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Jobless rate on increase
Job seekers back in the hunt
By GEOFF MATTHEWS, Money Editor
BUOYED by the prospects of finding work, job hunters poured back into the marketplace in Ottawa last month, driving the region's unemployment rate up to 7.2% from 6.8% a month earlier. The local economy actually created 1,300 net new jobs during the month, said Statistics Canada labour force analyst Vincent Ferrao.
However, the work force swelled by 4,100 during May, more than offsetting the gains, Ferrao said. There are now 607,000 people with jobs in Ottawa-Gatineau, and another 47,000 looking for work, he said.
Some of the growth in the labour force may have been caused by university and college students searching for jobs as the school year wound down, Ferrao said.
The monthly figures included encouraging news for the city's tech sector, which added 3,000 jobs in May. That came on top of increases of 900 in both March and April.
'BLEEDING HAS STOPPED'
"It looks like the bleeding has stopped," Ferrao said of the hi-tech numbers, which had declined for 12 straight months before turning the corner in March.
Ottawa still has some way to go, however, to get back to the tech job numbers at the peak of the boom, in March, 2001, when the sector employed 69,000 people.
Ottawa's retail and wholesale sector suffered some job declines in May, Ferrao said, while construction was virtually unchanged at about 30,000 workers.
Ottawa's unemployment rate now matches the national average of 7.2%, but is above the 7% for Ontario as a whole.
The bright employment picture has economists talking about interest rate hikes, beginning perhaps as early as this fall.
Nationally, the economy created 56,100 jobs in May, nudging the unemployment rate down by one-tenth of a point to 7.2% -- the lowest rate since July 2001.
"Canada's job market has come up with another blockbuster performance in May, and one that will certainly raise a few eyebrows at the Bank of Canada," said TD Bank economist Marc Levesque.
"With other recent economic indicators also sending out upbeat economic signals, the odds are now tilted towards Sept. 8 as the date of the first Bank of Canada rate hike."
Canada's employment report provided "another big upside surprise," said economist Ted Carmichael of J.P. Morgan Canada, noting that the consensus expectation of analysts was for 22,300 new jobs last month -- less than half the 56,100 that materialized.
Job seekers back in the hunt
By GEOFF MATTHEWS, Money Editor
BUOYED by the prospects of finding work, job hunters poured back into the marketplace in Ottawa last month, driving the region's unemployment rate up to 7.2% from 6.8% a month earlier. The local economy actually created 1,300 net new jobs during the month, said Statistics Canada labour force analyst Vincent Ferrao.
However, the work force swelled by 4,100 during May, more than offsetting the gains, Ferrao said. There are now 607,000 people with jobs in Ottawa-Gatineau, and another 47,000 looking for work, he said.
Some of the growth in the labour force may have been caused by university and college students searching for jobs as the school year wound down, Ferrao said.
The monthly figures included encouraging news for the city's tech sector, which added 3,000 jobs in May. That came on top of increases of 900 in both March and April.
'BLEEDING HAS STOPPED'
"It looks like the bleeding has stopped," Ferrao said of the hi-tech numbers, which had declined for 12 straight months before turning the corner in March.
Ottawa still has some way to go, however, to get back to the tech job numbers at the peak of the boom, in March, 2001, when the sector employed 69,000 people.
Ottawa's retail and wholesale sector suffered some job declines in May, Ferrao said, while construction was virtually unchanged at about 30,000 workers.
Ottawa's unemployment rate now matches the national average of 7.2%, but is above the 7% for Ontario as a whole.
The bright employment picture has economists talking about interest rate hikes, beginning perhaps as early as this fall.
Nationally, the economy created 56,100 jobs in May, nudging the unemployment rate down by one-tenth of a point to 7.2% -- the lowest rate since July 2001.
"Canada's job market has come up with another blockbuster performance in May, and one that will certainly raise a few eyebrows at the Bank of Canada," said TD Bank economist Marc Levesque.
"With other recent economic indicators also sending out upbeat economic signals, the odds are now tilted towards Sept. 8 as the date of the first Bank of Canada rate hike."
Canada's employment report provided "another big upside surprise," said economist Ted Carmichael of J.P. Morgan Canada, noting that the consensus expectation of analysts was for 22,300 new jobs last month -- less than half the 56,100 that materialized.
