec had the biggest employment increases last month.

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