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Canada's labor market started this year with big job gains

BY The Connect News, Feb 9, 2024 3:36 PM - REPORT AN ERROR

May start considering rate cuts. Another special last month was that The unemployment rate fell for the first time since December 2022 to 5.7 percent. The unemployment rate was at 5.8 percent in December.

Canada's labor market has started the year with big job gains.

Canada's economy added 37,300 jobs in January, but growth in hourly wages slowed, according to a report released by Statistics Canada on Friday, with the Bank of Canada expecting the Bank of Canada to expect a rate hike in the coming months. May start considering interest rate cuts.

Another highlight last month was that the unemployment rate fell for the first time since December 2022 to 5.7 percent.

In December, the unemployment rate was at 5.8 percent.

Meanwhile, the average hourly wage increase for permanent employees was 5.3 percent in January, up from 5.7 percent in December.

The Bank of Canada closely monitors employment data to gauge the health of the economy and inflation. Higher job gains and faster wage growth signal rising inflation, making interest rate cuts difficult.

However, wage growth slowed in January, so the Bank of Canada may begin considering a rate cut while continuing the holding pattern for rates.

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