The Canadian economy added 37,000 jobs in January as unemployment fell slightly to 5.7 per cent, the first decline since December 2022, according to a Friday report from Statistics Canada.An employee is pictured in an office at Simon Fraser University in Burnaby, B.C., on Thursday, March 30, 2023. The Canadian economy added 37,000 jobs in January as unemployment fell to 5.7 per cent, the first decline since December 2022, according to a Friday report from Statistics Canada.
Average hourly wages, which have been consistently growing at a four to five per cent annual pace as Canadians seek compensation to account for inflation, rose 5.3 per cent from a year ago. CIBC senior economist Andrew Grantham concurred, writing, "Today's data suggest that the Bank won't be in a rush to cut interest rates, and we maintain our expectation for a first in June."James Orlando, a senior economist with TD, says that while the headline number is good, the underlying details of the latest report on jobs numbers are 'not favourable' for Canada.