Job growth in January matched by newcomers to job market (Canadian Press image)

By Canadian Press

Wages up 4.5 per cent year over year

Canadian economy adds 150,000 jobs in January, unemployment holds steady at 5%

Feb 10, 2023 | 6:43 AM

OTTAWA – Statistics Canada says the economy added a whopping 150,000 jobs in January.

With 153,000 people joining the labour force last month, the unemployment rate held steady at five per cent, hovering just above the record low of 4.9 per cent.

Job gains were made across sectors, with wholesale and retail trade experiencing the largest gains to employment.

Meanwhile, wages were up 4.5 per cent on a year-over-year basis.

The Canadian economy has been on an upward trend with employment since September, adding a total of 326,000 jobs.

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That’s despite forecasters anticipating higher interest rates will slow the economy down significantly this year and weigh on employment.

This report by The Canadian Press was first published Feb. 10, 2023.

The Canadian Press