Canada Gains 29,400 Jobs in January

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. 

via CBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza