Canada’s employment grew strongly by 37k in January, well above expectation of 35k.
Unemployment rate fell -0.1% to 5.7%, the first decline since December 2022, and below expectation of a rise to 5.9%. Participation rate fell -0.2% to 65.3%.
Employment rate fell -0.1% to 61.6%, as population growth (+0.4%) outpaced employment growth (+0.2%).
Average hourly wages rose 5.3% yoy, slowed from prior month’s 5.4% yoy.
