Canada Unemployment Rate

The unemployment rate in Canada fell to 6.6% in January of 2025 from 6.7% in the previous month, the lowest in three months, and contrasting with market expectations that it would have risen to 6.8%. The result eased concerns of a softening labor market flagged by the Bank of Canada, suggesting that the Canadian labor market is more robust than forecasted. The number of unemployed was little changed from the previous month at 1,500,000. In the meantime, 76,000 net jobs were added in the period for a total of 20,993,000, well above the consensus of a 25,000 increase.