BREAKING: Canada’s economy defied economist expectations and gained 150,000 jobs in January, according to Statistics Canada.
— 10 times the median estimate in a Bloomberg survey — while the unemployment rate held steady at 5 per cent, near a record low, Statistics Canada reported Friday in Ottawa.
The numbers suggest Canada’s tight labour market is still running at an unsustainably hot pace, raising questions as to whether the Bank of Canada is really done hiking rates. The December figures, along with other stronger-than-expected data, prompted a final interest-rate hike by the central bank last month before policymakers declared a pause while they assess the state of the economy.
Canada is enjoying rapid population growth because of an open policy on immigration, and the survey data show that non-permanent residents — including students and temporary workers — are seeing outsized job gains. The labour force participation rate increased 0.3 percentage points to 65.7 per cent, as the labour force grew by 153,000, or 0.7 per cent.
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