Calgary's unemployment rate isn’t the highest in the country any more.
Statistics Canada released its April 2023 Labour Force Survey on Friday, which showed Calgary's unemployment rate dipping to 6.4 per cent. This, as the jobless rate in Windsor, Ont. soared a whole percentage point to settle at 6.7 per cent.
"Alberta created 4,300 full time jobs in April, 86,500 jobs over the past 12 months, and approximately 250,000 jobs since 2021," said Calgary-Peigan UCP candidate Tanya Fir in a statement.
"We have more people working today than ever before in our history, and our people are earning more every week than anywhere else in the country. This is all good news for Alberta families, who want to keep moving forward."
Meanwhile, Calgary-Foothills NDP candidate Court Ellingson said while Calgary’s unemployment rate did drop, it was still the second-highest rate in the country among cities.
"Alberta’s NDP will take action to restore our competitiveness, attract investment, build a resilient economy and create good-paying jobs, now, and for future generations," Ellingson said.
"An Alberta NDP government will revitalize downtown Calgary and create tens of thousands of good-paying industrial jobs across the province."'
While Calgary no longer holds the dubious honour of having the largest jobless rate in the country, it still has the highest one in the province.
"An employment increase of 15,600 jobs paired with stability in labour force participation through April marks the second month of positive signals," noted Calgary Economic Development in a Friday statement.
"Calgary’s particularly strong growth in full-time employment this month (and compared to other major Canadian cities) is a good sign of confidence in our economy and in the quality of jobs in Calgary."
In Edmonton, the unemployment rate increased slightly to 5.7 per cent in April from 5.4 per cent in March.
Meanwhile, in Lethbridge, unemployment rose to 4.9 per cent from 4.7 per cent the month prior
Provincially, unemployment increased by two percentage points to sit at 5.9 per cent in April.
The national unemployment rate was five per cent, unchanged since December 2022.
TD director of economics James Orlando says the details in the jobs report are "mixed.''
The economy continued to add jobs, but only part-time work. Moreover, population growth has been propping up employment numbers for months as Canada welcomes more immigrants.
The job gains in April were led by the wholesale and retail trade industry, while the largest losses occurred in business, building and other support services.
With the labour market remaining relatively tight, average hourly wages were up 5.2 per cent on a year-over-year basis, growing faster than inflation.
The annual inflation rate in March was 4.3 per cent and is expected to fall to about three per cent by mid-year.
The continued strength in the labour market is pushing the Bank of Canada to remain hawkish in its communications, even as it holds its key interest rate steady.
The central bank has been warning that a tight labour market will make it more difficult to get inflation back to its target of two per cent, as higher wages could put upward pressure on prices.
Last month, the Bank of Canada governing council discussed raising rates again, but opted to remain on hold.
Orlando says if the economy continues to resist the slowdown the Bank of Canada is trying to engineer, interest rates may not be high enough.
"Maybe the Bank of Canada has to reassess what the proper level or the policy rate is to actually bring the economy to the economic slowdown that's needed to get inflation back (down),'' Orlando said.
- With files from The Canadian Press
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2023-05-05 21:43:18Z
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