The latest reading on the health of the Canadian labor market.
Canada's jobs report came in far better than expected.
The latest data from Statistics Canada shows that the labor market added 48,300 jobs in January, compared to economists' forecasts that Canada lost 10,000.
Employment rose most among core-aged men and women — aka those aged 25-54. Other age brackets saw little change.
With the men aged 25-54 in particular, Statistics Canada notes that the employment increase in January — up by 30,000 — was the largest in over two years.
Moreover, most of the jobs added were in the services sector, including but not limited to finance, insurance, real estate, transportation and warehousing, and public administration. On the flip side, there were less people working in information, culture, and recreation.
The unemployment rate ticked down to 6.8% from 6.9%, and the labor force participation rate ticked up to 65.9% from 65.8%.
Last month also saw a huge upside surprise for the jobs report, with 53,700 added.
The Canadian dollar jumped after the data crossed. The loonie is up by 0.5% at 1.3085 per US dollar as of 8:32 a.m. ET after earlier being little changed for the day.
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