Canada created 22,000 jobs in February and maintains the unemployment rate at 5%.

Toronto (Canada), March 10. Canada’s economy created 22,000 net jobs in February, keeping the country’s unemployment level at 5%, according to data released on Friday by Statistics Canada (EC).

The number of jobs created last month was higher than expected by analysts, who predicted a number of nearly 10,000 new jobs.

In addition, the average salary increased by 5.4% compared to February 2022.

European Commission data indicates an increase in employment in February in health and social assistance activities, public administration and essential services. The number of jobs in the production of goods and services, construction and other ancillary services has decreased.

This is the third consecutive month of employment growth in the country. In December, Canada created 69,000 jobs and in January 150,000.

The strength of the Canadian economy may force the Bank of Canada to increase interest rates.

On Wednesday, the Canadian Monetary Authority decided to leave interest rates unchanged, at 4.5%, after eight consecutive increases since the beginning of 2022.

The Bank of Canada said it would wait to see the impact of increases from 0.25% to 4.5% on rising inflation, but also said it was ready to resume raising interest rates to control rising prices.

The central bank’s inflation target is 2% and the figure currently stands at 5.9%. EFE

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Sacha Woodward

"Wannabe writer. Lifelong problem solver. Gamer. Incurable web guru. Professional music lover."

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