Thomas unemployment rate rises to 6.7% in February

Thomas unemployment rate rises to 6.7% in February

Thomas unemployment rate rises to 6.7% in February

The Labor Department released the nation's jobless rate for February on Friday.

Stats Canada says the economy created 15,400 jobs last month to drop the national unemployment rate to 5.8 per cent from 5.9 in January.

Most economists agree that public-sector job growth isn't sustainable, and private-sector job gains are needed to maintain growth. Over the past 12 months, Ontario's jobless rate has fallen by almost a full percentage point. By contrast, the overall goods-producing sector suffered a net loss of 10,400 positions, led by a decline of 16,500 jobs in manufacturing, reports the Toronto Star.

The sectors in OH gaining jobs in January included professional and business services, in which employment was up by 5,900 jobs.

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Zeller said job growth was down in January for OH as well as the nation. Average hourly wages for permanent employees rose by 3.1 percent from last February, down from the 3.3 percent year-over-year increase in January.

The mixed nature of the data is likely to reinforce the Bank ofCanada's cautious stance on interest rates after it stayed on the sidelines on Wednesday. In December, only 20,300 people were working in the city and the unemployment rate sat at 8.6 per cent.

Last month's job growth, while small enough to be statistically insignificant, represents an improvement over the January report that showed a drop of 88,000 positions for the labour force's steepest one-month drop in nine years. Government employment increased by 3,200, with local government gaining 2,700 jobs and state government increasing by 500 jobs. Separately, data showed US job growth surged in February, recording its biggest increase in more than 1-1/2 years.

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