UNEMPLOYMENT RATE IN CANADA REMAINED STEADY AT 5.8% IN DECEMBER

Sat 06 January 2024:

Canada’s unemployment rate remained steady at 5.8% in December, according to official figures released Friday by Statistics Canada.

The figure came in lower than the market expectation of 5.9%.

“Employment was virtually unchanged in December,” Statistics Canada said in a statement. “The employment rate fell 0.2 percentage points to 61.6%, as the population aged 15 and older grew by 74,000.”

Employment in professional, scientific and technical services rose by 46,000, or 2.4% in December, followed by health care and social assistance with a gain of 16,000, or 0.6%.

These additions, however, were offset by declines in five industries, led by wholesale and retail trade with a loss of 21,000, or 0.7%, and manufacturing sector that saw a decrease of 18,000, or 1%, according to Statistics Canada.

The participation rate, which is the proportion of the population that is employed, fell by 0.2 percentage point to 65.4% in December, from 65.6% in November.

Average hourly wages, annually, increased 5.4% in December, after posting a 4.8% gain in November.

Source: AA

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