Canadian economy added 22,000 jobs in February, unemployment rate steady at 5%

Employment in Canada showed modest growth in February after months of strong jobs gains, raising concerns that a bustling labour market could lead to more interest rate hikes.

The bulk of the job gains were made in health care and social assistance, public administration and utilities. Meanwhile, jobs were lost in business, building and other support services.Though conditions in the labour market remain quite good – with unemployment just above the all-time low of 4.9 per cent – Statistics Canada’s latest report showed a return to more modest employment growth.

“This is a concern because it means higher wages, which can feed through to higher inflation, and it could derail the Bank of Canada’s efforts to bring inflation down,” Orlando said. But Orlando cautioned against focusing only on the headline growth rate. Beneath that number was an uptick in consumer spending, suggesting high interest rates are not bogging down consumers.

The Bank of Canada, which is working to bring down the country’s high inflation rate, has raised concerns that sustained four to five per cent wage growth will make it harder to return to its two per cent inflation target.

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