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The number of jobs in Canada in January fell by 88,000

Canadian unemployment earlier this year showed growth after it was at a 10-year low in December. The increase in unemployment was facilitated by a reduction in jobs both in the public sector and in private enterprises.

According to the latest report, the reduction was 88,000. Experts assumed that, on the contrary, the number of vacancies will grow within 10,000. At the same time, the unemployment rate was 5.9%, while in December it was 0.1% lower. If we calculate this figure using the American algorithm, then unemployment would be 4.9%. It is assumed that the January unemployment rate will return to the level of December.

The increase in unemployment in the reporting period under review became the third one, counting from the beginning of the second half of last year, and against this background the Canadian regulator stated that he would continue to increase key rates after they remained at a rather low level for a fairly long period. At the same time, the regulator noted that it plans to remain cautious on this path, as local households are under a strong debt burden, as well as under the negative influence of uncertainty about the future NAFTA.

In the reporting period, a salary increase of 3.3% was observed on an annual basis. For the fifth month in a row, salary growth shows a value higher than 2.0%.

With regard to job cuts, it can be noted that this trend has mainly affected jobs for part-time jobs: their number has decreased by 137,000, while the number of full-time vacancies has increased by 49,000.