Tight labour market persists as Canadian economy adds 150,000 jobs in January
CTV
Employment growth in Canada blew past economists' predictions in January, even as forecasters had expected higher interest rates to weigh on the labour market.
Employment growth in Canada blew past economists' predictions in January, even as forecasters had expected higher interest rates to weigh on the labour market.
The economy added a whopping 153,000 jobs last month, Statistics Canada said in its latest labour force survey released Friday.
Meanwhile, more Canadians were working or looking for work as 153,000 people joined the labour force.
The country's unemployment rate held steady at five per cent, hovering just above the record low of 4.9 per cent reached in the summer.
In a client note, TD director of economics James Orlando called the report a "blowout."
"The fact that gains were concentrated in full-time jobs in the private sector, alongside more people working more hours, makes this an even more impressive report," Orlando wrote.
The Canadian economy has been on an upward trend with employment since September, adding a total of 326,000 jobs.
