Unemployment in Canada falls to 5.7 percent; 37,000 jobs were added in January

 

Canada's unemployment rate fell 0.1 per cent to 5.7 per cent in January as the economy added 37,000 jobs, the Statistics Canada Labor Force Survey reported. This is the first drop in the unemployment rate since December 2022. Meanwhile, average hourly wages rose 5.3 percent year over year. According to the report, employment increased in January in sectors such as wholesale trade, retail trade, finance, insurance, real estate and rental. Lodging and food services posted the largest job declines.