Canada Adds 78,600 Jobs in December Defying Expectations

The Canadian economy added almost 80,000 jobs for the second month in a row in December on a surge in part-time employment, and the jobless rate dipped to a 41-year low of 5.7 per cent, Statistics Canada said on Friday.

The gain of 78,600 positions far exceeded the expectations of analysts, who in a Reuters poll had forecast a modest gain of 1,000 jobs from November. The unemployment rate is the lowest since comparable data became available in January 1976.

Part-time employment jumped by 54,900 jobs while 23,700 full-time positions were added. The economy created 79,500 jobs in November, with 49,900 of those being part-time.

December’s gains were focused on the service sector, where employment rose by 72,600, in part due to increased hiring in finance and educational services. The goods sector added just 6,000 jobs, pulled down by a decline of 3,600 positions in manufacturing.

via BNN

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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