Canadian Labour Market Rebounds in January as Unemployment Rate Falls
The Canadian economy rebounded strongly last month, as full-time jobs increased and the unemployment rate fell.
Canadian employers added 29,400 jobs in January, official data from Statistics Canada showed today. The unemployment rate fell 0.2 percentage points to 7 percent, as a surge in full-time work outweighed declines in part-time employment. The number of full-time workers increased by 50,500, while part-time employment declined 21,100. Economists forecast a gain of 20,000 jobs last month, following a slight decline in December.
The January gain was led by transportation and warehousing, which added 15,000 payrolls. Employment in business, building and other support services fell by 25,000, while public administration declined 16,000. Employment growth during the previous 12 months was driven by five industries: professional services, financial services, healthcare, utilities and natural resources. The only industry to report a decline over the previous 12 months was public administration, which shed 58,000 jobs over that period.
Better than forecast job growth eased concern about Canada’s economic outlook. Rising business confidence, five consecutive months of GDP growth and a rebounding job market have put Canada on a strong footing to start the year. The Bank of Canada forecasts the economy to return to full capacity in the latter half of 2015.
In currency news, the Canadian dollar rebounded strongly on the jobs report, gaining nearly 50 pips against the US dollar. The USDCAD pair fell to a session low of 1.0970 before consolidating north of 1.10.
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