OTTAWA, Jan 7 (Reuters) – The Canadian economy added a net 54,700 jobs in December, beating analysts’ expectations of 27,500, while the jobless rate dipped to 5.9% from 6.0% in November, Statistics Canada data showed on Friday.
The employment gains were driven by full-time work, up by 122,500, partially offset by the loss of 67,700 part-time jobs. The economy added 10,600 services sector jobs and 44,200 jobs in the goods-producing sector.
Canadian employment is now 240,500 jobs above pre-pandemic levels, though the jobless rate still lags the 5.7% notched in February 2020.
The Bank of Canada said last month labor market slack had been absorbed to a significant degree, signaling a first interest rate hike could come soon. Money Markets expect the central bank to start raising rates in March.
The Canadian dollar was trading 0.3% higher at 1.2694 to the greenback, or 78.78 U.S. cents.
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