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Tuesday, May 14, 2013

Canada recovers some of March’s big job loss in April

THE TORONTO SUN: The Canadian economy in April recovered 12,500 of the 54,500 jobs estimated to have been lost in March, but the unemployment rate stayed at 7.2%, Statistics Canada reported on Friday.

The figures were in line with the median forecast, in a Reuters survey of economists, of 15,000 new jobs and a 7.2% jobless rate. The unemployment rate had risen to that level in March from 7.0% in February.

The data is fairly volatile as March's big job loss followed a gain of 50,700 positions in February. The employment statistics are based on a sample survey of representative households and are considered accurate only to within plus or minus 57,400, 19 times out of 20.

"It was a very choppy report, but basically in line with consensus. Nothing that really stands out to really drive policy one way or another," TD Securities chief Canada macro strategist David Tulk told Reuters.

"The initial knee-jerk move lower in the Canadian dollar ... -- that will just unwind itself and we shouldn't see any lasting implications from this report."

The Canadian dollar quickly fell to $1.0125, or 98.77 U.S. cents, well off its Thursday North American session close at $1.0075, or 99.26 U.S. cents, and its lowest level since May 3.

While thirty-six thousand full-time jobs were added during the month a gain of 34,200 employees in the public sector was offset by a private sector loss of 20,000.

The manufacturing sector added the highest number of jobs since May 2012, winning back an estimated 20,600 of the 24,200 jobs lost in March, but it was still 51,800 below a year earlier

Among the provinces, the unemployment rate ranged from lows in those enjoying a resource boom, including 4.0% in Saskatchewan and 4.4% in Alberta, to 12.4% in Newfoundland and Labrador, which has traditionally had one of the country's highest jobless rates.

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