January job creation numbers doubled expectation; unemployment rate down to 5.5

OTTAWA – Statistics Canada says the economy added 34,500 jobs in January as the unemployment rate ticked down a tenth of a percentage point to 5.5 per cent.

Economists on average had expected an increase of 15,000 jobs for January, according to financial markets data firm Refinitiv.

The gain in jobs for the month came as the number of full-time jobs rose by 35,700, while part-time employment fell by 1,200.

Medicine Hat’s unemployment rate for January was 5.0 per cent.

A year ago, the rate was 7.7 per cent.

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Alberta saw it’s unemployment rate increase by three-tenths of a per cent to 7.3 per cent. Statistics Canada reports  the number of jobs fell by 18,900 in Alberta.  The majority of the job losses came in part-time employment.

The Bank of Canada kept its key interest rate target on hold last month but left the door open to future rate cuts if weakness seen in the economy at the end of last year is more persistent than expected.

Governor Stephen Poloz has said the central bank will be paying particular attention to developments in consumer spending, the housing market and business investment.

(The Canadian Press)