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Global Economic Calendar

Canada’s Unemployment Rate Fell To 5.7% In January

The unemployment rate in Canada fell to 5.7% in January of this year, its first decline since December 2022.

Employment across the country increased by 37,000 in January, following three months of no change.

Employment gains occurred in several industries during January, with wholesale and retail trade adding 31,000 jobs and finance growing by 28,000 positions.

Those gains were partly offset by declines in accommodation and food services, which lost 30,000 jobs in the month.

Among provinces, Ontario added 24,000 net new jobs in January, while Manitoba added 6,900 positions. The biggest decline occurred in Saskatchewan, which lost 6,200 jobs.

Total hours worked by people in Canada rose 1.1% in January from a year earlier, and average hourly wages gained 5.3% year-over-year to $34.75.