Statistics Canada's Jan jobs report predicts 10,000 new jobs, but a 0.1% rise in unemployment to 5.9% as the labour market cools.

Statistics Canada is due to release the January jobs report, with Royal Bank of Canada (RBC) predicting that Canadian employers added 10,000 jobs last month. This is not expected to prevent the unemployment rate from rising to 5.9% from 5.8% in December. The labour market has cooled significantly over the last year as high interest rates have affected the economy, a trend expected to continue in 2023 potentially pushing the unemployment rate even higher. Wage growth, which has remained steady amid inflation, is also anticipated to slow down.

February 08, 2024
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