Canadian employment rose by 58,000 jobs in April following a blockbuster March in which employment increased by 82,000. Despite large job gains in the past two months, the national unemployment rate edged up 0.1 points to 7.3 per cent as more Canadian were looking for work.
Employment in British Columbia expanded by 19,700 in April, including 16,700 full-time positions. The BC unemployment rate fell by a surprising 0.8 points to 6.2 per cent. BC employment growth is up 2.1 per cent through the first four months of 2012, a marked improvement on the weak job growth of 2011.
The Canadian economy has added 150,000 jobs over the past two Mont's, a rate of job growth that may firm up the Bank of Canada some decision to raise interest rates this Fall. That said, we anticipate a gradual increase in rates with the Bank of Canada testing the water with one or two 25 basis points rate hikes over the fall and winter.
Copyright British Columbia Real Estate Association. Reprinted with permission.