Canadian labour force data for February 2022: A remarkable reopening rebound
The employment rebound of 337k in February blew away market expectations, more than offsetting the loss of 200k jobs in January. Canada’s labour market continues to tighten as the unemployment rate fell by a full percentage point to 5.5%. With strong labour demand and almost 900k job vacancies, expect this measure to push new lows over the course of 2022. Wage pressures are starting to build and still have more room to go to make up for elevated inflation. Today’s strong jobs report provides support for another 25 basis point interest rate hike by Bank of Canada in April.
Stephen Tapp,
Chief Economist
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