yolowire.com - Canadian employment trends improved in December, as Employment rose and unemployment ticked down slightly. The gains were concentrated in full time workers and continued the increase seen in November. For 2024, the employment rate moved higher by 2 percent compared to 12 months earlier.
Employment rose by 91,000 in December, bringing the employment rate to 60.8 percent. Educational services, transportation and warehousing, led gains, and by region, increases were the largest in Alberta and Nova Scotia. Conversely, employment dropped in Manitoba. Unemployment declined to 6.7 percent. In December, the average hourly wage increased by 3.8 percent year-over-year, a rise of $1.32 to $35.77. This follows a 4.1 percent increase in November (not seasonally adjusted).
By a narrow margin, the Bank of Canada voted to cut rates by 50 basis points in December, but similar to the US Federal Reserve, indicated a slowdown in the timing of rate cuts in 2025. The central bank’s next meeting is January 29, where a 25 basis point cut is anticipated.