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Canadian economy sheds jobs in January, jobless rate rises marginally to 5.9 pct

Canada recorded losses in job in January. The nation shed 88.8k positions in the month, ending the economy’s 17-month streak of job gains. Losses were mainly concentrated in part-time jobs that dropped 137k. However, full-time jobs rose a healthy 49k. In spite of the magnitude of the fall, the jobless rate rose only marginally to 5.9 percent from 5.8 percent as 73.7k people left the labor force. Thus, the participation rate dropped to 65.5 percent.

Both public and private sectors recorded loss in jobs, with public employment falling 41.2k and private sector jobs down 70.7k. Self-employment bucked the trend, adding 23.9k positions. Good-producing industries lost 16.2k positions, led by construction that shed 14.9k jobs. Meanwhile, manufacturing employment rose 0.8k. Service-producing employment dropped 71.9k, with losses comparatively broad-based throughout sectors.

Region wise, losses were comparatively broad-based, and gains relatively minimal. Ontario was the biggest loser in January, shedding 50.9k jobs in the month. In spite of the decline, Ontario’s joblessness fell to 5.5 percent as 54.8k people left the labor force. Employment in Quebec dropped 17.3k and the jobless rate reversed the prior month’s decline, moving back up to 5.4 percent. Wage growth accelerated to 3.3 percent in January.

“This report does not much change the outlook for the Bank of Canada, but suggests a more rationale pace of job growth consistent with an economy that is moving toward a more neutral pace of growth after a very robust year”, noted TD Economics in a research report.

At 19:00 GMT the FxWirePro's Hourly Strength Index of Canadian Dollar was bullish at -94.1051, while the FxWirePro's Hourly Strength Index of US Dollar was slightly bullish at 66.4162. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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2018-02-21 00:41:06
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