Economic experts say broad-based strength explains 40-year-low jobless rate
CALGARY — Economists used words like “unbelievable,” “astonishing” and “impressive” to describe 13 straight months of job creation in Canada that culminated in a more-than-40-year-low unemployment rate of 5.7 per cent in December.
But they also warned Friday the economic swell will likely result in the Bank of Canada raising its key overnight interest rate by 25 basis points later this month to 1.25 per cent.
Statistics Canada reported the largest employment gains in December were observed in Quebec and Alberta, with the former adding 27,000 jobs for a 4.9 per cent unemployment rate and the latter generating 26,000 jobs for a rate of 6.9 per cent.
Stefan Marion, chief economist at National Bank in Montreal, said the month carried forward a trend that has seen Quebec generate 87,000 jobs in 2017, with 81,000 of them considered full-time.