Signs of an economic recovery have finally begun to surface as Statistics Canada has released its latest report on the country’s unemployment rate.

According to Stats Canada, February saw an increase of 20,900 jobs. (Courtesy:Statscan)

Bank of Montreal’s deputy chief economist, Douglas Porter, told TheDailyPlanet.com that Canada is beginning to see the light at the end of the tunnel in terms of economic recovery from the recession.

“The really big story here is that full-time employment rose by more than 60,000 in the month,” he said. Porter attributes the difference in part-time and full-time position to the process of the recession.

“Full-time employment got hit harder during the downturn,” said Porter. “In the very early stages of recovery part-time jobs were leading the way but increasingly, those part-time jobs are turning into full-time jobs as the economy improves.”

Employment increases in February occurred in accommodation and food services with 26,500 new jobs; business, building and other support services with 18,400 jobs; manufacturing with 16,900 jobs; health care and social assistance with 15,800 jobs; and natural resources with over 10,000 new jobs.

The gains in the specific industries were partially offset by losses in retail and wholesale trade, finance, insurance, real estate and leasing.

Men aged 55 and older represented a demographic that saw some of the most notable gains. Meanwhile, hours worked rose 0.2 per cent in February, the third gain in a row.

Private sector positions fell by 7,500 last month while employment in the public sector rose 45,600. Wages are climbing. Average hourly wages rose to 2.4 per cent from a year ago, accelerating from last month's 1.8-per-cent year-over-year gain.

“Basically we are seeing more signs that the Canadian economy is recovering. The recovery also tends to attract foreign capital into this country and that’s helping support the Canadian dollar as well.” Porter said.

Although the lowered unemployment rate signals an economic recovery, there are still industries that are in trouble.

“In an environment with the currency close to parity and very intense competition with China and still weak activity in the U.S., I think manufacturers have a tall hill to climb from here,” said Porter.