April 25, 2024, 08:58 AM

CIBC With Quick Take On Canada SEPH Employment For February

Over at CIBC, Andrew Grantham noted Canada's payroll survey of employment pointed to a 18,000 decline in jobs during February, offsetting half of the 36,000 gain seen in the prior month. On a year-over-year basis, Grantham noted, this survey also continues to point to a weaker employment picture than the more timely labour force survey, with headcount up by less than 1% compared to February 2023.

Grantham noted that for the most recent month, accommodation & food services, manufacturing and retail saw the largest declines. Public administration and education saw the largest increases. Job vacancies rose in February, but were more than 20% down on a year-over-year basis. Statistics Canada noted that total labour demand (the sum of filled and unfilled positions) was virtually unchanged compared with a year ago.

Grantham also noted the fixed weight series for wage growth accelerated to 4.1%, from 3.6% in the prior month, However, he said, "this continues to show considerable volatility and the underlying trend still suggests an easing in wage inflation from peaks in mid-2022."

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