Canadian Job Market Shrank by 88,000 Positions in January

The Canadian economy shed a surprising 88,000 jobs in January, with the losses concentrated in part-time work, Statistics Canada reported Friday.

The drop in employment — the biggest one-month slide in nine years — pushed the national jobless rate up by 0.1 percentage points to 5.9 per cent.

It’s a marked difference from November and December, when a total of 145,000 jobs were added.


usdcad Canadian dollar graph, February 9, 2018

Despite low unemployment, young people say finding a job is as difficult as ever: Don Pittis
In January, Statistics Canada said part-time employment declined by 137,000. Meanwhile, full-time employment grew by 49,000.

The weak employment report for last month was worse than economists had been expecting. The market consensus was for a loss of roughly 9,000 jobs.

“Overall, a mysterious mix of good and bad, with the latter’s impact blunted by how strong job gains were in the lead-up to these figures,” CIBC chief economist Avery Shenfeld wrote in a commentary.

via CBC

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