The Financial Post reports in its Saturday, Feb. 10, edition that Canada's labour market started off the year with the biggest job gains in four months, but slowing wage growth points to further easing of price pressures, which may allow the Bank of Canada to start considering interest rate cuts in the coming months. A Bloomberg dispatch to the Post reports that the country added 37,000 jobs in January, driven by an increase in part-time work, while the unemployment rate fell to 5.7 per cent, the first decline since December, 2022, Statistics Canada reported Friday in Ottawa. The figures beat expectations for a gain of 15,000 positions and a jobless rate of 5.9 per cent, according to the median estimate in a Bloomberg survey of economists. Wage growth for permanent employees decelerated to 5.3 per cent, matching economist expectations, down from 5.7 per cent a month earlier. While the report shows an economy still eking out jobs after three months of little change, population growth driven by strong immigration still outpaced employment gains. That highlights expanding supply amid cooling demand as the economy stalls due to high borrowing costs. Economists widely expect policy-makers to hold policy rates at 5 per cent.
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