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Blowout Canadian Jobs Report Smashes Expectations Once Again

Published 2023-02-10, 11:13 a/m
Updated 2023-02-10, 11:14 a/m
© Reuters.

By Ketki Saxena 

Investing.com – Statistics Canada reports that Canadian employment smashed expectations once again, adding 150,000 jobs in January - 10 times the 15,000 job additions expected by economists. 

January’s figure was also more than double the 70,000 jobs added in December, indicating that job growth is actually accelerating, instead of the cooldown expected by the Bank of Canada as it raises interest rates. 

The employment rate jumped  to 62.5%. The unemployment rate remained constant at 5%.

Total hours worked rose 5.6% year over year, while average hourly wages rose 4.5% in January, down from 4.8 per cent in December.

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