Canada adds 54,700 jobs, unemployment rate dips to 5.9%

Reading Time: < 1 minute

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.

Once you're here...

Powered by Live Score & Live Score App