Canada shed 88000 jobs in January

Canada shed 88000 jobs in January

Despite the drop, Ontario's unemployment edged down ever so slightly (to 5.5 per cent) as 54,800 people left the labour force.

As well there were 6200 full-time jobs created month-over-month. Shenfeld also commented that while the job losses took away from the job gains made a year ago, " the details also looking wonky, with all of the job losses in part-time work".

Economists said January's hefty drop was to be expected after such a strong year and was unlikely to change the Bank of Canada's trajectory of more interest rate hikes to come in 2018.

Looking at the bigger picture Overall, the news isn't all bad, especially if you look at the bigger picture.

Nationally, Statistics Canada reported 88,000 thousand jobs - all of them part time- were lost in January, pushing the unemployment rate for the country up to 5.9 per cent., up from 5.7 per cent last month. "However, it does bring the job market back down to Earth", said Porter in online release. She cited the full-time job gain, faster wages and a low unemployment rate as signs of a resilient labor market.

In total, 560,100 people in the province were employed in January.




There was little change in Ontario's jobless rate. Overall, compared with January 2017, employment in the province grew by 104,000.

"The Canadian economy experienced a very large setback in January, but it also needs to be kept in perspective - we had outstandingly strong job growth over the course of past year", Craig Alexander, chief economist for the Conference Board of Canada, said in an interview. It was the biggest one-month collapse in part-time work since the agency started gathering the data in 1976. While the unemployment rate in December was 8.6 per cent, month-over-month comparisons are hard to make as data is unadjusted for seasonal differences that can influence each month.

In Ontario the jobless rate fell to 5.5 per cent from 5.6 per cent in December.

With files from the Canadian Press.

"This is a mixed bag for the Bank of Canada because we did see a significant rise in wage inflation ... which might counter the disappointment on the headline jobs count", Shenfeld said. "Even prior to this week's financial market gyrations and this weak jobs data, we were of the view that the [Bank of Canada] would wait until the second half of the year before hiking [interest rates] again - these developments only embolden that view", Porter wrote in a commentary.

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