Canada’s labor market closed 2024 on a strong note, with employment soaring by 91k in December, far exceeding expectations of 24.9k. Full-time positions accounted for a significant portion of the gains, with 56k new roles added.
Unemployment rate fell to 6.7%, defying expectations of an increase to 6.9%, and marked an improvement from the previous month’s 6.8%. Employment rate also increased by 0.2 percentage points to 60.8%, marking the first uptick since January 2023.
Total hours worked rose 0.5% mom and were 2.1% higher than a year earlier. Meanwhile, average hourly wages grew 3.8% yoy, a deceleration from November’s 4.1% yoy.
