Canada's Unemployment Rate Sees a Slight Decrease

In January, Canada's unemployment rate experienced a minor decline, settling at 6.6%, a 0.1 percentage point drop from the previous month, according to the latest data released by Statistics Canada on Friday.

Youth Unemployment Takes a Dive

Notably, the unemployment rate among young individuals aged 15 to 24 saw a significant decrease, falling by 0.6 percentage points to 13.6%. Despite this positive trend, the overall number of unemployed individuals rose to 1.5 million, marking a 20.2% increase from the same month last year.

Employment and Wage Growth

The employment rate in January saw a slight increase of 0.1 percentage points, reaching 61.1%. The manufacturing sector led the charge in job creation, with a 1.8% rise in employment. Additionally, average hourly wages experienced a healthy year-over-year growth of 3.5%, increasing by 1.23 Canadian dollars to 35.99 Canadian dollars.