March Labour Force Survey - April 8, 2011

Employment in the Canadian economy was unchanged in March, falling short of expectations of 15,000 new jobs. Full-time employment increased sharply by 91,000 jobs, but was completely offset by losses in part-time employment. 

The Canadian unemployment rate  edged down 0.1 points to 7.7 per cent. BC added 3,500 jobs, however, continuing a trend, employment gains were entirely in part-time jobs, while the province actually lost 3,900 full-time jobs.

The provincial unemployment rate fell 0.7 points to 8.1 per cent, mostly as a result of a shrinking of the labour force.  

We expect that the  Bank of Canada will hold rates at 1 per cent at next weeks rate decision. Moreover flat employment in March further supports our long-held opinion that the Bank of Canada will not raise interest rates until July.  

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