April Turned Out to Be a Good Month For Financial Hiring in Canada

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If the financial job market seems too challenging in the States, you may want to consider Canada.

Year over year from April 2011 to April 2012, financial firms in Canada reduced employment by 10,900 workers, but the latest up tick makes up for most of that, according to recent statistics.

Canadian employers were hiring aggressively in April overall, in fact.

The expectation was for 10,000 net new jobs to be created last month, according to one report from the Royal Bank of Canada. Instead, the economy created 58,200 net new jobs last month, said Statistics Canada. This reflects a 0.3 percent increase for the latest March-to-April period and follows the addition of 82,300 positions in March.

Finance, insurance, real estate and leasing firms in Canada hired a total of 10,200 new employees between March and April, an increase of 1 percent, while hiring in finance had been a negative 1 percent between April 2011 and April 2012.

“Canadian employers went on a hiring blitz for a second consecutive month in April for the best back-to-back job creation in 31 years, adding almost six times more net new jobs than expected,” the Wall Street Journal reports, adding that the gains were driven mostly by a record increase in the goods-producing sector. The construction, manufacturing and natural resources sectors added a total of 70,000 jobs, “the best in StatsCan's records dating to 1976.”

Employers hired 43,900 full-time workers and 14,300 part-timers last month.

All of the growth over the 12-month period from was in full-time work, up 217,000 (+1.6 percent), while part-time employment was unchanged, says Statistics Canada.

According to the agency, increased hiring was most pronounced in Quebec,

Where employment increased for the second consecutive month, up 23,000 in April, and the unemployment rate was 8 percent. Compared with 12 months earlier, employment in the province was little changed.

StatsCan also reports that:

  • Continuing an upward trend that began in February 2011, employment in British Columbia increased by 20,000 in April. Compared with 12 months earlier, employment growth was 2.1 percent, the third highest of all provinces. Since the unemployment rate peaked at 8.7 percent in February 2011, it has gradually declined to 6.2 percent in April.
  • Following four months of little change, employment in Alberta increased by 11,000 in April, and the unemployment rate declined 0.4 percentage points to 4.9 percent. Employment in the province increased 3.9 percent over the previous 12 months, the fastest growth of all provinces.

Growth by age group

And, following five months of little change, employment increased by 33,000 among people aged 25 to 54, in April, says StatsCanada. Compared with 12 months earlier, employment for this age group was up 0.5 percent, with gains among both men and women.

Employment among those aged 55 and over continued its upward trend, up 26,000 in April. Compared with 12 months earlier, employment among men and women of this age group increased 5.5 percent, partly the result of population aging.

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