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Canada Jobs Beats Expectations With Largest Gain Since Jan 2023

CANADA DATA
  • Canada employment +90.4K in April, beating expectations for +15K MOM. 
  • The unemployment rate remained at +6.1% as the labour force +108K from March, the largest increase since Jan 2023. 
  • The private sector led the employment gains with jobs +50K MOM. Private sector job growth still lags the public sector with +1.4% YOY vs +4.9% in government.
  • Total hours worked +0.8% MOM and +1.2% YOY.
  • Average hourly wages +4.7% following +5.1% in March, the April figure is the slowest since June 2023. 
  • Labour force participation rose +0.1 pp, the first increase since June 2023. 
  • The employment rate held steady at +61.4% after six consecutive declines.
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