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- Canada sheds 212,800 new jobs in January; unemployment rate increases to 9.4 percent
Canada sheds 212,800 new jobs in January; unemployment rate increases to 9.4 percent
Statistics
Canada reported on Friday that the number of employed people decreased by 212,800
m-o-m in January (or -0.3 percent m-o-m) after an unrevised decline of 52,700
m-o-m in the previous month.
Economists had
forecast a drop of 47,500 m-o-m.
Meanwhile,
Canada's unemployment rate rose to 9.4 percent in January from 8.8 percent in December,
exceeding economists’ forecast for 8.9 percent. This was the highest rate since
August 2020.
According to
the report, full-time employment edged up 12,600 (or +0.1 percent m-o-m) in January,
while part-time jobs declined by 225,400 (or -6.7 percent m-o-m).
In January, the
number of public sector employees fell by 10,700 (or -0.3 percent m-o-m), and
the number of private sector employees plunged by 211,100 (or -1.8 percent
m-o-m). Meanwhile, the number of self-employed increased 9,000 (or +0.3 percent
m-o-m) last month.
Sector-wise,
employment increased in goods-producing sector (+0.6 percent m-o-m) but tumbled
in service-producing business (-1.6 percent m-o-m).
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