The Globe and Mail reports in its Saturday, Feb. 9, edition that the Bank of Canada looks set to leave interest rates unchanged next month despite job numbers in January that far exceeded market expectations.
A Reuters dispatch to The Globe reports that Statistics Canada announced Friday that employers added 66,800 jobs in January. That was far more than the gain of 8,000 that analysts forecast in a Reuters poll. At the same time the unemployment rate ticked up to 5.8 per cent as more people sought work.
It was the second month of outsized gains in the past three, although economists said mediocre wage growth and the dismal oil and gas sector would
hold back any action by the Bank of Canada the next time it decides on interest rates on March 6.
The economy shed 32,300 goods sector positions, mostly in agriculture and construction.
Those losses were offset by the addition of 99,200 services sector jobs in January, mostly in wholesale and retail trade, as well as professional, scientific and technical services.
Part-time job gains outpaced full-time, 36,000 versus 30,900, and youth between the ages of 15 to 24 led employment growth.
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