Canada gained 29,400 jobs in January, which pushed down the unemployment rate 0.2 percentage points to seven per cent, according to the latest labour force survey released today by Statistics Canada.
The January increase was the result of a rise in full-time work, the agency said, and was a welcome change from the 45,900 jobs lost in December.
There were 50,500 full-time positions added in January while part-time employment declined by 21,100.
“While no ball of fire, today’s solid comeback represents a nice recovery from the ugliness in last month’s Canadian employment report,” BMO Capital Markets chief economist Doug Porter said in a report.
“Notably, though, the unemployment rate at 7.0 per cent is precisely unchanged from three months ago and from a year ago. In other words, the underlying trend in job growth is just firm enough to keep up with labour force population growth-no better, no worse.”
The dollar responded positively to the news, inching up 0.42 of a cent to 90.75 cents US.