Statistics Canada says Victoria’s unemployment rate dropped to 3.2 per cent in February, four points below the rate in January of 3.6 per cent. File photo.
A four-point drop in unemployment last month gives Victoria one of the lowest rates in the country, according to Statistics Canada figures Friday.
The February jobless figure dipped to 3.2 per cent in Victoria from 3.6 per cent in January, the lowest mark in B.C.
Data from Stats Canada shows only Guelph, Ontario has a lower unemployment rate at 1.7 per cent.
The report cautions figures may fluctuate widely because they are based on small statistical samples.
B.C. continues to set the pace with the lowest unemployment rate in Canada at 4.5 per cent in February, with the national rate holding steady at 5.8 per cent as more people hunted for work.
Stats Canada said Friday the labour market generated a second straight month of strong job gains in February with the creation of 55,900 net new positions, all of which were full time.
The Canadian increase even outpaced job creation in the United States, where figures showed an increase of just 20,000 new positions last month.
Canada’s February surge followed an even bigger gain of 66,800 positions in January. The back-to-back results gave Canada its strongest two-month stretch of job creation since the spring of 2012 _ and its best two-month start to a year since 1981.
The addition last month of 67,400 full-time jobs more than offset a loss of 11,600 part-time positions, the data showed. The agency said the number of more desirable employee positions in the private sector climbed by 31,800 last month, while public sector jobs rose 8,900. The number of self-employed increased by 15,100.
Overall, the employment increase was led by a gain of 46,200 positions the services sector, largely concentrated in the categories of professional, scientific and technical services, public administration and wholesale and retail trade.
The goods-producing sectors added 9,500 new positions following job gains in natural resources, agriculture and manufacturing.
Year-over-year average hourly wage growth in February for permanent employees was 2.3 per cent, which was up from a reading of 1.8 per cent in January.
The Bank of Canada keeps close watch of several wage indicators ahead of policy decisions on its key interest rate. In particular, the central bank focuses on a reading called “wage common,” which incorporates payroll data from several sources, not just from the labour force survey.
On Thursday, Bank of Canada deputy governor Lynn Patterson said she expects economic growth _ which has seen an abrupt deceleration in recent months _ to build fresh momentum in the second half of the year, thanks in large part to the still-strong employment conditions and improving wages.
Over the 12-month stretch leading up to February, total employment rose by 369,100 jobs or two per cent.
More young Canadians, between the ages of 15 and 24 years old, found work last month as youth employment gained 28,600 positions. The increase helped the youth jobless rate move down to 10.8 per cent, from 11.2 per cent in January.
By region, Ontario saw the biggest employment increase last month with the addition of 36,900 jobs.
Files from The Canadian Press.
The Canadian Press
