B.C. has been accustomed to leading the country in economic growth for the last two years or so since the 2014 oil shock.
But job growth is showing signs of slowing after the province added just 4,200 jobs in March, according to data released Friday (April 7) from Statistics Canada.
The province kicked off the year adding 11,000 and 19,000 jobs to the labour market in January and February, respectively.
A March report from the Business Council of B.C. cautioned that while the provincial economy will remain healthy in 2017, “job creation, however, will slow after 2016’s outsized jump in employment.”
B.C.’s unemployment rate still remains the lowest in Canada at 5.4% in March. That figure grew 0.3 percentage points from a month earlier as more people entered the workforce.
Despite the B.C. slowdown, economists were quick to point out that the Canadian economy continues to rebound.
The country added just over 19,000 jobs last month. Meanwhile, unemployment edged up 0.1 percentage points to 6.7% as more Canadians entered the workforce.
“There is just no stopping Canadian jobs gains, which once again broke through market expectations,” TD Economics senior economist Brian DePratto wrote in a note to investors.
“The recent trend of solid full-time employment gains, the turn-around in hours worked, and a seeming stabilization of the participation rate are all signs of a Canadian economy that has started 2017 on the right foot.”
In a note to investors, BMO chief economist Douglas Porter described last month's numbers as a "hearty rise.”
But on the negative side, he said many of the gains were in self-employment — jobs that are usually less stable — while wages remained soft with year-over-year growth of 1.1%.
“The persistent slowdown in wages is a concern, and likely reflects the ongoing shift from high-paying resource sector jobs to other positions,” he said.
Alberta led the country in job growth, adding 20,000 new jobs. Saskatchewan was hit hardest by declined, as 5,100 jobs were lost last month.
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