The monthly job numbers report that came out Friday has raised more than a few eyebrows. And it’s not about the labour market. It’s about monetary policy.
In the days leading up to the report, most observers figured it would be a relatively benign event that would all but confirm to the Bank of Canada that the economy had cooled off enough to start the process of lowering interest rates. And then, the report came out.
It showed Canada generated 90,000 new positions in April. Ontario, BC and Quebec all saw gains in the 20,000 to 25,000 range. Now there are concerns that the central bank may push back plans for lower interest rates. We had expected the first drop to come next month. Now that may be two or three months away.
Here in Saskatchewan, there was little change in our numbers. The unemployment rate went up as more people move here and it takes time for them to find their way onto a payroll. Our employment rate – the percentage of people with a job – is still the second-highest in the country.
