The unemployment rate in Canada has scaled down to a new low. It has now gone down to its lowest in the last four decades. This has led to serious doubts among many economists. People in the financial sector believe that the Bank of Canada would hike the interest rates this month.
The Statistics Canada has said that the jobless rate has fallen to 5.7 percent in December. This is the lowest record unemployment rate since it started the data series in 1976.
Even though the unemployment rates touched a new low, the number of jobs increased by 78,600 in December. The full year employment is 422,500. This is one of the best annual increases that Canada has seen since 2002.
The new jobs that were used up by the Canadians were part-time jobs. The year 2017 saw many hires for the full-time jobs. A total of 394,200 full-time jobs were added in 2017. This is the biggest gain that Canada has seen since 1999.
The service industry accounted for the best full time hiring in 2017. It had 290,300 new full-time jobs to offer. The producers of goods offered 132,100 jobs. The wages are also seeing some acceleration and the permanent employees are getting better pay now.