Canadian economy added 104,000 jobs in December: Statistics Canada

OTTAWA –

The Canadian financial system added 104,000 jobs in December because the unemployment fee fell barely to five.0 per cent, Statistics Canada stated Friday.

This marks the third decline within the unemployment fee in fourth months, edging it nearer to the record-low of 4.9 per cent reached in June and July.

In its newest labour drive survey, the federal company stated the rise in employment was pushed by a rise in full-time work.

The variety of staff within the non-public sector additionally elevated final month, with job good points made throughout industries.

Meanwhile, employment within the public sector held regular.

Wages continued to develop at a year-over-year tempo above 5.0 per cent for the seventh consecutive month, with wages up 5.1 per cent.

However, wage progress nonetheless lags the nation’s inflation fee, which was 6.8 per cent in November.

Employment amongst youth aged 15 to 24 rose in December, totally recouping job losses skilled between July and September.

The jobs report additionally famous that the employment fee amongst ladies between the ages of 25 and 54 reached a record-high final month.

The Bank of Canada has beforehand flagged the nation’s tight labour market as a contributor to excessive inflation.

The central financial institution has raised rates of interest aggressively in hopes of bringing down the tempo of value progress and cooling the financial system..

While economists anticipate unemployment to rise in response to larger borrowing prices, the labour market has remained resilient over current months.

This report by The Canadian Press was first printed Jan. 6, 2023.