The Globe and Mail reports in its Saturday edition that a second consecutive month of bumper job gains quelled concerns that Canada's economy could be headed for a recession.
A Reuters dispatch to The Globe reports that Statistics Canada said Friday that 55,900 jobs were added in February, exceeding expectations of flat job numbers. The unemployment rate was unchanged at 5.8 per cent, matching forecasts, while wage growth was up.
It was the third month of outsized job gains in the last four and, not since 2012, total Canadian job gains beat United States employment growth.
Last week, the BOC held rates and said there was "increased uncertainty" on the timing of future hikes.
"The economy clearly is not falling off a cliff by any means, arguably quite the opposite," said BMO economist Douglas Porter. "The economy has some underlying resilience," he said, adding a rate cut was unlikely "any time soon."
Money markets were pricing in less than a 15-per-cent chance of an interest-rate cut this year by the BOC, down from nearly 40 per cent before the data.
The BOC has raised its overnight interest rate five times since July, 2017, though it has held it steady at 1.75 per cent since October, 2018.
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