Canada January Job Losses, Unemployment Rate Falls

Canada's economy shed 25,000 jobs in January, primarily in the private sector and part-time work, with significant losses concentrated among women aged 25 to 54. Canada===Ontario and the manufacturing sector bore the brunt of these job losses. Despite the job losses, the unemployment rate unexpectedly fell to 6.5% from 6.8% in December, largely because fewer people were actively looking for work. This marks the first net loss of jobs since August. Economists from Roger Bootle and Toronto-Dominion Bank noted the decline in the labour force size and suggested that while the labour market might be better than expected, it is not necessarily tight. The Canada===Bank of Canada, which recently held its benchmark interest rate steady at 2.25%, expects an 'uneven' recovery in the labour market.