Real Estate News

Canadian Labour Force Survey, December 2010 Results

Date: January 7, 2011

Canadian Labour Force Survey, December 2010 Results

Source: Statistics Canada

Link to Release:

Summary: In December, the Canadian economy added 22,000 jobs, with a 38,000 position gain in full-time positions offsetting losses in part-time jobs. The unemployment rate remained steady at 7.6 per cent. Manufacturing added 66,000 jobs, mostly in Quebec and Ontario, after little overall change in the preceding 18 months. In the Toronto Census Metropolitan Area (CMA), the number of people employed increased and the unemployment rate continued to trend lower.

Analysis: December’s labour report pointed toward continued improvement in the Canadian economy. The large pickup in goods production and related sectors like transportation and warehousing add credence to the Bank of Canada argument that a greater share of economic growth moving forward will come from exports and business investment. This notion was further bolstered by the fact that job gains were in the full-time category in the private sector. Because a substantial portion of goods production and export-related employment is centred in central Canada, with the GTA as the hub, this latest announcement bodes well for continued improvement in Toronto and surrounding areas. The unemployment rate is expected to decline further in 2011. Tightening labour market conditions will result in sustain growth in earnings.

Source: Toronto Real Estate Board