Manufacturing driving full-time job growth
February 7, 2020
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Canada added more than twice the number of jobs than expected in January, the latest indication that the economy could be strong enough to persuade the Bank of Canada not to cut rates.
Statistics Canada said on Friday that 34,500 jobs had been created in January, the second straight month of healthy gains after a record loss in November. The unemployment rate dipped to a near record low 5.5 per cent.
Analysts polled by Reuters had forecast a gain of 15,000 positions and for the jobless rate to stay at 5.6 per cent.
All the gains were in full-time jobs, said Statscan. The goods-producing sector added 49,100 positions – almost half of them in manufacturing – while the service sector shed 14,500.
(Reuters / Financial Post)