Canada creates a surprise 51,000 new jobs in February

Canada created 51,000 new jobs in February, blowing past expectations thanks to an increase in full-time work.

Statistics Canada reported that the unemployment rate remained steady at seven per cent during the month. That's because the number of new jobs was almost the same as the number of new job-seekers.

The numbers were far higher than the consensus 8,000 jobs that economists had been expecting.

The gains were broad-based, as the increase was spread between full- and part-time work. More than half of the new jobs came from the private sector.

Gains were fairly consistent across most industries, too. The only major category to post a decline in jobs was manufacturing.

"If there is a fly in the ointment, it lies in the fact that a big job gain nonetheless coincided with no growth in paycheques for all workers combined during the month, as evidenced by flat wages and flat hours worked," Scotiabank economist Derek Holt said in reaction to the news.

By province, Ontario and British Columbia made up most of the gains, with 35,000 and almost 20,000 new jobs respectively.

Manitoba was the lone province to lose jobs, with 3,200 fewer. All other provinces were unchanged or saw slight gains.

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