Canadian employment increased by 45,000 jobs in June and is up by almost 100,000 jobs over the past two months. The national unemployment rate ticked lower by 0.1 points to 6.5 per cent and total hours worked was up 1.4 per cent over the past 12 months.
While the majority of June's employment gains were in part-time work, Canada has added 250,000 full-time jobs in the past year. Today's strong jobs number provides the Bank of Canada with supporting evidence that the Canadian economy no longer needs the extra stimulus put in place in 2015. That likely pushes the Bank closer to raising its overnight rate as early as next week.
In BC, employment continues to expand rapidly. The province added 20,000 new jobs in June, a 4.4 per cent increase over the past 12 months. The provincial unemployment rate fell 0.5 points to 5.1 per cent.
Copyright British Columbia Real Estate Association. Reprinted with permission.