After posting its worst job print in more than four years the month prior, the Canadian economy snapped back a bit in April, creating more than 12,000 new jobs, all of which were full time. Despite this, the unemployment rate held steady at 7.2%, up 10 basis points from the start of the year. On the industry level, manufacturing (up 20.6 thousand) and health care (up 18.2 thousand) fuelled the gains, while transportation (down 20.7 thousand) and trade (down 15.8 thousand) lagged.
Elsewhere, the economy still seemed to be on somewhat shaky ground. Housing prices continued to wane, and in Toronto, first-quarter housing sales dropped 40% year over year. Canada's trade deficit also continued to widen. In February, the deficit rose $3.2 billion sequentially to $12.2 billion. Exports continued to decline amid a backdrop of flat imports. February marked the 11th consecutive month Canada has posted a deficit, and until there's a dramatic turnaround in energy exports (down more than 8% year over year through February), there won't be a recovery anytime soon.
