“Canadian employment is up 1.5% from year-ago levels, matching the pace now reported in the U.S payroll survey (and above the US household survey). Moreover, full-time job growth has largely kept pace with part time jobs over the past year, so we can’t point to a lack of quality jobs. The persistent slowdown in wages is a concern, and likely reflects the ongoing shift from high paying resource sector jobs to other positions…. Overall, this is just yet another piece of evidence that the economy has broken out of its two-year lull, a breakout that appears to have started around the middle of 2016.” (Douglas Porter, Econofacts, April 7, 2017)

“Adding to the good news, the struggling manufacturing sector posted its strongest monthly gain in 15 years and Alberta’s labor market showed further evidence of a stabilization.” (National Bank, Job market remains hot in March, April 7, 2017)

The Canadian economy created 19,400 new jobs in March following two other months of solid job creation. The unemployment rate rose to 6.7% in March, partly in response to an increase in the labour force participation rate. Nonetheless, there is a concern that the job gains in March were primarily from self-employment (+18.400), while paid employment was essentially unchanged.

There was a healthy rebound in the goods sector employment in March, up 22,000 jobs, while service sector employment contracted by 2000 jobs. Within the paid employment sectors, manufacturing increased by a hefty 24,400 jobs in March and construction employment also increased by 8000 jobs.

As many economists have recently observed, the Canadian economy has broken out of its recent slumber phase. Over the past twelve month, the economy generated 276,000 new jobs, with a heavy emphasis on full time high paying jobs.

Finally, renewed confidence in the Canadian economy was also reinforced by the Bank of Canada’s latest survey of Canadian business opinion and economic plans. The survey of corporate managers found improving business sentiment and continued evidence of a recovering economy.