Unemployment Rate Sees a Slight Decline

In a positive turn for Canada's economy, the unemployment rate edged down to 6.6% in January, marking a 0.1 percentage point decrease from the previous month. This data, released by Statistics Canada on Friday, highlights the resilience of the Canadian job market amidst global economic uncertainties.

Youth Unemployment Falls Significantly

A notable improvement was observed in the youth unemployment rate, which saw a substantial drop of 0.6 percentage points to 13.6% for individuals aged 15 to 24. However, the total number of unemployed people increased by 20.2% year-over-year, reaching 1.5 million in January.

Employment and Wage Growth

The employment rate inched up by 0.1 percentage points to 61.1%, with the manufacturing sector leading the way in job creation, experiencing a 1.8% increase in hiring. Additionally, workers saw their average hourly wages grow by 3.5% compared to the previous year, rising by 1.23 Canadian dollars to 35.99 Canadian dollars.