Canada adds 66,800 new jobs in January; unemployment rate rises to 5.8 percent

Statistics Canada reported that the number of employed people rose by 66,800 m-o-m (+0.4 percent m-o-m) in January, exceeding economists’ forecast for an 8,000 increase and after an unrevised advance of 9,300 in the previous month. 

Meanwhile, Canada's unemployment rate rose 0.2 percentage points m-o-m to 5.8 percent as more people looked for work. Economists had forecast the reading to increase to 5.7 percent. 

According to the report, full-time employment increased by 30,900 (+0.2percent m-o-m) in January, while part-time jobs rose 36,000 (+1.0 percent m-o-m).

In January, the number of private sector employees climbed by 111,5000 (+0.9 percent m-o-m), while the number of public sector employees grew by 15,900 (+0.4 percent m-o-m). At the same time, the number of self-employed dropped by 60,700 m-o-m (-2.1 percent m-o-m) last month. 

Sector-wise, there were more people working in services-producing industries (+99,000 in January), led by wholesale and retail trade (34,000), professional, scientific and technical services (29,000), and public administration (21,000).

On a year-over-year basis, employment rose by 327,000 (or 1.8 percent), reflecting increases in both full-time (+166,000) and part-time (+162,000) work.