Unforeseen! Canadian Economy Adds 150,000 Jobs In January!
The Canadian economy gained 150,000 net jobs in January, crushing expectations, while the unemployment rate remained steady at 5.0%, Statistics Canada (Statscan) data showed on Friday.Analysts polled by Reuters had forecast a net gain of 15,000 jobs and the unemployment rate rising to 5.1% in January. Statscan revised December's net gain downward to 69,200 jobs.January's job gains, the fifth consecutive monthly gain, were driven mainly by the core age group between 25 to 54 and spread across several industries, Statscan reported.A tight labor market was among the main reasons behind the Bank of Canada's decision in January to raise rates for the eighth time in less than a year, according to minutes of a policy-setting meeting released Wednesday.After the last hike, the central bank said it would delay further moves to let the effects of past rate hikes sink in first, but it did not completely rule out more hikes.The Canadian dollar strengthened 0.6% to 1.3375 per US dollar, or 74.77 U.S. cents.Employment in the goods sector increased by 25,400 net jobs led by construction. Service sector employment rose by a net 124,700, mostly in wholesale and retail trade and the health care and social assistance subsectors.Average hourly wages for permanent workers rose 4.5% in January on a year-over-year basis, down from 4.7% in December.
The Canadian economy gained 150,000 net jobs in January, crushing expectations, while the unemployment rate remained steady at 5.0%, Statistics Canada (Statscan) data showed on Friday.
Analysts polled by Reuters had forecast a net gain of 15,000 jobs and the unemployment rate rising to 5.1% in January. Statscan revised December's net gain downward to 69,200 jobs.
January's job gains, the fifth consecutive monthly gain, were driven mainly by the core age group between 25 to 54 and spread across several industries, Statscan reported.
A tight labor market was among the main reasons behind the Bank of Canada's decision in January to raise rates for the eighth time in less than a year, according to minutes of a policy-setting meeting released Wednesday.
After the last hike, the central bank said it would delay further moves to let the effects of past rate hikes sink in first, but it did not completely rule out more hikes.
The Canadian dollar strengthened 0.6% to 1.3375 per US dollar, or 74.77 U.S. cents.
Employment in the goods sector increased by 25,400 net jobs led by construction. Service sector employment rose by a net 124,700, mostly in wholesale and retail trade and the health care and social assistance subsectors.
Average hourly wages for permanent workers rose 4.5% in January on a year-over-year basis, down from 4.7% in December.
