Canadian employment rose almost six times faster than economists forecast in April, led by private- sector and full-time positions, to create the largest two-month increase in more than 30 years.
Employment rose by 58,200 following a March jump of 82,300 that was the biggest since September 2008, Statistics Canada said today in Ottawa. The labor force grew by 72,500, lifting the jobless rate to 7.3 percent from 7.2 percent. Economists surveyed by Bloomberg News projected a 10,000 gain in jobs and 7.3 percent unemployment, according to the median forecasts.
Canadaâ€™s recovery may prompt central bank Governor Mark Carney to raise interest rates this year, leading the Group of 10 nations, according to Toronto-Dominion Bank. (TD) The Bank of Canada said last month higher borrowing costs may be needed because of faster-than-expected growth, while a report yesterday showed a fifth straight trade surplus.
â€œItâ€™s the strongest vote of confidence you can get,â€ said John Clinkard, economist at Deutsche Bank AG in Toronto, in a telephone interview. Companies are â€œcatching upâ€ after delaying hiring earlier in the recovery, he said.