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MNI: Canada Job Market Stays Hot In April, Wages Top BOC Wish
Canada's job market stayed hot in April with wage gains topping the 5% mark the central bank says is unsustainable and unemployment holding just above a record low for a fifth month on stronger-than-expected hiring.
Employment rose 41,400 on the month and the eighth consecutive gain exceeded the median forecast of 17,000. Statistics Canada also reported Friday a jobless rate of 5.0% versus expectations it would rise to 5.1%.
Hourly wages rose 5.2% from a year ago, a major concern for BOC Governor Tiff Macklem who said Thursday he could raise interest rates a ninth time because of upside inflation risks such as big pay increases. Wage growth is higher than consumer price inflation, which slowed to 4.3% in March.
One potential weakness was the job gain being led by 47,600 part-time positions, while higher-paid full-time jobs declined by 6,200. Job gains were led by wholesale, retail and transportation, while there were declines in some business services, finance and real estate.
The Labour Force Survey was taken before a brief strike at a major federal government union.
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