Canada February Employment - Weather may explain this weak month, but tariff risks ahead
Canada’s February employment with a marginal rise of 1.1k has seen a pause after three straight strong months. With StatsCanada citing snowstorms as an issue not too much should be read into this subdued month, though trend is likely to slow in the months ahead as US tariffs are imposed.
The detail shows full time work down by 19.7k and part time up by 20.8k, which is a negative signal, though private sector employees saw a healthy 17.9k increase. Public sector work rise by 7.9k but self-employment had a weak month, falling by 16.8%.
Goods producing work was weak with a 19.5k fall with manufacturing and construction both down by near 5k. Service producing rise by 20.6k with the detail weak outside an unusually strong has 50.8k surge in wholesale and retail.
The unemployment rate was stable at 6.6% and slightly lower before rosining with a 16.8k fall in the labor force underperforming employment. Hourly wages for permanent employees picked up to 4.0% from 3.7% yr/yr, contrasting a general tend of slowing. If weather was a restraint on employment this is not a clearly weak report, but risks are fir weakness going forward.
