Canada blows past forecasts by adding 67,000 new jobs in January

Galtero Lara
Febrero 11, 2019

But as more people entered the workforce last month the province's unemployment rate edged up 0.3 percentage points to 4.7% between December and January.

The Bank of Canada looks set to leave interest rates unchanged next month despite bumper jobs numbers in January that far exceeded market expectations and highlighted the strength of the Canadian economy, analysts said.

British Columbia, meanwhile, sits at 4.7 per cent for last month which is a small increase from the 4.4 percentage in December, while nationally, the unemployment rate increased to 5.8 per cent, up from 5.6 in December.

Following a quieter month in December, volatility returned, with the Labour Force Survey suggesting 67,000 jobs were created in January. The unemployment rate continued to hover at about 5.5 per cent. Year-over-year, Saskatchewan gained 7,700 jobs. Stephen from 7.1 to 6.5, Fredericton-Oromocto from 7.9 to 7.7 and Edmundston-Woodstock from 7.4 to 7.3.

The statistics show that Camrose-Drumheller has the highest unemployment rate of all the economic regions in the province. Employment in the Calgary region rose by 2,900 month over month and by 6,900 year over year. The number of self-employed workers fell by 61,000 last month.

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The addition of 66,800 jobs came largely from the private sector, which saw a rise in the number of employee positions by 111,500 in January, the biggest monthly increase since 1976.

In a note to clients Friday, CIBC Chief Economist Royce Mendes wrote the latest job readings were "a vehicle stuck on one of Canada's clogged highways: speeding up then slowing down just to speed back up again".

Canada added 30,900 full-time jobs last month and 36,000 part-time positions, the report said.

"Overall, it's been a good day for readings on the Canadian economy".

"Volatility returned with a notable increase in employment during the month of January", he wrote. "So while today's data will be bullish for the Canadian dollar and bearish for fixed income, the Bank of Canada is still likely on the sidelines for the first half of 2019".

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