New Brunswick unemployment rate falls in March

New Brunswick unemployment rate falls in March

New Brunswick unemployment rate falls in March

Sectors posting notable job growth included health care and professional/technical services.

The unemployment rate held steady at 3.8 percent in March, with the number of unemployed Americans essentially unchanged from February at 6.2 million.

Economists on average had expected a gain of 1,000 jobs in March and an unemployment rate of 5.8 per cent, according to Thomson Reuters Eikon.

In Norfolk County, where figures are estimated every three months, the unemployment rate was six per cent for March.

Stats Canada said in a year, there has been an increase of 9,200 full time jobs and 800 part time jobs.

The number of Americans claiming unemployment insurance hit a 50-year low Thursday.

The fall comes after the best start to a year in Canada for jobs in close to 40 years, with more than 122,000 added in January and February. Adding, "The labor market fell right back into step with where we were, not only with positive job numbers but with exceeded forecasts".

Why it matters: The province is running against national trends, which saw a slight decline in employment last month.

Following the jobs report, the Dow Jones Industrial Average increased 29.45 points, or 0.11%, to 26,414.

The BoC is widely anticipated to leave rates unchanged at 1.75%, where they have been since October 2018, at its upcoming policy meeting on April 24. Bars and restaurants added 27,000.

Employment in other major industries, including mining, wholesale trade, retail trade, transportation and warehousing, information technology, financial services, and government showed little change over the month.

Given the small change, the breakdown has less meaning than normal, but the drop was largely in full-time employment (-6.4k), and in the private sector (-17.3k).

"We got a little dip in employment, but the numbers are volatile and it's been on a pretty strong run over the prior half year. all in all, I think not a huge surprise".

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