Feb 10, 2023
By Christine Ross
Canada’s labour market isn’t showing any signs of slowing down.
According to Statistics Canada, the economy added a 150,000 jobs in January and the jobless rate held firm at a near-record low of 5 %.
The biggest job gains came in the wholesale and retail trade sectors.
Most jobs added to the economy were full-time, while people aged 25 to 54 drove the gains.
The economy has added 326,000 jobs since September, despite forecasts that higher interest rates would slow the economy down significantly, and weigh on employment.
Desjardins economist Royce Mendes says the strong job numbers suggest interest rates are either not high enough or haven’t had enough time to affect the economy more broadly.