February 22nd, 2024

Canada’s unemployment rate fell to 5.7% in January, first decline since December 2022

By The Canadian Press on February 9, 2024.

Statistics Canada is set to release January job numbers this morning. A man walks though a downtown Toronto office building with other buildings reflected in a window in this June 11, 2019 photo.THE CANADIAN PRESS/Graeme Roy

OTTAWA – Statistics Canada says the unemployment rate edged down slightly to 5.7 per cent last month as the economy added 37,000 jobs.

It marks the first decline in the unemployment rate since December 2022.

The federal agency’s labour force survey says employment rose across several sectors in January, led by wholesale and retail trade as well as finance, insurance, real estate, rental and leasing.

Meanwhile, accommodation and food services saw the largest employment decline.

Workers’ wages, which have been growing rapidly as Canadians seek compensation for inflation, rose 5.3 per cent from a year ago.

Amid high interest rates, Canada’s unemployment rate had been trending upward last year, rising from 5.1 per cent in April to 5.8 per cent in December.

This report by The Canadian Press was first published Feb. 9, 2024.

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