'Mixed bag of good headlines' as Canada adds 22200 jobs in August

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August figures out today show the B.C. rate sitting at 5.1 percent, down two-tenths of a point from the 5.3 percent in July.

The unemployment rate dipped to 6.2 percent from 6.3 percent, its lowest since October 2008, while the participation rate held steady, Statistics Canada said on Friday. On a year-over-year basis, Canadian employment increased 374,300, or 2.1%, with almost 60% of the new jobs created over the past 12 months of the full-time variety, which tend to offer higher pay and steady benefits.

Canada's labour market posted its ninth-straight month of job gains in August to give the economy its longest monthly growth streak since before the financial crisis nine years ago.

The month-to-month data in the labour-force report is based on a sample of about 56,000 households.

The average Canadian wage was boosted to $25.93, up 1.8 per cent year-over-year. "That's a pretty solid appreciation in the pace of wage growth".

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"But again, I'd put the emphasis upon wages and I think we are on the path to 2.5 to 3 percent wage growth off into next year".

The mixed report led the Canadian dollar to pare gains against its US counterpart.

The country's surprisingly solid start to 2017 has already motivated the Bank of Canada to hike its interest rate twice this year, including an increase earlier in the week.

Service sector industries led employment gains in August, with an increase of 14,600 jobs in the finance, insurance and real estate category.

Statistics Canada reports that the greatest loss in full-time employment occurred for youth between the ages of 15 and 24. Approximately 110,000 part-time jobs were added in August. The province's unemployment rate fell 0.4 percentage points to 5.7%, the lowest level since January 2001.

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