The latest report from Statistics Canada revealed that the country lost a net of 20,000 jobs during the month of April. Despite this significant drop, many of the lost positions were part-time work, allowing the country’s unemployment rate to remain steady at 6.8 percent.
According to Bloomberg, economists had predicted a completely different outcome for April, anticipating a decline of 5,000 positions and an increased jobless rate of 6.9 percent, largely due to low oil prices. Reuters explained that what happened instead was actually a more positive situation. Overall, part-time employment dropped by 66,500 jobs while full-time payrolls increased by 46,900. This shift toward more permanent, stable employment for more Canadians indicates that the economy may be on the right path to recovery.
“I think the Bank of Canada will look at the trend in employment and be encouraged that we’re not getting the sharp drop-off in overall employment levels that had been feared,” Scotiabank economist Derek Holt told Reuters.
The industries that experienced some of the most significant losses included construction, which is often linked to the success of the oil industry, and retail, which features primarily part-time positions.